Another debt ceiling fight on horizon?
All-Star panel weighs in
- Duration 6:19
- Date Jan 12, 2012
All-Star panel weighs in
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Late this afternoon.
The White House sent out a terse one sentence letter.
President Obama to house speaker Boehner saying essentially this that the nation is within 100 billion dollars of the debt ceiling limit.
-- 31 USC.
B a whole bunch of jargon basically.
We need another increase.
And we need it now.
From the -- speaker's office one statement Washington's mounting debt is a drag on our economic recovery.
This request is another reminder that the president has consistently punted on the tough choices needed to rein in the deficit.
And protect important programs for American seniors.
And going bankrupt now this is all part of the process that was set up last August and that whole back and forth that took the country to the precipice once again.
This is the last and final request for the end debt ceiling increase we're back with the panel.
But it's just four and a half months Charles and here we are knocking on the door once again.
But it's also.
It seems like.
And eon ago when the debt and deficit in over spending was the overhanging issue.
It was of course in the mid term election it was all through last year.
And then Obama and that the Democrats.
Devised a counter narrative about.
The Republicans as -- defenders of the -- Democrats who -- being the working class.
Well right now that's the story because.
It's become the story inside the Republican campaign so the -- story the Republican story of the debt overspending overreaching.
He's now weighing in the background.
And the Republicans are going to act on this next week.
They you know vote against the raising of the debt ceiling.
But everybody will be in South Carolina nobody is gonna be covering that.
It will be an event that I think we'll go almost unnoticed and what's gonna happen in south Carolina's going to be a debate over.
They were then these democratic story I think it's interesting how everything -- changed in six months largely as a result.
So what who -- the Republicans have done to themselves.
Right now in this campaign two things we will bring it.
Up and cover it.
And we will also bring up the issue of the debt and deficit in the debate on Monday I guarantee you I'm not giving anything away.
Mara the Republicans -- bring it up and pro forma session tomorrow this bill the vote on this Charles mentions next week.
And builds disapprove it too which is how this whole process has been -- lot of rain but he will get race yet -- -- They already agreed to do that this is just can't believe this is Kabuki theater that is exactly what people mean by -- movie theater they -- in -- deal to raise the debt ceiling.
But part of the deal was that they get to pretend that they are against it and they get to rail and rant and say we're not gonna approve it.
So it's it was the most convoluted Rube Goldberg.
Thought up by Mitch McConnell who actually was very Smart guy.
Founder waited for people to have their -- and needed to the bottom line meaning that debt is debt -- -- -- racing and people and that both parties have not come together.
Two to solve it even though one commission after another has laid out what they have to do.
-- to tell you the truth all of the plans to fix it are pretty similar one is a little more progressive was a little more conservative but everybody knows what they have to do and Allen has the political wilted threatened.
Tomorrow can you beat the Rube Goldberg process and also public key figure to hit the six this is really frugal -- -- yeah.
Not that OK there you go it -- -- I mean that Texas had no question about that but.
And Republicans said then Obama -- get something they want Republicans get the vote against raising the debt limit it don't make any difference you're right.
That Obama gets his money.
He wants to -- and we had no doubt he's gonna be spreading it around in ways that -- helping get reelected.
There is an opportunity here that President Obama he is probably going to miss.
-- why wouldn't he come forward with some substantial spending cuts.
Look he knows where they -- he does doesn't -- -- do it but it would be great politics for him.
Announce that he's approving the Keystone Pipeline or something like that which is gonna raise an enormous amount of revenue when it's built.
Gummy things like that would help his reelection they wouldn't necessarily fall into the class warfare line.
These venues I mean he'll make things so and I -- but I'm sure he doesn't.
He has said his sales he has decided the way he's going to win this.
He's to ignore that the dead issue he's he we saw on the clip earlier in the show he's against all cuts.
-- he wants is for the rich to pay extra taxes.
That's the theme it's all about the class war the Republicans are enabling him helping him are playing exactly -- -- And why would he want to change course.
In some way does this hurt Mitt Romney because he's not swinging for the fences in his economic plan.
In in that the perception is whether right or wrong is that it is the timid the wall street journal editorial page characterize it as such.
Does it hurt him that this issue is now front and center this week even though you say we won't cover.
But we will it's I think it -- -- and a serious way.
He imagine in the bad economy he coasts.
On a bad economy and saying I'm a businessman and I will fix it.
Well now -- the businessman issue could be a liability.
If you take it away he's got nothing.
So if he had introduced the bold steps if -- -- -- Reagan in 1980 who -- supply side economics is strong on defense.
Three or four elements strong.
Easy to understand and clear he would be different but he's not a Reagan and he -- an -- -- -- You -- that.
I I agree with that I think he still has some time has been Iraq I think he's gonna wrap of the nomination very early that -- in this honeymoon period I suppose he -- Metamorphosis -- -- -- -- Chris Christie and Mitch Daniels reformer but we haven't seen it yet oh well it's never too light that's good for him to do that he had Denny needs you need something bigger than yourself he said.
Me my business career I can save the country but.
You need some -- big big program that's what people are looking for.