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Well market down debt deal deadlocked and a jobs deal just potentially unlock welcome everybody on the heels of -- up.
And we are watching the clock the debt clock which just ticked over fifteen trillion dollars.
For the first time ever that is how much we as -- -- -- collectively all.
And as the debt surge is the super committee still nowhere near a debt deal so uncertain.
But we may be seeing a breakthrough on the jobs Republican senator Marco Rubio of Florida and Delaware democratic senator Chris -- Just unveiling a plan they say will get companies hiring and soon.
It's -- the agree act picking up parts of the president's jobs plan they feel that both parties can agree -- and they say it's our best chance to get this economy going again the senators.
Now gentlemen welcome to -- to be very good to have you.
Thank you thank you aren't as senator will be go to you first of course it.
You have not talked much to the media since that you were elected in fact things.
-- in your chats -- very very carefully.
But you've made up a full court press that exists and and and what you're doing with senator clones.
Because it's important I get letters and emails everyday from people in Florida that are hurting I read one on the for the senate today.
From a young lady and Vera -- that's worked her entire life to hardworking.
Lady she's been out of work -- for a year she's trying every -- she -- -- and tries to find a job there's nothing there real people are hurting this economic downturn has taken a dramatic.
Turn for the worse in the lives of real people in my state and across the country but we have to do something we have big disagreements on the big issues between the parties and we're gonna have an election next year.
And help the -- of the way forward on a couple of those but what about we can't just sit around for twelve months and do nothing we put on the things we agree on we have to act you have to help the.
Senator -- there's a lot -- it and it common.
And at some common ground for both parties I think you both of you were right depart much -- on that is tax credits incentives to get businesses hiring and the like.
-- because it -- speak to the environment nothing date and I'm wondering.
It is that by design -- to -- collectively all of these incentives and credits and the things that businesses light.
We'll get them hire.
-- -- it's our hope that this fairly broad package that includes provisions.
From access to capital RD tax credit innovation invention.
Intellectual property protection and some regulatory relief that includes.
A whole range of things that although not a huge bill not guaranteed to pull us a further into recovery.
Will show that we have confidence in the American people -- the American entrepreneur the American small business person.
And that he can help instill some confidence in congress.
That if a conservative Republican from Florida.
And a Democrat from Delaware can find the time the energy in the willingness to get across this partisan divide and hammer out a bipartisan bill.
Perhaps that can encourage the super committee.
Perhaps second instill some confidence.
That all addressing congress here can find common ground in the next year and make progress in doing the things that we can do.
To help strengthen the private sector in creating jobs.
Invariably senator rubio people don't look at this -- many of your Republican colleagues say.
This is just tinkering we need to be bold we need to think big on the readjusting some credits and allowances in the light.
Thank gonna cut it what -- you -- -- and I signed on the big bold plans and I signed I voted for them.
And I'm prepared to do those tomorrow -- to get the votes to dome but we don't happen and we're not gonna happen.
One way or the other until the next election because of the way -- have divided government now so what we do for the next twelve months that we just.
Put up bills that are gonna fail and do nothing what -- -- -- to the people back in Florida that are hurting -- can't find a job.
It's -- yet these things may look small from a Wall Street perspective from out you know macro perspective but what about the small business in Miami or Tampa or in Orlando.
That next -- wants to expand they want -- dry cleaner that wants to buy -- -- machine and hired two people operated.
They're going to be able to -- 100% of the cost of doing that if they can't do that.
If they only get 50% deduction they may not be able to do that.
That means the people who built the machine get hurt the people -- -- the machine and fix the machine get hurt.
And the two people there -- gonna hired operated get hurt so you know for those people it's not a small thing and and those of the guys and gals were thinking about.
This is an initial study you know that shows says senator -- just point there's one study that suggests that if the expensing and depreciating provisions in this bill were enacted.
It might make as much as 85 billion dollars in capital available Smart business and right now access to capital as one of the critical barriers to growth.
For small business.
If the veterans portion of this -- something we've barred from senator Casey.
-- actually put into law we might see hundreds of veterans become small business entrepreneurs franchise owners while those might not change America's whole economic outlook.
We think -- make a significant difference for the communities for the business honest for the veterans and I frankly think it would help restore some confidence the American markets.
You know there isn't -- though gentlemen that what your attention certainly are good and the goals meritorious.
The reality is that this might have to wait out and sit out until the election many CEOs of expressed frustration with that senator rubio at some point.
That was echoed by that is the Scots Nazi you know -- wouldn't say.
Look I mean if you're telling me that we're not going to be able to have closure on this -- progress.
For another year year and a half that is bowl.
Leagues is that what he has to look forwards and.
While not and that's what we're working on the -- of the things that we agree on that we act on those now coming out people back home asked me out they get the big picture stuff.
You know we disagree on the role of government we disagree on what our tax -- look like.
And we're gonna debate that and that's going to be a big part of these elections in 2012.
But why -- you fight astronauts on why do you guys fight over the things you agreeing on.
Or is there anything you guys haven't come and when you see issues you see ideas that are in the president's jobs plan the Republicans jobs plan the house has passed and sent over here.
There's no excuse for not acting on those things and our people are gonna be helped by those things so let's do -- let's show people.
That here in congress there're there are we are able to do at least act on the things that we agree.
Senator Clinton's do you think the president has been.
Helping you when that regard that -- the rap against concerns that did.
Every following proposal of a follow up budget every -- -- jobs initiative -- stimulus moves and warm Mora left more and more infrastructure.
Unlikely to get passage.
It it didn't end it in the house even -- in the -- Where where people exist tiring of the same old thing is the president not getting.
Well in my one year as -- senator.
I've grown increasingly frustrated with the frequency with which proposals that we put up on the floor aren't able to pass.
And I think both senator rubio and -- are frustrated by the fact that each of our respective parties.
Are not able to get through our proposals the president's jobs bill for example was declared dead on arrival by some leaders of the other party here in congress.
And several efforts to get it passed for unsuccessful.
I get that.
Rather than simply giving up in frustration in my view the best next step forward was to show some leadership.
By working with senator rubio and hopefully many others both democratic and Republican who will join us -- co sponsors.
And find portions of the bill that we can agree on and we can pass.
There are those who would spend most of the time criticizing the president.
I can understand why they might his political opponents and others.
But frankly in my view my job is to show leadership where I can't define partnership where I can.
And to be tirelessly working with anybody in the senator the house.
Who's got a good idea and is willing to put something on the table that could help get Americans back to work most of the Delaware -- in my represented.
Care less about partisanship than they care about progress.
Vendors that your State's -- senator now vice president Joseph Biden ring true senator when he.
He urges going slow on entitlements.
And your party by and -- -- just going slope.
On entitlements is he moving the -- forward by locking people into that kind of corner.
Well I wasn't in the room for the very tough tough negotiations that the vice president -- With Eric -- that later turned into negotiations between the speaker the president right and today.
Now we expect the super committee both houses.
Is continuing and hopefully moving forward but those conversations.
We know where we've been frozen for most of the last year.
On whether to change our tax policy and raise revenue whether to make changes our entitlement programs I'm someone who has said consistently everything needs to be on the table.
We have a significant challenge to our nation's security.
Our nation's future because of a -- when -- say everything that did you say everything on the table everything on the table including Social Security Medicare medic.
I think we have to be willing to consider him responsible reforms that will sustain those for the next generation.
In my view that's a progressive principles to say that I so value these programs that I want my children and grandchildren.
To benefit from them.
Rather than ignoring some of the demographic changes that are pushing reconsideration.
The future trajectory some of these programs.
That doesn't mean fundamentally Alter them -- that doesn't mean slash them.
It also doesn't mean scaring people needlessly Social Security will be providing three quarters of its current benefits fifty years from now if we make no change at all.
What we do need to confront is the need at some point in the next 35 years to make some revisions whether it's in how we're paying for it.
In how it's it's being funded war and how its underside.
Yeah I don't wanna set to be that you -- a -- I don't want to -- far -- was obviously the purpose of the gentlemen coming here today and I admire that but it.
I want to switch it around to the Republicans want to -- senator rubio and your thoughts on these revenue enhancements.
IE tax increases that some might be looking out on that that committee.
I want to just get from you whether you look at closing a loophole removing a tax credit as a tax increase is.
Well couple things number one -- they're not justify an athletic have to be part of a real study of whether -- justified or not justified if they're in they're because they hired a good lobbyists.
Who got them some special break Heidi you're gonna find consensus around -- these are the kinds of things should be taken out.
On the other hand were proposing tax credits as part of our bill.
Because we think -- it makes sense referred to allow a small business to write off the cost of capital improvements in their business.
You women children and senator rubio to.
Closing some loopholes that might benefit -- do and not mistaking that would raising taxes on -- Yeah and then the question is what do you do with the money that you get when you close and and and the answer is I think and that's where there's a dispute between Republicans and Democrats and I think in my from my position is that should be used to lower rates on everybody to make the tax code.
And there are some Democrats that believe that as well and and there's no doubt.
-- for that connection right I mean if -- -- look at the calendar you guys are working under under the super committee is under.
I don't know -- they'll be able to make that simpler tax code happen in in a couple of weeks not even.
They play or not you know -- recipes write offs and expirations and all of that that -- I don't know him.
Well I don't know they're going to be a lot of -- that the here's the the reason and I know that we have a difference of opinion on this.
But it's the reason why I didn't think the super committee was a good idea I don't know you don't know we don't know we're not in the room only twelve people are in that room and the -- not watching the debate is not open we don't know what they're considering not -- -- -- -- you're both kind of do now is as they must act now now they've they've made it kind of an internal thing that they're not gonna talk to anybody outside the room about what they're considering.
Beyond vague concepts that and I look I'm not criticizing the twelve people that on the committee they're working hard I think they're doing the best.
They can and they've been given a tough assignment -- but the bottom line is that there is no public input this these are not minor revisions is.
Some of the most significant public policy that will ever be made in this building and it's all being done outside the public light and and without.
Input and I think that are meaningful open public input and I I don't think that's a good way to make.
Significant public policy but look I wish for the best I pray that they come up with a result because.
You know I love my country a lot more than I like my political party I love being a Republican but I love being an American morning I think getting the result is important for America.
Yeah that's and that's -- long ago that Florida is certainly in play your state senator rubio.
You could help secure that stated you were running with whoever the nominee has right.
-- I think nominee in my state or any status to earn the support of the people of the state if people vote for the presidential candidate.
Enough for the vice presidential candidates and I'd say that no matter what but I want to be in the United States senate -- to work on issues like this and and do meaningful things like this from here does the job I -- and that's what -- Non interest sensitive it is now whoever nominees throat talks to senator -- I don't know these -- not you.
Yeah I've -- that a bunch of times but sometimes good man in France and OK I don't act act act.
Yeah I'm not answers that I really want to be here in the senate I want to do this jobs.
What I signed up for get to wake up in the morning and see problems that confront our country and in the position to do and say something about it.
And and and that I'm enjoying that some real blessing to be able to do it senator -- Apparently did the attitude in the -- it is very encouraging to see Democrats and Republicans talking to one another that is promising and you guys.
We're providing a nice example but it is fair to say is it not senator.
That the well has been points and right I mean it is very nasty when I was last there I mean I think you guys had pollutants com.
How bad has it gotten is it retrievable what.
I'll tell you in my -- is a senator I have been impressed.
By the caliber of the senators I've met Republican and Democrat.
Different backgrounds from across the country there are people of goodwill here there are bright people who are working hard and who are very frustrated by the partisanship.
And the difficulty.
Of coming together and making progress.
I think we need to engage in small symbolic but increasingly powerful actions of collaboration and a partnership.
-- some folks that make fun of us are going to the state of the union two by two but it was just a small gesture an effort to try and suggest.
And that we could put partisanship aside and how we received the state of the union message from the president.
I think joining together in a more substantive bill that actually has a chance to improve job creation in this country is a more significant step.
And it's my hope that we will encourage other partners.
Senators who are both Democrat and Republicans -- similarly take up good proposals that are lying there.
Unaddressed in front of us on the table the senate and consider moving them forward -- -- Wanna be fair I've only been here a few months but I haven't had a single -- personal conflict with a single person in the senate we disagree a public policy.
Don't you know San Jose that -- in -- -- after a gentlemen thank you very much we'll have more communities.
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