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Democrats, GOP harden budget positions ahead of talks

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    Former House Majority Leader Dick Gephardt weighs in

  • Duration 5:30
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I'm really worried that we have a real problem building a week ago this cliff and I think that would be catastrophic.

-- -- -- just -- balls of course the co chair of the debt commission.

He's worked were more likely to jump head first into this tax -- you heard about this here.

Then anyone's gonna win the powerball lottery tonight those of the odds that your have a better shot at jackpot.

Then these dudes making a deal.

Is that true and his Dick Gephardt the former house majority leader.

Worried.

He joins right now.

What do you think Congress's few words -- Sort of bet on the odds of a senior deal for the end of the -- validity.

Well I've never thought that they could do the big deal by the end of the year there just isn't time to put all those pieces together.

I think there -- two alternatives now one is that they basically kick all the cans down the Alley sequestration.

Spending can.

In the tax increase can.

And up basically decided 346.

Months from now.

The other alternative is to do that tax piece.

In some fashion that the president's talking about but I think.

The Republicans would probably require something on Medicare to match that on the spending side.

And query can they get that those two pieces done.

By the end of the year I'm not sure they can.

That's -- -- so one possible option would day.

Just let everything extend for three to six months including the sequence -- tomorrow.

But -- -- put the allow all of the bush rates including those I guess you're saying for those -- upper income.

Except entries it's -- -- and hash it out.

In the new congress and in a new year.

How likely thing that really did so because the president and certainly a lot of his backers are saying don't budge an inch on us.

No I know and and there's been a lot of rhetoric.

Even in the last two days and part of the problem I see is that they seem to be negotiating in the media.

And that's never a real great place unfortunately to negotiate because people.

Harden their positions it makes it even harder to get the job done but.

They can still do but I I just think again.

The Republican list of get their vote for any thing on taxes.

I think will require something equally large on.

And entitlement program like Medicare and I you know of the there's not a lot of time laughed and he gets he gets pretty hard when you get down to.

Are you read that time's a wasting you know -- you've heard about this I think it's.

Frustration building with a Republican ranks that they're given a way to story here with just promises of spending cuts from Democrats -- that they argue.

Maybe we don't know what's going on behind these closed -- something very different and who knows.

But but this criticism of congressman Cole you might -- -- the beginning of the broadcast.

-- -- said look I I think it behooves us to get.

This taxing out of the way at least renew the rates of the 98% of benefit from the now.

They're gonna go up on the top 2% but we can revisit that Republican scanners that John -- today as you know congressman look.

That that's not in in keeping with our view that we gotta get concessions that.

So -- voters are are at this rate divided Democrats seemed to be sensing that.

And that they'll get the better part of this deal would -- Well it takes votes.

You know what one person thinks is is not feel terribly consequential you've got to get.

218 votes analysis and 51 votes or sixty votes in the senate to do any of this stuff so it gets really hard if you don't have pretty tight consensus.

And that's why I think that you know if they just can't get these two pieces put together is kind of a down payment on the big deal next year.

Then they've got to figure out how to kick both cans down the Alley.

On that one it then becomes it puts the president in a tough position because if he vetoes.

The kicking the can down the Alley of the bush tax cuts.

Then you could wind up in the situation that he talked about today which is the middle class as a tax increase at least for -- three or 456 months.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Maybe risk you know a fiscal cliff situation where you just blow past the deadline everything.

The cuts go into affect the rates become immediate.

And then you could put parts together deal that makes more sense to in this case that the Democrats like.

I understand that viewpoint in there will be people on both sides that'll say let's let the bad stuff go into effect.

That'll put pressure on everybody to make the big deal faster.

That's another alternative.

The -- there is that they.

The economy goes back into another recession the stock market falls and and you get real problems.

And so that's to me that's pretty vigorous to -- Dick Gephardt always a pleasure -- thank you very much.

Thank you.

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