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Senate's symbolic showdown over dueling tax plans

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    Senator Joe Lieberman weighs in

  • Duration 5:36
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-- new signs the economy is struggling so what are lawmakers doing.

Holding -- symbolic votes on the bush tax cuts -- Democrats want it would stand up for couples making less than 250000 dollars Republicans want an extended for everyone.

But critics are calling it a big wasted time.

Is it.

We're on.

Welcome everybody I'm Neil Cavuto and you are looking live at the floor the United States senate where votes are about to begin.

Any moment now and -- senator Joseph Lieberman will be among those voting.

Senator on this measure.

More to the point about.

Every one sees the bush rate extended except the very rich.

How do you go about that how will you vote on the.

I'm gonna vote against both of these proposals because to me.

They are exactly what you sent it to beginning symbolic votes are a waste of time.

It there either partial political and that picking -- posturing or they're kicking the can down the road with the economy.

Really needs from congress is a long term bipartisan.

Debt reduction plan that'll give the business community the confidence -- invested trillions of dollars.

We need invested to create jobs and only that we'll do it -- -- problem on both I can tell you in more detail what I am voting no on both the good life.

OK I do -- -- get a view the first the big picture part do you feel now is the time.

To be raising taxes on anyone.

No and that's.

Well one reason why I'm voting against the democratic proposal would which would effectively raise taxes on.

People are making over 250000.

Dollars and includes a lot of small businesses it's also.

Very personal.

Answer to a much bigger per hour and frankly when we get to solving a problem we're probably gonna have to.

Raise some taxes on people make a -- a less than 250000.

Dollars but none of that should happen until this economy is growing again.

You know you could use a lot of votes senator -- say well.

Without Lieberman guy just wants that is -- you needed to and that's a stupid expressive because I feel -- -- -- you might as well leave it but I digress.

I think what's going on any areas that they're saying well he doesn't want to take off his democratic friends he doesn't wanna take off his Republican friends.

So we'll kind of -- both as friends.

-- -- I am I think the -- -- -- security ticked off.

My friends in both parties for a billion -- independent and this is not what our country needs.

Look.

I think we got a chance after the election to adopt -- kinda.

Balanced budget long term program that would cut spending and adopt tax reform and deal with entitlement reform that's what we really need.

If we if written -- getting that done by the end of the year.

Then.

I'll vote for something to avoid the fiscal cliff.

On January 1 -- to get a repeat with this economy stumbling as it is right now.

Really it's not the time to raise anybody's taxes.

Senator if the president is reelected.

And it's that lame duck session because I I agree -- I doubt we'll see much action on the part of either party -- -- the election but let's say the president is reelected.

And it's up to -- access to decide.

What happens on those rates.

Does that the president then had -- enough to say well I've been reelected.

Will do what I want and what I advocated.

Extend the bush rates for everyone but the upper income.

I suppose you might do that but remember.

And the house Republicans will still be there.

It's an American vote for that really -- and I want to thank and that's really well well well hopefully everybody wakes up and says the country is heading for fiscal cliff.

And let's get this done we've just finished an election before we start campaigning for the next election let's let's do what's right for the country.

And yeah -- been involved some political risk.

But the reward is going to be great.

Her let's do what's right in other words is -- your view event as senator extend all the -- about a year address serious reform but that's we wanna call it next year.

Did you just spell it out.

Well I'd rather have us adopt something like the Simpson Bowles plan which.

It is entitlement reform means Medicare Medicaid you you don't cut -- but they can't go up asbestos in other words will -- -- cut spending.

And -- -- dependent tax reform that cuts rates for closes loopholes and some.

Deductions.

You could put a package together to raise enough money.

To get our government on the road back to balance it's not gonna happen overnight and you can't raise taxes overnight.

You -- a ten year plan you can make it work and that word.

Ignite our economy again I'm convinced you know that businesses and -- -- you're sitting on more liquid assets than they ever have been before.

In our history because.

There aren't certain they don't have confidence about what's gonna come what your tax rates are we give them that confidence and frankly sure -- Well our government still has the capacity to solve a problem.

I think you'll see investment.

That'll that'll send us the markets.

Soaring and create millions of new jobs over the coming years.

Senator Lieberman was good seeing you thank you very much thanks they'll be well senator.

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