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President Obama, the Next 4 Years: The Economy - Great risks and opportunity await GOP, Democrats and nation if Congress can work together
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Is swiftly approaching -- -- -- -- and if we want to avoid going over it Democrats and Republicans have no choice but to work together.
So can and will pres Obama and lawmakers make it work.
I've been crisp and promised a top Democrat on the House Budget Committee he joins us -- this is sent the -- Buick you Greta I.
Eighteen months have gone by since the -- first discussion about the fiscal cliff back in July and August of that 2011.
I'm curious has anything profoundly change that both sides will want to.
-- couldn't work on solution.
Well there are two things that the change at least -- one is over the last couple years.
Whether you like it or not there are lots of Republicans in congress there were really focused on defeating President Obama I mean some of them said that was their major goal.
Obviously that didn't happen and now we need to move on so hopefully they'll be more cooperation the president has said he wants to cooperate a speaker Boehner has set the right tone.
But the other major thing that's changed is the structure of the situation that we have this action forcing event the fiscal cliff.
It carries with -- great risks but it also presents great opportunities.
If we're able to work together.
You're one of the issues is that they Republicans don't like is raising the taxes on -- on the wealthier people in this country.
And I think President Obama has set that threshold at 250000 dollars at least that's been the discussion I should say.
A critic calculations that in the effect of that happens that will raise revenue enough to finance about a half days out of the year.
For the federal government which leaves about 356.
And some change left.
In order to to finance I'm curious.
Does this not -- really -- solve the problem.
To some real restructuring.
Because just -- eight days is -- gonna do much.
We need to do two things sat that you need to look for additional cuts -- remembers part of the budget control act which is passed more than a year ago.
We did a trillion dollars in cuts.
But every bipartisan group -- -- Simpson vols are -- and the minute she said she also need revenue and it is about a trillion dollars in revenue.
Over ten years if you let the top rate for high income earners 250 and up.
Return to the Clinton Era rates so when you have people like Simpson -- talking about a four trillion dollar five trillion dollar.
Long term -- -- reduction plan.
That is a significant -- -- that a trillion dollars and the president's proposal.
Calls for a total of one point six trillion dollars in revenue.
Cup according to -- over ten years.
That's assuming things stay certain number ten years which is always have been the of one of the games in Washington is it would we talk about over ten years a lot can happen continues in new congress is that -- -- presence we get everything.
No that's true I mean a lot can change you have to you know do your projections based on the best information you have right now.
But that's what the president's plan calls for -- about four trillion dollars one point six trillion.
In revenue which by the way is less revenue than proposed in the bipartisan Simpson Bowles.
Recommendations to get to their number and then he combines that with cuts to try and get there and I think everybody -- looked at this agrees that if your seriously -- the long term deficit down.
You have to take this balanced approach because if you don't ask for any more in the way of revenue.
It does mean you're gonna cut dramatically in other areas more more than just.
You know cut below the -- -- I mean seniors on Medicare will pay more yards a lot more -- complex to invest in education this kind of thing.
-- -- and -- nice guy.
At -- Paul Ryan he's a nice guy as -- counterparts and it committee and a lot of nice people on Capitol Hill.
But -- is this isn't.
I keep kids who get things -- -- until like this -- deadlines like college second night before cramming and you may very poor decisions when you're forced to do we noticed some thought this an agent.
Why can't.
The members of congress and the senate given the -- what you all just like.
Get things done a little bit well organized and early enough and what -- all work together better well.
As you say you know -- I get a -- along well personally.
But there are these very deep differences on on policy.
And so in order to move forward it's not enough to find common ground -- hear the expression common ground a lot as we know from the last election.
So a lot of common ground what's necessary is compromise compromise means accepting some things you don't like.
-- -- to get some of the things you -- its meeting the other side halfway and that's what's been in short supply in the congress is a willingness to compromise and it and it's tough.
Because these are big issues they're subject to -- a heated debate.
But that's what we have to do to get the job done there has to be give and take not just you know a 100% you know -- 100% my way.
Husband safer much -- this isn't always good to see him.
