Super Committee Stalemate: Who's to Blame?
Sen. John Kerry weighs in
- Duration 5:55
- Date Nov 21, 2011
Sen. John Kerry weighs in
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Well we've been telling -- all morning about the super committee debt panel on the verge of admitting failure now they just can't get it together.
But are they just pointing fingers at each other -- right now is a member of the super committee Senator John Kerry from Massachusetts -- -- -- senator.
Good morning you know a lot of people at high.
Hopes and it looks like it's gonna fail why.
Well I'm not willing to accept that yet I still have high hopes that began this -- high hopes that we can have a reasonable compromise.
We put a four trillion dollar plan on the table.
Remember Simpson Bowles proposed two trillion dollars of revenue Rivlin demand that -- proposed two trillion of revenue.
The gang of six which includes Republican senators proposed two trillion of revenue.
We proposed one point three trillion of revenue one point three of cuts.
And that was refused we them went down to a trillion of revenue that was refused 650 of revenue refused.
300 plus refuse studied it's been a constant process of saying.
You have to lock in the bush tax cuts for the wealthiest Americans.
So -- facts are facts this is not finger pointing this is simply saying that we are stuck.
Because we do not believe that the wealthiest people in America ought to get a huge tax cut when we're supposed to be doing deficit reduction.
Right not tax -- was speaking -- facts senator a lot of Americans believe quite frankly that America spends too much dough.
And from 2008 we do.
I agree with that -- then -- we should have a deal because from 2008 to 2011.
Government spending has increased from two point 98 trillion to 3.5 trillion under President Obama.
Isn't not the fact that we have a spending problem in this country.
We have both we have a spending problem and we have not enough revenue revenues are at a sixty year low there -- about fourteen or 15%.
Of all of our GDP traditionally there at about 18%.
Nineteen and when we have balanced the budget which we did.
Remember we Democrats succeeded in balancing the budget the 1990s.
Where incidentally we created 23 million new jobs and every income sector of America went up.
-- but but what but when we did that we had twenty to 21%.
Revenue to GDP.
So what we're saying is simply this is not the moment to be cutting the -- the small of the revenue that we have coming in now on the spending side.
Yes we have to change that and -- it -- we just cut.
Billion dollars of spending only spending.
We just cut 550.
Billion out of Medicare during the health care reform act now we're willing to cut.
An additional one point three trillion that's part of an agreement but I'll tell you what.
You guys know what fair and balanced is supposed to be.
Fair and balanced is not giving the wealthiest people in America -- tax -- while you ask people on Medicare and Medicaid to ante up more.
Well senator the Republicans did put real tax reform on the table and we have read that Pat Toomey senator from Pennsylvania put.
At least to -- 25300.
Billion dollars in write revenue increases on the table but -- -- the Democrats -- same time.
Did not respond with an equal concession you never -- any sort of the entitlements like Social Security that we're meta data on the table.
We offered all of those things for the larger deal we told people we should be doing four trillion.
And we said that as you go to less money in the deficit reduction.
It's harder to do some of those things that they knew that but still let me say this -- you right now.
We will take senator to -- 350.
Billion dollars we will except that amount of money.
We will do it slightly differently but -- through -- deductions will accept his methodology of deductions.
And then we will do a combination of cuts in the other sectors that will put together one point two trillion providing.
They stop insisting on the continuation of the bush tax cuts for the wealthy I'm offering you so we can I help I'm not risk free interest in -- right now.
I'm on my dad says you are offering to -- right now.
We have talked with the Republicans about being willing to accept that 350.
For a one point two trillion dollar avoidance of sequester.
Providing they stop insisting.
On continuing the bush tax cuts for the wealthiest Americans can I just ask you real quickly about the taxes because -- how many are good I said I -- The only thing blocking us is the insistence on the bush tax cuts for the wealthy but.
But but but a question about taxes is this.
Even if all millionaires and billionaires were taxed at 100%.
-- -- it's handed over their whole income to the government.
It would understand that when nobody is still nobody's talking about my point is not stupid my point is that it wouldn't even Begin to put a dent.
In the amount of spending that we have -- -- salute you.
Well on the contrary it would Begin but you're right we have to reduce the other spending in most of the spending is in the entitlement side of the ledger but.
What we put into place in the American health care act has been judged by the Congressional Budget Office.
To be on track to reduce Medicare spending by 25%.
People say that if we do these new pilot projects that are in the health care act for instance.
Coordinated payment systems.
Coordinated discharge and care.
More effective payment for value.
Start to move away from the fee for service for all of this is stuff we've offered to do not sure and we could do and that will reduce the health care as well costs in a responsible way all right senator let's see if the Republicans respond to -- offered that you have -- right here on FOX & Friends.
Senator John Kerry of Massachusetts and very very much community and and thank you busy day to.