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When our economy is growing and creating jobs at a faster clip we gotta do everything our power to keep this recovery on track.
New fallout over president Obama's budget plan Republicans say it fails to deal -- -- massive debt facing the country and doubles down on spending.
This is very sad day when -- -- present the United States.
Fails to keep his promises to the American people once again and rather than enough.
Treading watery actually makes things worse.
Residential -- Fisher re.
The only question.
This one this present all refusal to -- We'll catch up cholera.
On the other side democratic congressman Emanuel Cleaver.
Calls it being nervous breakdown on Paper why well he says the president isn't spending -- enough.
Douglas Holtz -- is a former CBO director president of American action forum and thanks so much for being with us.
That my -- the president claim is that he is budget.
Will cut spending by four trillion.
Over the next decade cut the deficit by four trillion over the next decade but I talked to -- senator Jeff Sessions yesterday about that.
Makes -- that it's absolutely inaccurate and dis honest.
Essentially because it he says the president using it all kinds of crazy.
Premises that are -- team gimmicks and tricks so who's telling the truth.
-- this is a budget loaded with gimmicks -- the president wants to take credit for both the wind out of the wars in Iraq and Afghanistan that's already happened you can't do it twice.
Let's take credit for trillion dollars -- the savings that happened last August in the debt limit deal so there are a lot of holes in the claims it is cutting spending.
The reality is there's two point seven trillion dollars in of new spending in this budget and it doesn't address the fundamental problems the United States has with an already large level -- that.
And a projected increase that's literally and sustainable.
Well the president's budget at least in the near term certainly increases spending it increases borrowing increases the debt and importantly it increases taxes.
Substantially wanna -- quickly up on the screen.
Some of the proposed tax hikes by the -- he wants to allow the bush tax cuts to expire limit tax breaks.
And deductions to 28% raise dividend tax from fifteen to 39.
Increased the estate tax from 35 to 45 a special tax on banks have 61 billion box.
A millionaire's tax of 30% and eliminate tax breaks for oil gas and coal.
Sir if all -- many of those tax hikes actually took place.
What would that do to.
Economic growth and job.
Not nothing good obvious is generally an old fashioned tax and spend budget.
It is at odds with the president's own words he has said that the United States needs a tax reform that -- -- -- to grow more rapidly.
Nowhere in this budget can be found real proposals for an actual tax return reform that would lower rates broaden the base allow -- to compete successfully on the international stage.
It isn't nervous breakdown on Paper but largely because of what's not in the budget and end tax was -- -- -- -- there and have a reforms the other.
We put our brain room on it and the revenue that would be -- -- the government there it is just from.
The increase in income federal income taxes one point 4000000000040%.
47% I think of of the increased revenue from taxes.
I think that's needed revenue is an.
The bottom line is that if you spend the money you have to pay -- -- and the real difficulty with this budget is there's no control on spending.
If you roll the clock forward to you know 20/20 two long after the economy is -- to be completely recovered the unemployment rates down to four point 4%.
So this should be no fear there about you impeding any sort of recovery -- you hear so much from the president.
You look in those years.
We're spending well above historic norms this is that and a budget that is bloated with spending.
If you spend that much of course you're gonna run deficits unless you raise taxes but would be far better served to spend less and fast bus.
Well -- a lot of his projections it is based on the forecast to 4% GDP growth by 2014.
You know of any forecaster or economist who thinks it's gonna be 4%.
-- -- Only look at your 4% of had the right policies I do not believe it is internally consistent.
-- -- 4% growth in the policies this president has in his budget they are not pro growth policies.
They go the wrong direction on on a regular basis.
Douglas Holtz he can thank you very much for being with a here.
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