More congressional Republicans agree to break tax pledge
Sen. Sessions on efforts to avoid 'fiscal cliff'
- Duration 7:23
- Date Nov 26, 2012
Sen. Sessions on efforts to avoid 'fiscal cliff'
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We'll compromise possibly in the works on the so called fiscal cliff.
As several top Republicans say that they would be under certain circumstances.
Willing to break a longstanding pledge.
On raising taxes -- move comes ahead of a second meeting expected this week.
With the leaders on both sides and potentially President Obama as well in that meeting.
So Democrats have suggested a little bit over the weekend that they might be willing to concede on several key issues in return.
For higher taxes or revenue watch those words now -- -- that's.
Let's make sure that revenue is an integral part of deficit reduction and yes for my side of the table.
Bring entitlement reform into the conversation Social Security set aside doesn't add to the deficit.
But when it comes to Medicare and Medicaid protect the integrity of the program but give its solvency for more and more -- This Alabama Arab Alabama Republican Jeff Sessions is the ranking member on the Senate Budget Committee senator sessions good morning good to have you here today.
Martha thank you -- lot of talk this morning after -- Sunday shows and watching both sides talk about this fiscal clef about who seems to be moving and what direction.
Now what are you hearing you know what are you hearing from Lindsey Graham says that he's -- willing to break that pledge on taxes.
Under certain circumstances what do they really sank.
I'm not sure what they're saying there's a lot of this talk going on I don't know who is speaking for the Republican Party.
On a House of Representatives where you have a substantial Republican majority.
But the truth is that this country does not need to go through this fiscal -- which is fundamentally.
Huge tax increase and very little spending cuts.
And so we are facing this huge automatic tax increase that needs to be changed and it's going to take all of us working together.
Because it it would damage this economy if we have this kind of huge tax increase.
But I democratic colleagues all they wanna talk about is more taxes more taxes more revenue but -- they -- not telling us where the money is going.
They're not assuring us that the money's going to be used it.
Pay down that debt liked it suggested.
So we need to see those numbers.
What -- plans before any discussion is appropriated seemed to me.
Speaking out at I mean it does take it from -- -- if you look at the Republican side basically they wanna see cuts a spending.
And -- real entitlement reform and perhaps revenue that comes from a the relief bugs some loopholes that are out there so that you know Bob -- right -- has suggested that maybe they're BF 50000 dollar cap.
On the amount of deductions that you can taking your taxes so Republicans want to get there that way not by raising any rates corrected and does that stand steady that that.
That I think.
A lot up.
Where a lot of our members are that you can simplify this tax code make it more flat more like a flat tax eliminate.
I'll kind of loopholes and gimmicks and actually increased revenue without raising the top marginal right.
Which most economists say would hurt this economy if we were -- we need to create growth which creates jobs.
Not on damaging growth he's taxing fashion but what I would like that guy -- Well what I'm concerned about is where this money would be going nice -- for deficit reduction but the president's budget.
That he submitted to us in January.
Would increase spending another one point four trillion.
Whereas he's proposing now I think one point six trillion in new tax so this is this if five taxes -- justice and for more spending.
I think the American people they decide Nokia -- to bring your house under control before we send you another -- Let's listen to senator Carl Levin because we're all sort of looking for words in the tea leaves here that give us an indication of where that the -- where the consensus might come from.
Here's what he -- They have to go up either real tax rates are effective tax rates there's ways of doing.
Secondly though we've got to close some significant new polls.
I -- he's saying get rid of loopholes and raise the effective rate now when I hear him say raise the effective rate.
That sounds like he could be talking about revenue that would be gay and by changing the tax system a little bit didn't it do you hear some some sort of possible ground work in there.
I think we are.
That's the kind of talk we've got to have but look but really helium -- -- is is it any talk about reducing spending.
Any real serious discussion about that and what will this new revenue be used for.
So I have objected to this idea that we're gonna have some secret negotiations.
Going on right now which I am nineteen.
Plus percent of our members of congress and not a part -- -- -- going to be plot damn -- right before Christmas Day and we're going to be demanded devote far.
On American people need to see congress function they need to hold us responsible.
They need to see this planned well in advance of the time it's voted on.
This idea of holding these things off to the last crisis unit and it is wrong here -- -- and American people need to speak out on that.
-- -- -- -- sand and there's a lot of talk that says being put out there.
About the pledge that was signed the Grover Norquist orchestrated pledge it -- that it was time by so many members tend to not raise taxes under any circumstances.
Did you sign that and how do you feel about it now.
A lot sounded -- and I absolutely believe we don't have to raise taxes now.
We can get this country's spending under control.
Through frugal management and good effective management of this out of control government.
We've got to deal with the crisis we face we've got to deal with the political reality of the president's victory so will wrestle with -- -- that.
As we go forward policy and incest.
That this money be used to reduce the deficit it is you know -- revenue coming.
I rescues while more time what when you look at the statements by senator Lindsey Graham.
And senator Saxby Chambliss who basically said you know I'm willing to revisit that the tax pledge.
But only after we get real commenced -- spending cuts.
What do you think about that posture from them.
He's a member of the Budget Committee which I'm ranking Republican on and Lindsay has said that before.
This didn't really need he truly believes any is correct if we don't Alter the course of -- surging entitlements.
Those programs are not sustainable.
So he's conditioning any tax increase on fixing the these programs Social Security Medicare.
Particularly in making sure that they're sound for the future so that's Lindsey's position -- and he's talked about.
Excepting revenue to accomplish -- but only.
If that goal is accomplished -- with the new revenue.
It's interesting I think that talk of compromise may in some ways speeches sort of present that to the American people so that when they go into that -- if they come out with nothing.
They'll all be held accountable.
Thank you so much it's always good to have -- senator sessions good luck to you want.