Congress passes spending hike as nation's debt tops $16T
Spend now, deal with consequences later?
- Duration 7:41
- Date Sep 15, 2012
Spend now, deal with consequences later?
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Bulls and now does deal with a late -- on glad had to deal -- -- apparently by -- it is alive and well.
Not for the right reasons but it.
Money what an eight billion dollar increase.
In spending to keep the government going -- increase.
-- that sounds like a small number of Margaret Arnold clearly the overall big number.
-- a lot of house Republicans.
They're getting props for propping up a -- Think about that all those -- president came in trying to control lists.
Passing off on this so now now what are we looking we'll forget about growing up have a growing something else.
-- -- You don't -- -- he's able Gary buy dot com Gary.
What do you make of that idea do you think of what Republicans are not that I'm woods a six month except to even go as of the governance -- down.
But in so doing actually increased spending.
-- I don't blame the freshmen I blame the leadership that comes from the top down and Neil there's just no grape -- and Washington DC.
I go back to one simple number.
In oh wait they spent two point eight trillion federal spending it's going to be three point seven trillion next year his baseline budgeting where it always goes up.
Continues in just remember Paul Ryan is no freshman.
And he came out -- a budget plan would would just -- with the rate of spending and guess what they shut them down and shut them up.
First the lower that rate of any recent spending we should -- -- -- voted for this sort of.
Political -- -- and resolute and the continuing resolution is just for six months.
But what a photo op that was -- all right and sell it up and need their voting in favor of and the vote with.
Denied -- -- thousand.
Pretty shocking you know it's interesting Charlie is that they hit a lot of Republicans vote -- to do it is because they dun wanna be seen responsible.
For a potential government shutdown.
And and the bad press they were getting -- -- -- Moody's downgrades.
They didn't want it on.
I'm on the net is it worth it politically I -- I think that's the calculus here right we -- -- we can have a huge fight over -- billion dollars and that that's that's a lot of money but it's.
Probably like 115.
-- -- -- right along -- -- well you know here's the thing you we have bigger fish to -- Medicare Medicaid and and and by the way you know what happening here.
And now that's what -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I would just say this OK you have an economy.
It -- you know the numbers don't look good right now.
Unemployment looks pretty good and I know -- overall number went down with the job but that's because people drop -- -- the workforce.
Now's the time -- -- -- stood.
But the political -- but it's a political calculation there were Republicans who are in favor spending cuts -- -- We're waiting until November and they we are gonna do something big.
When the Republicans if they take its especially if they take the White House.
There and that's on the -- do this because we really think that article -- election we've got some clothes are taught -- to get out of what do you make of the fact that everyone including mr.
-- -- -- -- He hit it a -- Well -- mildly encouraging the other that he -- the public interest.
That Bob this is let's focus on new is not old and -- -- -- -- Charlie doesn't kick.
It's mildly encouraging that they're not that they're choosing they're not choosing to stand on principle on something -- not worth standing on principle I mean.
Did to their credit they are committed to having a fight about -- after the election well they shut that's what they were.
Elected -- but they've chosen not to have a fight.
About it now a trillion dollars at a -- deeper in -- -- you know the biggest -- -- -- -- -- -- -- -- -- there's a political process let me just finish -- then there's the political process going on and there are acknowledging right we get that we don't have to wait very long to get to this but let's wait until after the general election well I.
See that's what they -- think he Gary that that did they -- the you know the -- justify the means but I I I always discover you never get to the end.
It's never gonna get done looks spending for what -- reason just continues to go higher and higher and higher.
And all this rhetoric from both sides even from the Republican side it's just not gonna get on the -- somehow we got to the point.
Where everybody believes -- at least I think insane people believe that if you cut spending it's gonna hurt via console comes -- So -- edit -- it until I'm told they had a great thing with with all of the cutbacks only -- -- -- as the economy this is not worth I think over.
This is an insane stupid fight if we are -- -- historical.
Somewhere you know not like -- skyrocket numbers don't need to do you would have common.
Guys you -- do you have a president you have a vice presidential candidates.
Who put up -- have been done years -- of -- -- season following already at the outdoor clothes you know we're we're -- to look and why you'll just got why can't yet.
Yes me too isolated now vote for -- -- Ryan don't let light.
Over eight billion dollars it means nothing later.
Now if not now when -- not this six billion what awful I have no idea what's that the third -- -- you know off the cliff and I literally.
Later never comes and not a lot.
While this is why the vast majorities and it -- planetary.
Congress they hate all lawmaker Ali and I love and they love the president because he's against this sort of stuff.
I mean think about -- -- -- not nearly as important as early -- comparison.
We edited singled you -- I don't regret that guide -- I got off rhetoric and it's getting it's going to plant.
That's the point you aren't here are making the argument -- this will never stop the -- always get kicked down the -- I mean it's that it's a plausible argument but yeah let me.
It also is it one.
That do you have any part of it won't have definitely you kidding they -- They will have to address this in some way in January we know that because that -- not maybe they'll kick the can down the road again but where I also agree with Charlie is that with unemployment as high as it is.
This is no time to have white light and hit by the way -- yeah you better start doing stuff.
Make a copy unemployment numbers this -- and we get the Bowles Simpson plan that the Ryan plan where you do it in a concerted 11 swoop.
Ellen Connally yeah Harry -- hey you -- the details little -- about America even if you are not very exploded out.
These guidance on these skirmishes -- -- -- -- got a little.
Let me just say this unemployment is as high as it is because deficits are so high.
Not the all the way over had to do it right we don't get it is not a good Rex excuse me.
Are you kidding.
Me does -- have any I don't know hovering over the economy it has nothing to -- -- just being -- grandson prince.
Our lack of his -- acting on the consumer would -- if I understand this professor you're telling me.
Our lack of the world is directly related to the fact that we have massive deficits.
-- -- -- -- -- -- -- -- -- -- -- Compounded our tax system -- -- nothing to do do you think that that happened.
-- getting all excited that skated well somebody's got direct tonight yeah I want to the issue whenever we have a lack of growth -- we OK I don't believe we have -- I think blacks -- -- and it does not does not it -- the country.
Blue in the -- but congress lawmakers Republicans and Democrats want not do Jack all to fix this debt situation.
And -- -- until interest rates start skyrocketing.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- That's not gonna happen in times.
Also now we're gonna alienate its its current let me continent and.