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Sen. Bob Corker's 'fiscal cliff' plan

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    GOP lawmaker lays out specific strategy to solve problem

  • Duration 5:44
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As we get closer now in the fiscal cliff matter when senator has done something where he's actually offering specifics on.

How he would get our financial house in order Tennessee senator Bob Corcoran laying at a ten year four and a half trillion dollar plan.

-- calls for smaller inflation adjustment for Social Security a gradual increase in the Social Security retirement age is 68.

Eligible for Medicare would go up to 67.

This plan also includes some seven -- 49 billion dollars in higher tax revenue.

That would come from capping itemized deductions at 50000 dollars which would hit wealthier.

Americans the hardest senator Bob core Chris with me now -- public yeah.

Member of the senate banking committee how you -- -- senator.

I'm right -- ran around and have -- this big boulder up the hill one way or another now that's why do you believe this plan.

Is something that congress could have backed it -- for two years you say it's been on the -- yeah.

Well.

They'll -- that we've had every option known to mankind scored in disguise and congress says this town.

Lack of courage in dealing with us and we finally decided to lay out a very specific plan and I wrote an op Ed -- Washington Post.

We sent out -- language -- speaker Boehner and McConnell office of the White House since secretary Geithner yesterday and others and what we're trying to show is that we can deal with this this year so many people in the house and senate want to kick the can down the road and take another six months looking at the options we all know what the options are the menu is actually -- managed as time goes on.

And the choices we're gonna happen and I can be even more draconian as we Pollack mourns -- -- -- -- -- -- sooner rather than later how do you feel now how do you handle entitlement reforms.

Medicare Medicare there and tackle that's.

That's the reason we've written -- 242 page bill that lays all of this out and shows that technically.

It's very easy to do this bill what is takes is political courage and I think what the country is tired all of us to this -- solve this problem.

Put it in the rearview mayor and let's start January focused on the greatness of this nation in putting in place policies.

That -- calls us to be stronger so I'm advocating.

It's not kicking the can down the road anymore.

All over the the last two years throughout tennis they have advocated pro growth reform generating revenues on the tax that.

And entitlement reform think the nation is ready to address this issue.

And I hope all people throughout our country.

-- encourage congress to go ahead and have the political courage now to do what we've been hired to do and put this in the -- you've got you got big challenge ahead of you have any Democrats to support your plan.

You know watch out there -- there are a lot of Democrats that support elements of my plan and what I did bill behind them out.

Well there are a lot of Democrats that support lots that are that that is and not -- and so what I've done is say here here's legislative text I know that this can be improved -- -- it.

Here's -- I think we are though.

Republicans have shown flexibility on pro growth tax reform closing loopholes I think most Americans.

Know that -- one point two trillion dollars in loopholes in the tax code each year and I think most Americans -- to see a flatter tax code without a ball all of those loopholes so.

Republicans have shown flexibility there.

Now I think it's up to the president and the other side of the out Michelle when.

-- we really -- I don't Medicare hey here's a hint on that Dick Durbin democratic senator from Illinois he's very close to the president.

He is introduced him at every major political event since he came in the public office from Illinois he's got -- have a press conference today.

And that he's gonna make a speech that says Medicare -- Medicaid should be looked at but not part of the fiscal cliff negotiations.

So I can't -- that.

You change that at all right now.

Let me say this sad now that we have people out posturing -- and we have all kinds of folks that just wanna sweep this under the rock my problem getting -- The fact is the two most important people are the president and speaker -- Both of them on the beginning in the beginning of this have shown a degree of flexibility in what we needed people like myself -- offer concrete solutions.

The solve this problem.

When they get in their meeting they need to have these at their disposal.

And we as a country.

Again need to go ahead and deal with this issue now I know that senator -- actually had shown some strength for what it's -- I don't know what he's gonna do today as president hopefully we'll wait for it and then more than he's been more than -- look at Medicare reform.

Now what more question at what why do you want to go after revenue at all -- sixteen point two trillion dollars in the hole.

I mean you your entire life you know any money that Washington's he's got this -- I like I think all throughout this campaign.

Republicans have talked about pro growth tax reform.

What I've laid out -- -- that and what it does is it keeps keeps the rates from going up so bill all those companies in our country that Powell.

Tax forms under sub bass and -- -- -- They all know per mile legislation.

That tax rates are not gonna go the economic decisions they make about hiring people will not be affected.

Certainly on the personal side some of the deductions they have.

-- -- go why but look I think Republicans for decades -- talked about having a flatter tax write.

I'm doing what I'm advocating and I think that's what we -- to -- to senator thank you.

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