Rubio: Every year we wait, the harder it is to solve

This transcript is automatically generated

Welcome everyone I'm Neil Cavuto fifty point seven trillion dollars and -- that is where the nation's cumulative debt stands right now right now.

It's a 4000 dollars more since I said that.

That might not be a crisis to the -- -- sort of -- the United States.

But it is to -- rising senator in the United States Mitt Romney.

Already hitting hard on the issue in Florida for a second day and not a one of his potential running mates are weighing in on it today.

Florida Republican senator Marco Rubio addressing your -- a short time ago with me in this -- -- subject.

There's a crisis right there as the -- Geithner doesn't think there is one.

I mean the president's budget who he works for it was just voted down yesterday 99 -- nothing.

Not even the Democrats to vote for the president's budget and the senate Democrats have an -- -- budget.

In over three and a half years -- -- -- people back home fully understand what I'm what I just explained.

That the Democrats in Washington the control of the senate have not offered a budget in three and a half years almost four years now.

This government -- spent close to ten trillion dollars since alone since the budget was last pass by them.

So for those that don't like the Ryan budget for example like the president was their budget where's Harry Reid's budget whereas the Democrats in the Senate's budget.

Look I understand that at the end of the day in order to get a budget both sides are gonna have to give and take a little bit but how can you give and take -- as you -- -- back and forth.

-- the other side not even at the table and I think that's outrageous.

And I think for the secretary -- the treasury to say that there is no crisis when this government will again this year spend over a trillion dollars more than it takes and think that right there as the crisis.

-- I think what the senator was referring did too in responding to words of these threats -- heavy characterize and from.

Policy to John Boehner that.

When we come to this debt ceiling it could be late this summer could be later.

Technically you proportional to even beyond that.

That if there isn't a corresponding amount of spending cuts to go along with however.

Much you raise the debt ceiling.

He won't go for that are on the president is I guess is made very clear senator.

He won't go for that so we here then another debt ceiling crisis ceiling once and -- Well what we're gonna have -- we are having a debt ceiling crisis on a daily basis and here's why.

Because this government every year is spending one and a half trillion dollars more than it takes and pending -- the speaker is saying is let's use the next debt limit expiration.

As an opportunity to begin to deal with -- -- in a serious way.

And the last one just came and went and it wasn't that within a serious way when -- the United States federal government.

And what does this president gonna begin to seriously address the fact that this is a government that spends.

One and a half trillion dollars a year more than it takes and that has to be dealt -- that is not going to solve itself.

It's not gonna go away on its own and every year that goes by that it remains -- -- the harder it becomes the solved so I think that's -- the speakers trying to say is where's the sense of urgency here.

I'm Bill Clinton had some thoughts on this matters to get -- investment conference senators saying to.

Maybe he would only answer really and realistically down the road.

-- across the board.

Tax increases on everyone not just the rich in other words when -- good when the -- -- bush rates expire.

-- season Hussein has a lot of wallets.

But it would even put.

Well if you raise taxes on people who don't have jobs what's the point if you raise taxes on an economy that -- in growing your going to destroy the -- there is only one solution to the solution is growth.

This economy has to grow the only way for us to find ourselves out of this problem that we face today is the combination of rapid explosive economic growth.

Combined with a new sense of fiscal discipline to hold the line on spending and grow your economy really fast.

And the problem -- the tax increases that former President Clinton is outlining is that they will prevent or hold back the kind of rapid economic growth that we need.

Now if our economy grows really fast.

That -- then you're gonna have more taxpayers that means you don't need more taxes you're gonna get more taxpayers more people working.

More people paying taxes.

More people making more money which means from a monetary perspective of paying more in taxes and then we have fiscal discipline the use that money to pay down the debt that's how you solve this problem.

And I think that's something that both parties should be able to agree on that unfortunately it's become part of this.

You know back and forth in the political cycle.

-- I want to bring -- because there is this is related to think about it -- FaceBook co-founder Eduardo.

-- -- as as you know wants to renounce his US citizens citizenship.

He's Brazilian by birth but I think he wants to.

Set up shop in Singapore.

That got Chuck Schumer and a number of others have said saying adopted -- he should be punished for that that anyone who renounces their citizenship.

Shouldn't should be subject to retroactive taxes shouldn't be allowed -- country what do you make of.

Well I look it's not a fun story to listen to our -- one obviously I'm not gonna celebrate what he's under the decision that he's made him.

I'm also but I but I think the bigger issue here -- -- we were elected to deal with the big -- not one guy.

And the bigger issue here is that there are people who are increasingly finding it.

More cost effective to invest their money overseas and other countries because the US tax burden is becoming uncompetitive.

And when you add -- that the US regulations that burden becomes even less competitive and so on the bigger issue and the one we really should be focused on is the fact.

That every single year the US is becoming -- less and less friendly place for some people to do business.

And and people are looking to move their companies and their assets overseas because of that.

Think that's really the issue we should focus on more I'm not excusing what he's done I'm not celebrating and I'm not telling you that I'm happy about what I've read -- -- guards.

To this one person and a decision that he's made.

But I would just policy and senators Schumer wants to do in other words I'm not a -- renounce citizenship he's never welcomed I think.

But I haven't studied that and to decide whether we should go after one person I'm not happy about what I've read and I think I think that's the law now by the way I just think it hasn't been enforced.

I think a lot now is that -- -- renounced -- citizenship in order to avoid paying taxes you're not allowed back in so maybe a disaster for the law to be in force and that's fine with me.

But I don't think that we should be distracted from the big issue.

And the big issue the important one the one that really really matters is the fact that the combination of our taxes and our regulations.

-- making America a harder place to do business while other places are becoming easier to do business and we're losing jobs because of that and we have to stop that from happening.

You mentioned regulations a lot of your colleagues on the other side of the aisle senator saying in light of this.

JPMorgan trade snap so.

Maybe we need a little more regulations may be what we've done on Dodd franks -- an -- wasn't enforced and the president favors more regulations Mitt Romney does not.

Where do you stand.

Well JPMorgan lost money -- they made a bad decision businesses lose money all the time some people go out of business because they make bad decisions.

And you know there are accountable to their shareholders at a shareholder meeting happen to be in Florida this week I guarantee you the shareholders weren't happy about the decision that they made or why it happened.

And I think they're accountable to their shareholders we're gonna hold the board and the decision makers responsible for this money that they lost.

But I'm not sure even the existing regulations the president.

Has advocated for to prevent businesses from making bad decisions and losing money -- and so -- -- the shareholders and JPMorgan are gonna hold them accountable because of that.

But what I don't think we can afford.

Is a set of regulations in this country that send out the message that America's not the right place to do business open your business somewhere else because it's easier and more competitive to do it there.

That's what cost us jobs and that's what's gonna prevent the kind of economic growth that we need in order to generate the revenue we need to pay down our debt.

I'm you ended the political arena in a way that maybe you didn't intend denizens are elections you become a -- phenomenon and a party.

Many have you on -- short list to be Mitt Romney's running mate but then we get these reports senator that summer on the aids rather impressed would you personally.

They think you're too young.

To an experience.

Not just your pitching yourself for the job.

But what do you think of that sentiment.

Well I don't know -- I've said repeatedly I'm not gonna discuss the vice presidential selection process I'm not gonna discuss that and anyway I think they've got a good process in place -- -- Mitt Romney has a long history of making good decisions in his personal life and his business life in this political life.

So I have no doubt he's gonna make a great selection and and as his running mate and I'm confident of that and I'm curious to see who it's going to be like everybody has been -- And the argument against you and on and on a personal products and give it -- but -- the -- and as well he hasn't been -- in house.

-- -- yeah there are but I and and that race in Florida he seemed to have been aggressively that it.

But maybe they're concerned about another Palin's ideals.

But what it it's gonna.

Well look I don't again I'm not gonna comment on -- vice presidential process someone is guilty Wednesday of no I won't and I got to look I'm more than happy to talk about why am and and you know obviously you followed my race when we -- in Florida -- was a pretty intense race and even in the time I've been here in the US senate I think we've gotten our share of attention not always -- -- I like that attention on the lesson.

I certainly feel very qualified to serve here and happy to be here feel blessed to be here hope I can make a difference here in the United States senate on behalf of the people -- sent -- here Florida.

Do you think Mitt Romney would need to look you know on his ticket though he's made inroads.

-- women body attack ironically opposed this.

So called attacks on women.

He is now doing better in polls of women not so it would cnet's.

Does he need a Latino on -- stick.

You know I'll tell you about what I what I think this country needs and that is someone is gonna make things better than they've been the last three and a half years all these elections at the end of the day when an incumbent president is running for reelection.

The election is a very simple equation are you better off today than you were four years ago when this -- when this person took over.

And that's what this election is about that that's what this election is about -- the selection should be about.

-- -- is going to be our next president.

Because there's no way Barack Obama with a straight face can come before the American people and argue that somehow.

He has made things better than they were when he got here -- president of the United States and so I think the Mitt -- to be very clear that these are these just things he would have done differently and I think.

He's beginning to make that argument in a very compelling way and when he does I think that's gonna appeal to all Americans including Americans and Hispanic descent.

Who have felt the pinch of this economy perhaps more than any other group in America over the last few years.

Are you surprised that Republicans on the -- who by the way.

Are uncomfortable that.

That they don't more forcefully side maybe at the risk of being branded and in the presence.

At a stat for out of touch of -- and it.

It's and it's in a man and a woman president promised a demanding a pilloried.

The next day when he did that is almost a reluctance like you walking on quicksand.

Even delve into this.

Well I don't know that's true I mean look I think that the bottom line is that I'm not saying all Republicans but certainly I do believe that marriage.

Is an institution where there's a union between one man and one woman.

And that's my personal belief I think people -- good faith and disagree with me and in many states they've made a different decision -- that and -- Do you think that should be encoded in our constitution that this should be an amendment.

That states that.

Well I think ultimately -- always been regulated by states and so I think that's where remains in words should remain I think that's what most people believe could probably get what you think your point is a different issue.

And that is you want and in my opinion on marriage I'll give you my opinion on marriage and not it's that it's a union between one man.

And one woman and then that's what it is in Florida for example because the voters wanted it to be that way in the state constitution.

But but we also need to understand what's happening here the president chose this issue.

And any chose to take on this issue the last few weeks for political reasons.

Number one he did it for political reasons because he doesn't want to talk about the economy but I just pointed to -- a moment ago.

Are you better off today than you were four years ago he doesn't want that to be what this election is about.

And so it's not just on gay marriage I think.

Everywhere senator -- -- -- that distraught by stating that opinion so strongly.

He would lose North Carolina the latest polls so.

That he's down in North Carolina.

But it might sit Indiana gone back Republicans the latest polls seem to indicate that and Virginia I -- -- what is it that might go back I'm not saying this is the issue.

But I am saying.

That it might not have been so politically calculated might have been.

Maybe to raise money may be right on that but but but I tell -- that the political calculation is that he doesn't get any more electoral votes for.

Well first of all I think they've actually admitted that it was politically calculated.

Because they said they were gonna make this decision anyway it is wanna do it closer to the convention.

So it's not a question of why and -- -- if that was a question of when he admitted that he was going to announces anyway he just wanted to be around the convention he wanted to be even more dramatic.

So of course is all about politics and it's not just about politics.

It's also about distraction it's because he doesn't want to have to answer the question that I said earlier are you better off than you were four years ago.

This president he knows how about -- Barack Obama and his folks are Smart enough to understand.

That of this election is about the economy and how it's performed in the three and a half years that he's been president.

He can't win reelection the American people are not gonna give them another four years to do what he's done the last four years with the economy.

He knows that so they're gonna want to be about anything but the economy and this is part of that effort to distract from that.

And I think people see -- for what it is I really do.

Watch Live

Rubio: Every year we wait, the harder it is to solve

Details

Clips

Your World

Cavuto: Is Obama angry about scandals?

Bachmann: Tea Party more energized than 'ever' before

Ron Paul says number of foiled terror plots was 'fudged'

Cavuto: Words matter...backing them up matters more

New border battle emerging amid immigration reform push

More doctors ditching insurance plans for fee-based services

Cavuto: Scandals come to light for a reason

Concerns over administration investigation of IRS targeting

Coverage under ObamaCare too pricey for low-wage workers?

Does immigration reform pose too many risks?

Cavuto: 'Truth, justice and the American way' doesn't cut it

Egyptian politician's view is 'true window' into US allies

Transcript

Recommended