Do Republicans have an effective plan to tackle the deficit?
Former congressmen Joe Sestak and Bob Beauprez weigh in
- Duration 9:48
- Date Feb 24, 2012
Former congressmen Joe Sestak and Bob Beauprez weigh in
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What I wanna make with you vote before we say good bye to you.
And that is a report they came out yesterday from a nonpartisan group.
The committee for a responsible federal budget this is a -- DC sort of budget watchdog group and what they did was they took a look at all of the economic plans.
Of the various GOP candidates they analyze them and they determined.
How all of these plans would affect.
Our national debt and the results.
We're not good for every one with the exception.
So let's just take a look here that beat these are the -- -- When it comes to governor Romney.
Congressman -- -- you were you -- man in this race.
The group found that -- Romney budget proposal the -- proposals would add.
250 billion dollars to our deficit.
Over nine years.
Newt Gingrich's plan would -- seven trillion dollars.
To the nation's debt over the next nine years and Rick santorum's.
Would -- four and a half trillion dollars.
Over the same period.
So congressman -- -- it seems like you know it was such such that they a major.
You know sort of passion point for conservatives.
For Tea Party Republicans we've got to bring down the national debt and yet at least according to this one nonpartisan group out of Washington.
None of the Republican candidates with the exception again congressman Paul.
Does anything to bring down the -- in fact it has the opposite effect what do you say.
Well you -- in an isolation you're talking about just the tax plan and not the not the part of in the case of Mitt Romney.
My favorite candidate again.
You're not talking about his pledge to reduce the spending of government get it back to -- less than 40% of GDP.
Within four years the other big component of this that's never scored.
Whether it's they they congressional budget whether it's the OMB budget they always deal it with this and isolation.
They they they don't take into effect the the positive or negative.
Consequences on the economy -- -- talking about is an across the board tax cut.
-- -- Kennedy proved that yes the 2003 bush tax cuts proved it again.
The way -- -- we implemented that kind of supply side economics it is a boosted the economy -- pilot economy grows.
When more people -- working more businesses are profitable more taxes get made her get paid.
So -- I'm convinced that if we would go that route we would actually get this economy going again get rid of the -- -- create some certainty.
And some positive optimism again.
That's what we need in this economy is not more taxes as the Obama budget suggests in fact.
One graphic I -- that was quite revealing.
The Obama budget calls for a 122%.
Increase in tax revenue over a decade.
And only 70% growth in GDP how's that gonna balance anything.
That's really the the challenge -- We want somebody talking about across the board tax cuts -- we want somebody -- saying I'm gonna.
Raise taxes across the board even that much more than the growth in the economy congressman I -- is that obvious answer congressman says that your turn.
But the congressman has a point that's correct it was not all inclusive.
Whereas the report said it did not include the most recent tax reduction proposal by mr.
Which actually added another two trillion dollars to the deficit in addition the 250 billion.
But in fact it did include spending plans as you noticed it included exactly what Ron Paul said he would cut.
Seven trillion dollars in spending and -- only his plan.
Was the one that actually reduce the -- look this is another expected disappointments.
On these -- politicians that have unfortunately believe that if you cut taxes.
And don't raise some revenues.
Like Ronald Reagan did -- doubled our debt.
Or George Bush did and he guided four trillion.
Here's what is the good news in all of this though the president.
As well as mr.
As well as the other Republican candidates including GOP leaders in the house are talking about cutting a different type of spending.
The stealth spending.
Which are corporations.
And individuals tax credits tax loopholes.
To -- pharmaceutical company has a new patent.
It can then sell it to its subsidiary in the Cayman Islands and all royalties from -- new drugs it passes to its subsidiary.
And -- never attacks that.
Type of loop hole is 600 billion dollars a year I think you're going to see after all this political posturing.
And you're gonna see after the election.
That the address all of these tax expenditures these loopholes these tax credits.
Is going to be the -- -- of coming up with some compromise.
To where we know if you're legitimate you need both to cut some spending.
And raise some revenues and this is a way to Republicans can say we cut spending.
By closing these loopholes and Democrats can say we raise revenues to help balance the -- and I think this is where the great compromise would date so that's the only real good news in these.
Farfetched plans that are out there on both sides of the -- -- -- -- parties.
I wanna get a final thought from each of you in -- moment you just sort of your take on the overall mood of the race right now in.
Once once the Republicans settle upon a nominee whoever that person is.
What do you think your parties your respective party's chances are come November about let me first read a couple comments from those of you in the chat room we appreciate you.
Weighing in this is from USA a -- regarding the Republican Party and they -- Their -- race for the for the nominee conservatives even -- toward himself.
The Laurie writes endorsed Romney for years ago a little tired of hearing about how Ronnie isn't good enough now Santorum proved himself.
To be -- congressional politician.
Who does what is needed at the time to get bills passed.
And then this is from -- Martinez remember when we were told that Romney was the guy and -- be over by Florida.
Well guess what something happened on the way to the convention the true conservatives couldn't take it anymore and changes the whole race remember Ronald Reagan.
So a couple of comments from the chat room a congressman vote -- whether it's Mitt Romney -- Rick Santorum or perhaps even Chris Christie who seem to smirk a little bit.
When asked when admitting.
That people were still trying to get him to jump into this race even though he himself has come out in favor of governor Romney.
How do you think your party's going to fare in November.
Well I'm gonna agree with Joseph -- there's going to be a very close election and -- is gonna turn on a handful of states like Colorado being one of them.
And I think time will tell I like our chances because.
Again one of the key indicators -- you look at all kinds of polling questions is is this country on the right track -- the wrong track.
With 75% of the people say we're on the wrong track I get speaks for a change at the White House.
-- I think our chances are good well Republicans have to do of course is to make the sale they've got to close the deal and convince.
The American electorate that they they can be trusted.
To try to turn the ship of state around right now.
Congressman says stack we heard from President Obama yesterday.
Who had given an interview to I think it was Univision.
And he was talking about will he was asked about immigration policy and why hadn't done any thing.
And he said wait a minute I've got five more years.
He didn't say I have to win an election and and I have another term he made it sound like it was a done deal already said the president's feeling very confident evidently.
What about you -- Well as I stated I think it's gonna be real nail biter but first let -- talk about the Republican primary.
Look I applaud the process they're going through and I think they're gonna come together under.
Frankly I think he's going to be -- Romney but somebody.
I respect the process.
And up to 31 years the military and enix and being and it.
For a bit.
Because it's like an iron man's contest out there at the end of the day Americans want to know if that person in the White House is gonna have their back.
So this has been a tough process and I think even though it's going on it's going on.
Someone's gonna win and they're gonna come out better for -- number two.
The reason I think it's going to be close I think that the mr.
Romney as I mentioned you can present himself as a credible person.
In business I think he can actually show that he can work across the aisle as he did in Massachusetts and that's what a lot of Americans really do want they don't really care to go left or right they just -- open to Begin working again however.
This is the challenge.
The president is right when he talks about.
In my words anyway that provides latter's.
With lots of wrongs that people have an opportunity to climb up on their -- But if we only worried about the wrongs that the top in the policies were doing not -- at the -- to get more people to contribute.
Then we're not going to be able to move this nation forward and I think that's going to be a central part of it -- today.
Do we not do the appropriate standing right with the appropriate balanced budget to provide ladders and wrongs.
Because we got to get more people like my follows an immigrant to contribute to the country as he did.
Gentlemen thank you so much always good to talk with you congressman -- that you can find him on Twitter at -- -- -- And -- congressman both -- that act Bob bill press good to talk to you sir good to meet you over the satellite hopefully we'll get a chance to meet.
And speak in person one of these days enjoy the weekend both of you.
Thank you the -- Israel.