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Stocks suffer steep drop amid worsening economic news

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    Maryland Congressman Chris Van Hollen reacts

  • Duration 5:28
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On the economy slowing down.

She read a manufactured suffering its worst drop since last summer does this worry this'll Worrell environment congressman Chris van Holland was the top Democrat -- Thompson good -- have you.

Dicey environmentally it was slipping into something congressman something worsens slow down maybe didn't respect.

Well obviously the European situation has been a very worries some and if the contagion were to jump across the Atlantic.

It obviously would have a negative impact on the economy out Ben Bernanke the chairman of the Federal Reserve it's been.

Watching that and he has said very recently.

That the Federal Reserve would be prepared to take.

Countervailing actions but the reality is we need to focus on.

What we can with respect to the American academy which is why we should.

Take up the president's jobs bill which is still sitting on the shelf here in the house -- represented -- and take other actions like.

Pass the transportation bill because in two weeks the authorization to invest in our transportation system will expire.

What is bigger -- the economy hot shots inventions certainly the Federal Reserve it.

Provided students that 67 billion dollar gift yesterday's operations was I don't -- -- get our king but it was more stimulus from the Fed divide.

Treasury notes and securities in the market and and try to do is this -- and it's not working.

Big sell off again today big fears -- US banks are about to be downgraded again today.

-- you almost get a sense that we're sinking fast here what what -- you.

I don't think worth sinking fast I think Europe is obviously fighting a really tough problem and they.

Need to get on top of it in a systematic and sustained way and obviously.

The Germans are key to that Angela Merkel was -- -- that hopefully they'll be able to put together a they plan to begin to stem the tide of uncertainty but.

You know we have limited leverage is you know -- over what happens in Europe so we have to do everything we can't to shore up our own economy right here at home let's talk about.

What you guys to do and you -- tried to find over the middle ground and try to keep the dollar goes forward I think people who either agree or disagree with and then you -- that it has -- Let I wonder whether we're getting -- hints of -- middle.

Ground deals -- and by that I mean.

That this willingness of the Florida some Republicans.

Song and I could be wrong and program was -- they otherwise would and so.

Two suits and look at closing tax loopholes special allowances and breaks.

And had signed on to that not as they were signing on -- -- tax rates north again.

I would be enough to get it.

You and your fellow Democrats to the table on some of these cuts but it's gotta be neutral in other words that you both got it I don't know jump -- that fiscal cliff.

At the same time is that where we stand is that what this is about.

Well I hope our Republican colleagues are -- that.

Are moving in that direction my guess is Grover Norquist we'll tell you that everybody is firm on the pledge and they still oppose the idea of even one penny of new revenue going to deficit reduction I hope you hear otherwise from them.

But you're absolutely right -- in order for us to deal with these issues we have to do two things one.

Get the economy in gear right now because every day have a soft economy.

Not only are people out of work but the deficit.

Gets worse exactly and you need to deal with the long term deficit situation in order to ensure long term economic growth.

To do that you need a combination of -- -- not today and -- But steadily over a period of time.

And we support.

Those cuts we did a trillion dollars of cuts on a bipartisan basis last August there are additional cuts and reforms that need to be made.

But just -- all of his colleagues congress and say.

They're willing to -- -- -- this -- not -- being quoted here.

But here's what they fear that Democrats are gonna -- one from that that -- that they're gonna agree to cuts but they're not gonna do their part of the bargain.

So than Republicans love saying on the for their face with the base by agreeing to what is attack -- to some.

Just a revenue closer to others but by and large.

They're gonna get snookered and they fear you're gonna -- -- -- what do you say the.

-- no I support the framework that Simpson Bowles the bipartisan Simpson Bowles commission came up -- Which says that we need to reduce our deficits so.

The cuts would go to reduce our deficits the additional revenue would also go to.

Deficit reduction.

And our argument has been we need a balanced approach because if you say from the beginning that you're not gonna get one penny of additional revenue.

It does mean you have to whacked everybody else harder that's why you'd have to.

Transfer -- more cost to seniors on Medicare.

Median income 43000 dollars I don't think.

That we should be asking seniors to take -- -- usually risk and cost but you do it when -- do you think we're closer to something.

I'm not sure we are I think Grover Norquist may be -- report -- -- one.

All right his meeting but the reality is -- -- 98%.

Of house Republicans have signed a pledge ran under the interpretation the pledge if you close one tax loophole or get rid of one subsidy.

You cannot.

Use that dollar to reduce the deficit under the pledge that's a violation of the pledge.

Hopefully maybe Norquist will be changing his interpretation which would -- -- could be healthy.

Thank you are.

Aren't I'd be right all right congress and percent aren't always good -- well likewise thanks.

Yeah.

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