Can Congress prevent a 'fiscal cliff' dive?
Lawmakers search for compromise
- Duration 3:35
- Date Nov 12, 2012
Lawmakers search for compromise
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Congressional leadership will meet at the White House to hammer out a deal to avoid going over that fiscal -- both parties say that they are willing to work together.
Something they failed to do in the past and the biggest challenge might be agreeing on taxes.
It's created doesn't make any sense to us to raise taxes on job creators at this time of economic challenge the equation is revenue and spending.
And we can increase revenue without increasing the tax rates on anybody in this country we.
Can't accept an unfair deal that -- all of this on the middle class and tells them they have to support it.
We have to make sure that the wealthiest Americans pay their fair share we.
So will Washington be able to compromise and if so what would that entail for a fair and balanced debate we are now joined by democratic strategist Brian Benjamin.
And Republican strategist Brian Morgenstern thanks so much guys for being with us thank you Brian lynch and I'll start with you is this possible -- congress.
Yes congress kinda compromised and it in the past and include.
What a tax increase on the wealthy Americans I mean let's not forget it was under Bill Clinton -- we could -- what 22 million jobs created.
And we had a higher tax rate I don't think this idea that higher tax rates stop economic growth -- -- economic growth.
Is the two parties agreeing on doing something that makes a difference and I think we have to come to an agreement and accept the fact the President Obama won the election which included the idea of tax cuts for those limits when -- 50000 in tax increases for the -- -- Americans.
But -- Brian Morgenstern tell me what you think is fair if we do compromise.
And taxes are raised 250000.
Dollars that's what Barack Obama ran on saying that.
Households making that amount of money and above will see their taxes go up is that is that fair.
No and it's not a wise move at this time that is a level that has to move Republicans are bringing other revenue source of the table.
Including night -- -- -- deductions and closing loopholes.
That number that the president is digging in his heels on.
Is right where the margins matter for small business people and it will affect the job market and so that is a point that is just the White House is gonna have to give up.
So what can we expect.
Well they're gonna make a deal we are not gonna go over the cliff neither party wants to see a recession and we don't want to see taxes go up for everyone and so I think that that top tax rate.
May -- we may see compromise on that we may see them the number go up.
And we will definitely see other sources of revenue as I mentioned capping deductions and closing loopholes.
Brian Benjamin what do you think we can expect well will expect well I think both -- -- agreeing on the same point we -- expecting something small but I think -- -- do something huge big.
Which we need to do to make a real difference on our on our deficit we have to have serious tax increases.
And we have to have serious spending.
Cuts as well but it has to be fair and I think set and a murderous right we can't have a one -- solution.
Which is what we had during the bush days when we had these tax cuts and then incur and then now listen we have to rely on the middle class that to take the brunt of the tax increase does it doesn't make sense to raise taxes when the economy is -- -- Well -- you know it's it's a tough situation but we also have a huge deficit problems can create other problems on the road so we have to have a approach that takes both into consideration.
And you know we have to prepare for the future and only way to do that is to have tax increases and a balanced way for the -- -- Americans and let's understand that -- a tough time so we have tax -- cuts for those who are making less money.
And -- you know we'll figure it out as a country but the wealthiest Americans have not paid their fair share you know for the last you know.
You know since the bush years and so I think we have to now look at that.
All right we'll see what happens thanks so much Brian and Brian for being with us this morning.