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Will GOP cave on taxes if president is reelected?

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    Oklahoma Congressman Tom Cole weighs in

  • Duration 3:40
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If if if the president ends up winning.

Does the GOP and -- caving congressman Tom -- gadgets and me for saying that if the president wins reelection taxes are going up and quote.

There's not a lot we can do about that the Oklahoma Republican joins me now.

To explain that congress in -- where they're actually you've got for that that the GOP would -- elected to suit his argument.

Absolutely not look -- morality is all the bush tax cuts run out at the end of 2010.

The best way to extend them is still elect Mitt Romney is the next president of United States.

Absent that without a presidential signature the president days in the catbird seat he gets to decide which ones can be extended or not now -- I think.

Are people -- -- that now but at the end of the day.

All of them will expire.

In less Mitt Romney is present United States.

And if Barack Obama is -- United States I take him at his word he's gonna let taxes go up -- -- least at some level.

But even if Republicans don't gain control of the senate but they still have -- the house.

Don't you think that even didn't the the possible outcome -- you you mention the president winning reelection.

And again that that the senate remaining in democratic hands just controlled house would stop that wouldn't.

No wouldn't they all end automatic -- I now I don't know I was not a candidate that's -- they'll all go up that that -- would then you're saying that it illegally diverted cigarettes.

All while actually all the way.

Tax cuts end.

On December 31 this by the -- happened in 2010.

It's nothing new yes we struck a bargain with the president nine states and exchange for allowing those tax cuts to continue would you think it will be harder to strike a bargain we can't allow -- dead yeah absolutely -- policies not -- market.

Except that bargain and we should try.

Mean actually my preferred position would be to do something like Bill Clinton of all people suggested.

Which was let's extend the current tax cuts for a year and renegotiate the whole tax code bringing rates down and offsetting some of the lowering -- rates.

By the elimination some of the deductions Democrats.

Others read into your remarks congress and that you were realist you -- looking at the lay of the land and out of the president's reelected I mean.

He was famous for saying you know let you know elections have consequences the consequence of that -- -- -- the only answer.

That that the consequences of that is the president getting his land Republicans not.

-- is it that simple.

Well I am a realist and if he is reelected.

He's told us he's got you know allow taxes to rise -- taking that -- war.

Again the best way to avoid that is to make sure he's not reelected to elect Mitt Romney I take him at his word as well.

But I don't think it -- in the Republican House represented by itself for some sort of firewall to prevent this.

The -- United States has to agreed to the extension.

We get a new president we know that we're gonna get that kind of agreement.

But you're saying that the president reelected.

Even with the house as it's typically -- about Republicans.

It would be very hard to -- to get the that he even though there have been great.

Increase for -- of the rich rescinded right.

I think it will be hard now we were able to do it two years ago but again we did that by giving the president a payroll tax holiday in an extension of unemployment benefits.

He's told us that he's not willing to make any sort of deal again so -- and if he's reelected.

You know taxes are likely to go up and -- -- has some change of heart.

Better our courses to elect Mitt Romney -- we know they're not gonna go up and we can negotiate a fairer tax code and lower rates.

-- -- -- offset that by paying for our eliminating some deductions and credits.

All right congressman thank you very much -- stunned by we appreciate it.

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