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It establishes a bipartisan committee of congress to report back by November.
Where -- proposal to further reduce the deficit.
Which will then be put before the entire congress for an up or down vote.
In this stage everything will be on the table.
To hold us all accountable for making these reforms tough cuts that both parties would find objectionable.
Would automatically go into effect if we don't.
And that is exactly what might happen on January 1 2013.
If in fact between now and during a lame duck session at.
After -- the November election.
Congress and the president can't come up with a way to deal with two things one is of course automatic looming cuts to defense entitlements and other programs about.
One point two trillion in total.
And the other thing is an automatic tax increase -- Internet for everybody in America.
And this is power play and I Chris Farrell and welcome back -- studio three.
And today we're going to talk about the fiscal cliff as Federal Reserve Chairman Ben Bernanke was up on the hill.
And warning against what that's doing to the economy and as Dick Cheney re emerges from his secret undisclosed location.
To give house Republicans some advice on how to deal with these looming defense cuts.
We're gonna talk about that we're gonna talk about whether dodging donors -- -- mattered to the people who support candidates can they be used against those candidates effectively we will explore that question and later on of course in order to sleep -- were -- your unquestionable thirst for this topic.
We'll talk about Mitt Romney's veep stakes as it enters the terminal phase.
Helping us to do this.
Of course will be Fred Barnes who you love from the weekly standard who you love on the panel who you love anyway you can see him including reading -- great pieces -- weekly standard crumble but Bret thank you and Tony Welch we also welcome back warmly as -- -- returned from an Odyssey across of the November.
-- all across avalanches driving -- to Carbondale Illinois back I don't -- his daughter to and -- camp.
Tony is -- former Press Secretary for the Democratic National Committee he is democratic strategist he's a big deal obviously likes this anyway welcome back.
Think he's okay and how was the hillbilly firewall with a good out there we were good to us all right I can for a good that's -- good we thank you -- -- the -- -- those who go -- constituents we thank you for being so nice.
I -- start with the stipulations let's see if you guys will agree with -- on this.
The first thing is that.
Nothing is going to pass the substance between now and the election as it relates to the current tax rates as it relates to -- what they're off the -- sequestration.
Is -- Capitol -- kind of silly Billy term but those are automatic -- -- -- -- that they've they've put a dead man switch and in the end the reductions to spending going automatically.
Nothing's gonna happen on the spread right.
-- I would say almost but 99% write -- -- is that gonna try to do something on.
They do not want to defense cuts in particular to the which would be what 600.
May end up a billion dollars in defense -- go into effect.
As it would automatically on January 1 along with 600 that you need it domestic cuts but they particularly focused on the defense that's what Vice President -- is coming to town.
Not from Wyoming I -- to talk to the house Republicans.
Will they be able to do anything on that they like you but I doubt.
If you -- Dick Cheney at a Wyoming these days you know that it must be an important issue and Tony the one of the reasons that things won't happen here is because both sides enjoy attacking each other with the issues that are embedded here the Republicans want to say that the Democrats wanna cut defense right and the Democrats let's say the Republicans want to cut Medicare and other entitlement programs for the least among us for.
So that's another reason nothing happened.
And I think that's right I think part of the poison here present kind of solace -- news we got close the election.
Nothing's going to be doable so you're out he said so let's let's -- -- Newport really intensifies Republicans said back then no we're already campaign -- when -- -- We're we're not gonna -- on this in so we find ourselves here you -- nothing's gonna happen until that but at some point -- -- will come.
Will only be defense cuts Republicans say the comparable -- -- Republicans understand the compromise -- -- them giving on something including.
That's that's that mean Texas yes.
-- look at him previously I was -- is there but if you're going to get to this from -- remember who picked this fight remember -- that.
After years in years and years embracing the the debt ceiling who said we're gonna do at this time.
Was Republican support but -- They didn't say -- wouldn't say they weren't gonna do it -- and they said they want isn't spending cuts that go along with it.
-- that I've been around town long time.
An increase in the debt ceiling is always an issue every at every time it comes up because.
The Democrats than in earlier years try to attach things to look increasing.
The debt limit and then Republicans tried this time.
It led to a great controversy we're gonna have another one get -- the next.
Kinda comes along it's going to be a dissident I didn't controversial -- controversy for a that lead to downgrading US for the first time only ever had nothing to do -- everybody else in minutes to get through this process except the Republicans this time I went out and we did -- -- -- -- can point out though.
That this was also the first time that the debt ceiling was going to be increased to sixteen point four trillion dollar I would assume there's always going to be.
Oh hundreds of solidarity and grant you it's it's always going to be more -- -- sorry about.
-- -- -- Well I know I don't know if I go -- -- but I mean isn't there is some hope that someday in the future we just on the other two yes there is however how do you get there if you.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- How -- you how you get there now -- -- -- across.
What I just a simple answer to that it's called.
Entitlement reform sure go to the Social Security which is he CNN has been agreed on in the -- by a democratic president a Republican leader.
In the house.
You can do it with Medicare you can do with Medicaid there's so many things you can do which is where the real money yes.
President Obama doesn't want to do that.
We'll have to be done in the next term whoever that.
So the president we have we have encapsulated here fortunately inconveniently for you the good basic divide here as we talk about this issue.
And this of course reinforces this.
This is an awfully important elections this election where the all of these issues and especially sense in this dates back to the Bush Administration.
Can't kicking on these and it dates back another forty years there is -- all Republican and Democrat can't kicking for decades.
As let us now to where we are on this stop gap.
Life support system and everything has been kicked to its maximum moment which is December 31 after an election.
Does this bring into Starker relief Tony the stakes in this election for voters do you think that all of this helps voters understand what the magnitude of what's going I think he can't.
Lou let's let's first to do it again that a lot of voters aren't paying attention yet stipulated.
There are a lot of voters have better sense -- a very different politics and July and I have a much even in an -- -- wanna talk about jobs for instance you may hear about battling droplets but yet this does for all of us I think it it is a way to bring into.
The -- conference.
What's writing this election and and how this gets done however -- interest that is it may be -- -- that we done by the people who are in office now not in the Congo.
I don't know -- tonight I don't think they'll be harder to get a direct input to be another idea -- -- is the mother wants the biggest thing.
The biggest -- for the problems whether it's a debt crisis of the spending crisis or whatever.
Is going to be dealt with by.
The next president of the United States now it may be Barack Obama it it may be Mitt Romney and and the next congress it depends how all of this this whole ball relaxes -- hotline Chris.
Depends on the Republican told a house when the senate and win the White House if they do that's one solution it's a different one if Obama still in the White House and Democrats hold the senate and I was -- outside the Wall Street guy.
Who knows about money and because -- -- -- the what what he was saying was.
I symbol he wanted to talk different permutations what is Obama gets this and then the senate and house and data that and -- running through all of these things.
And I got that he said and that's why.
-- -- do anything with their money.
Until after the election that all of this capital where we have this capital strike whether you're liberal or conservative with this many questions looming there's a capital strike.
Doesn't that slow down the economy.
Our economists believe in not such shambles right where he got -- -- -- Record do you like the glimmer of something else but I I -- I get the that the logic behind that I don't necessarily buy into it necessarily agree but I think it's a plausible argument now.
This is because -- -- certainly wouldn't you know that the money and this this -- more about it tonight but I -- -- money -- opportunity right in the end and that that does not necessarily.
Come with the next election with the -- direction there's a lot to be worked out so you'll -- maybe a year out I don't -- -- -- -- -- -- today.
Sorry sorry my mom told everything it.
I don't you hate to tell you that the fact that money sitting out there as as Chris is stipulated it's not an argument it's a fact it's sitting there they're Australian dollars or two trillion dollars in -- waiting for.
Opportunity and this got to dichotomy was a definite.
And they -- it's unclear right now whether it is it's a good opportunity.
That we are all we have to take a break as much as we like talking about fiscal cliffs and the terror and Ben Bernanke by the way -- -- -- the beginning when the congress and basically said.
You guys think it's your job.
The economy's Danks and you're making it worse have a great day you -- disagree on everything you maybe make a good point mr.
-- -- -- -- ED have one of the last words do you think.
This November we can vote in people that work together for a better and better America and not try to divide our country by playing the blame game no.
Why why not propose permanent extension of tax code cuts equal to cost of extension wealthy tax rate.
That's a political -- yes and it's a matter of fact I suspect that whomever wins.
Romney or Obama depending on the circumstance and congress is going to make tax reform one way or the other.
A number one priority it's a big deal because the job creators business community.
Liberal or conservative hate the status quo because it's just two -- on complicated.
And the president Mitt Romney that's something they would agree.
Greg -- says actually getting his -- threat it's great incentive for any taxpayer about the -- that.
There are not enough food stamps in the world's I think we know where Greg is coming from on that -- we're gonna take a quick break and by the way I should tell you before we.
You -- follow me at -- several Twitter that he would have had to cheat sheet to this whole conversation you would have gotten.
You -- -- I don't know but it would have been worth having you would have known in advance you -- follow me at these are what you get all of that all those goodies for -- We're gonna take a quick break but when we come back we're gonna talk about dodging donors and whether or not the candidates -- Obama and Mitt Romney's.
Affiliations or support from.
These folks matters in the election and whether their opponents can make it stick will do that when we come back -- stick around.
Those guys you probably don't know who they are but that's Republican mega donor and big time Pacman -- adults and and the other guy you probably don't know either that Steve Wesley he's a big democratic -- a big supporter of President Obama and he's a green energy -- Adelson is a casino guy.
Republicans are attacking the president.
Over his connections to.
His -- million dollar man.
And Democrats are making a lot of noise about -- Who -- neighbor -- from the primaries was Newt Gingrich is sugar daddy.
And now says there's a hundred million dollars out there to help Mitt Romney in the Republicans make it happen and this is power -- welcome back.
Now the question is this you can't pick your supporters.
It's true but you can certainly decide whether or not to associate with them.
For example Mitt Romney took some heat over hanging out with the Donald Donald Trump and his -- He he had some took took him in coming over that.
Meantime President Obama.
Has gotten a lot of flak from Republicans over the people who have benefited from his stimulus especially those in the green energy sector.
Can't be made to -- doesn't count the voters where is this just the way.
That political operatives pay the bills so back with us -- Fred Barnes and Tony Welch.
Let's start with you this time Tony.
The president this guy.
Whose name -- -- well known to me his name is getting -- -- Wesley Britain the Republicans are of very on about Steve West early today as they try to suggest that the president is cropped.
Because his campaign -- -- like Wesley were big beneficiaries.
From the stimulus.
Is this a charge that can be made to stick.
I think if it would have to put it what are the good -- would have stuck already because they are and -- article -- and -- quite a bit of time in taxpayer -- and sound.
Nothing and so I I but I I'm OK with it as a political play I think it's okay I BI I think that I think it's -- -- right yeah.
Speaking right to -- you get the shots -- my -- it is necessarily.
But but it should be some they are there great and so when you wanna say that Mitt Romney was saying that with the Donald.
Then maybe who.
What what what does that actually mean for for both sides I think it's fine but knowing that the the transparency issue.
Knowing who these folks are our exit so I never know who the donor is right that I'll never even be able to make the allegation.
Right that -- ruled there was a -- or -- or something worse -- these were something more nefarious at hand I'd never be able mate and this is only the blue team is saying about Mitt Romney as Republicans attack.
The president for his donors that benefited from the stimulus.
The White House points out and that Obama campaign when -- we don't even know who Mitt Romney's bombers are -- he won't tell.
The first -- behind -- I'll bet there's some empirical polling evidence to back this up I don't have it.
But I -- -- they on the front in my mind at the moment but and and that is that the voters don't care about this that it that it's a ridiculous issue my own ideas that look.
If somebody had to get some donor has some felonies.
And particularly recent ones you -- -- his.
His nomination campaigns you do that really I think the Obama campaign has done it that the Romney campaign has probably done it two let him do that but.
Mean there's so many better issues.
In this one but what you know they looked at some rich people out there they didn't give donations -- So be it.
Sheldon Adelson is sort of a special case though well because he -- so much money he -- all much money there and he is that casino magnate.
Currently he's in hot water because in Macau which is.
For history students who -- call it was the free space off of the coast of China that was a Portuguese protectorate and it was sort of an anything goes -- and it's still a very much anything goes -- have been in the cabin of -- cal where I was gonna.
-- account -- a bump yeah.
-- yeah and not just.
It's not to -- an album and -- others have come in their delicacy to any viewers in -- has apologized for -- characterization.
Your homeland -- -- doesn't usually get up and now it's not back yet but instead of him now that he did a deal with Chinese gangsters in order to facilitate this stuff and Democrats are talking about that I -- At a certain point whether it's Adelson are trump or whomever.
Isn't there is -- -- -- to be -- stickiness on run and forget it.
For the I want -- -- with -- out OK just which is largely doesn't matter of time until it does.
Right -- what I mean -- that is so.
If you're tracking campaign contributions and they look pretty normal that sometimes those always we can't -- and sometimes -- all sitting members of congress.
And sometimes they closed they come close to involving.
Would be presidential candidate John King we'll tell you little little story to -- All right so -- so those donations can matter to some degree and there's a reason to look because it performs a policing function right that says.
We can see we do you know and it helps keep people and they toast and I think there is a benefit to that but would have to agree.
A lot of folks don't care about it until they do until we're looking and some some scandal.
Well and it and they do have some big donor.
Appears to have gotten rewarded here with government subsidies or something as a result that probably is a result -- partially a result of his.
Animation it happens and it happens both ways of speaking of Dick Cheney -- remember during the bush years the Cheney had a special energy.
Committee that was looking into things and house Democrats pounded and pounded that Cheney and bush both.
We're meeting with these people were they writing favors and then of course turnabout is fair play.
President gets in and he likes green energy and then his donors happen to get the access and and that stuff so.
It's it's tricky give me you're quickest take your shortest take on the right way to deal with campaign finance and America did 32 version.
-- Completely deregulated.
And that require a 100%.
Transparency which would mean a 100% disclosure instantly.
It's always good to electronically now what we have do you wish you want but enough -- yeah and then that way this -- incentive for super axis -- -- -- superpower actually don't have any other big tennis like I didn't get it to the candidate -- they support anyway.
-- I support old John McCain's version of the which wasn't there should be some limits because we do -- limit the influence of the mega donors the bigger corporation with running our government publicly publicly funded elections.
-- These four that he's flip that Internet he's for that are reluctant yes that's why -- Colliding with the well -- -- -- line well the public doesn't want a financial and others that well and and whether I like the matching one of the reasons like this because you don't want to be able to look at a race say this person that's -- -- of people particularly profitable.
OK well we appreciate your breath your your fresh breath of non cynicism here in the studio -- it is very appreciate it -- Would say you're against him -- OK one of your -- Bob Cusack will be with us when we come back.
You know we're gonna do replay -- the game I do you have to think -- you can't so go ahead right now as a matter of fact you could go.
-- stairwell on those sweaters and you can tell me who Mitt Romney ought to hit or will -- we're definitely shouldn't pick.
Or anything you want I don't care that's what theater that's for so we'll see in a minute -- you should stick around.
Back in 2008 and when he was running for office.
Complaining about the Republican campaign.
He said we -- out of fresh ideas.
You turn to stale tactics to attack your opponent.
Because you don't want to talk about your record.
He said this makes big elections.
About small things.
That's exactly what he's doing right now.
Was Ohio senator Rob Portman speaking to supporters and -- on Ohio.
Ahead -- a Monday campaign stop by President Obama they -- in the metro Cincinnati area.
Portland's home turf he represented that part of the Buckeye State.
Four for five terms in that house.
And this is power play welcome back and you may have been looking there at the very front runner for Mitt Romney's running mate Portman and Romney seemed to have a good report and he is increasingly been put out in key locations as a surrogate.
For Mitt Romney -- let's read some of those tea leaves and let's figure out as Romney says he is almost there and soon to announce let's let's talk about that with Fred Barnes.
And welcome back to the big show Bob Cusack he -- managing editor of the hill.
You should read him loyalty you should follow him at Bob Cusack.
So thanks for coming back -- -- a -- Okay so Bob we'll start with you.
Other than the -- Problem -- yes should -- not even a troubling that was like today.
Where were gender and racially cool interest did and all sorts of things not gonna happen.
There it good Portman and Pawlenty.
Tim Pawlenty the former governor of Minnesota and early endorser -- of the race early to endorse Romney.
And has been chopping wood on his behalf ever since these guys seem to be the front runners right.
Yeah absolutely I think that -- is I think the -- I mean -- everyone has negatives but from Ohio certainly.
An insider and Romney has run a very anti Washington campaign.
But Portman a song he's ready to be president he's not -- overshadow Ronnie and I think also all these rumors of Romney announcing this week that's just not gonna happen before he goes abroad.
I think it probably will happen before that convention.
But it's already Tuesday if he's gonna -- you're done already.
Right because the Olympics will step on -- -- he's going -- to.
Which is they're making they're putting out a lot of and the nation's.
From the Romney campaign that the governor's going to be in Boston on Thursday for some meeting this.
Their fundraising on this thing when you think they drop a decision that.
I think you're over reading the team lead over reading the -- ladies there's so many there in the bottom of the hole it just makes perfect sense for him to wait until after his trip.
To Israel -- the polling that we -- in the Olympics before that he doesn't want to unnamed somebody before and then go on the trip and nobody -- attention of the trip they'll all be writing stories about the hill well the weekly standard welded.
Fox News will be all over you personally will be all over it all over 50000 -- -- -- weeks if approved.
And -- got -- or MIT S news at any of -- -- -- -- be would be trying to remind voters about the Olympics and what he did in the Winter Olympics in Salt Lake City.
What twenty years ago I don't know it's true soul.
There will be after it you'll be early August until you go -- you so he's not gonna do it.
Now you warm up you -- brought the crowd their fundraising on it right now.
-- fundraising on it right now then you take your trip you have the -- which -- -- idea of rain shadow for political news anyway because everybody's going to be watching the Olympics and other Chinese made uniforms and all of that stuff.
And then you come back and then it's early August and then you basically would campaign with.
This person for a few weeks before you maybe not that many but girl a couple of -- yeah -- yeah couple weeks incentives and the traps are so I do agree though on on -- he makes speaking really does make sense.
Yeah on them.
Problem and -- -- like he's a very cautious guy he wants to do no harm and he wants to pick somebody he's comfortable with -- now he's comfortable with Pawlenty but plenty doesn't offer much -- And here's Portland with a lot more experience nationally.
As a senator in the budget director in the special trade representative and all and he's from Ohio you know that it's highly overrated how much -- home state guy can bring that state.
But he can help a little pieces they've got Ohio does matter you won't get what -- an eighteen points.
Quality in 2000 it was an accident so that we and he just makes the most sense -- -- cautious guy who's choosing a row.
And we talked about this in the past that there are a lot of Democrats on the record with praise for Portman.
Right Portman -- it was somebody who was able to -- -- more conservative than Romney I think is I think is where you put the needle on him he's a little more conservative than Romney but he was always able when he was OMB director to work with senate Democrats.
To make things happen.
-- they hate personal life and work with this and then cardinal pension reform I mean he is a nice guy and -- -- -- -- -- -- Chemicals that they had to sports policies.
And you know we're not talk and -- as much as is on one.
I -- Bryan -- as this stuff this is Democrats want lines and now I just don't think he's going to be that they can and will be totally.
I was I had -- -- Weekly standard here right now there's a cover of the weekly standard this week is him is that all right as the leader of the act.
Driving a motorcycle down the street with Mitt Romney looking terrified of it.
Are -- of the vice presidential pack now I gotta rest apology he has the -- Republican party's chief domestic policy -- no question about it -- -- the house and senate but.
The hold -- -- the problem he has is exactly what we've identified is that it it Romney.
Romney promptly fell in love with him when he was out campaigning with him in Wisconsin during the primary what sort of man crescent initiative was.
But it's the problem is the Republican budget.
And -- -- Romney doesn't like it he just doesn't wanna -- he doesn't -- -- in three weeks and he doesn't want it to be the issue in the campaign so.
As much as he likes -- that but I think so -- -- very unlikely pair.
Tea Party barb says it's -- -- -- was first Marco Rubio second V Herman came third Bobby Jindal.
Problem for Romney.
Is now he's been pretty secure with the base just because they -- Barack Obama's policies with the white hot passion of 101000 suns.
If he -- if he makes -- running mate if it is not.
Very conservative or not an identifiable outsider is they're going to be some heartburn from Tea Party kind of folks libertarian -- -- -- -- At either ends and and that's why he can't -- Condi Rice got that -- -- pro life under Islam I think Portman I think most of the people were talking to Bobby Jindal obviously a -- by Grover Norquist by Jindal.
Back Rick Perry go in the primary and it's a big deal I don't think it's gonna be Jindal but.
Obviously he's looking at policy he's looking at and Jindal I would be very surprised a wet like -- that that he would take Pawlenty and and Pawlenty if he doesn't get -- now I mean he used the Evan Bayh and Republican signing -- just constantly in the running.
Fox News contributor and a I've gotten may yet have an interesting time in politics and also has ten million dollars in the -- It's good to have it's nice to have around and so Fred we'll give you the final word on this when it comes to.
Making the choice what should -- which is different they have the right idea to first do no harm.
What should his priority that it will the first priority is so -- can step going to be present a second priority is somebody you're comfortable -- And they didn't do no harm is the -- -- hoping to help a little when a particular state.
That comes later balancing the ticket you know like gender -- or ideology that comes later to those used to be big but they are anymore.
You gotta have somebody to get the job done yeah.
As Dick Cheney gets ready to head into the congress a guy who certainly helped carry -- Wyoming for George W.
Bush in 2002004.
Gentlemen we thank you very much we'll give Darryl Strickland the very last word on this.
I'm thinking that Romney will be Portman I would have been picked rubio ultimately or -- So there you go -- that we know how much you like Lord of the Rings.
Thanks for being with us today good news our film now -- is up next she's filling in for vacationing Jonathan Hunt on the hunt.
And now as we like to do every day we want to leave you with the word.
From our friend Charles spoken by -- -- ever created or ran so much as a candy store.
And it's completely a straw man argument is if conservatives and Republicans are arguing to disband the fire department and the police department so we can all do it.
Individually on our on the idea that infrastructure is necessary and good is as old as the republic.
It's older than that the rest of -- the Romans -- -- via I'll be and they were and at that wasn't exactly a new idea.
And they had sewers as well the question is what do you do with the money when you build the infrastructure.
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