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How far apart are both sides on 'fiscal cliff' talks?

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    Rep. John Yarmuth on the Democrats' approach

  • Duration 3:57
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Congressman -- a little closer.

Look good morning to you yet again you were saying there.

Well I was saying we have a problem on both sides of the ledger spending from -- a revenue problem.

Revenues right now running about 50% of GDP which as -- as low percentage of the economies of in sixty years.

We're still have -- we have lower revenues today than we did in 2008.

So we do need to to boost our revenues as well as working on a spending problem and -- -- -- president Atlanta and I hope.

That point on spent -- apparently Republicans say isn't he hasn't -- much more than when it comes to cuts.

That's not that at one point six trillion dollars in new taxes on the screen quickly fifty billion dollars in new stimulus spending.

But also expanded powers to raise the debt limit any time.

President wants now.

Is that address a problem.

Well I mean it would address the problems so what do the fiscal cliff would address the deficit problem and it's a five and a half trillion dollar fix -- the deficit just nobody wants to happen.

You know that the -- in the about the president's proposal I disagree with the senate stimulus spending being included -- support stimulus spending.

But that's kind of an extraneous issue right now the cliff is basically the expiration of the tax rates and -- all across the board spending cuts.

-- about 9% across the fans and all domestic spending.

That's the fiscal cliff we shouldn't be dealing with other issues that are long term in order to avert the -- -- -- more that's the immediate crisis we have long term situations we.

But you know you Nolan lawmakers get a little bit of rope you know only when they get some time to think about it they push it off -- -- the next year it never gets done.

And this budget proposal there are many who wonder what not even Democrats could support -- Because it but I didn't -- the last budget that came from the White House went to the senate it went 98 to zero against it.

How one voted for.

Well I was those kind of -- parliamentary issue as well but you know I do take issue with one thing the idea that we haven't dealt with -- entitlements.

No we had two years that we -- a year and a half we debated Medicare we made significant changes in Medicare.

We just had a campaign in which Republicans including governor Romney.

Time after time after time charge that we've got 716 billion dollars in spending out of Medicare.

And we reform the program we've got new looking toward new ways to compensate to providers.

Long term guarantees as -- -- -- hold cost increases down.

What anybody says we haven't dealt with Medicare as it is ignoring very substantial debate that took place -- -- live -- is simple question.

If -- do you believe.

That we can tax our way out -- it's.

-- -- hopefully we can tax our way out of it then and no Democrat has ever propose that all we're saying is it has to be a balanced approach.

And when revenues are down to the lowest point they've been sixty years corporate profits we just -- in the third quarter all time record.

Over the last couple years 93% of all the income growth in the country's gone to the top 1%.

If we can't look to those sources of revenue in order to help balance the budget and reduce the deficit.

And and you will be did you go -- our way out of -- you -- admit that publicly Republican colleagues that we can go -- raise revenues to the question how you want to do it I just have one real questions for you because that's what people want to know.

On December starts this weekend.

How far apart are these two sides are you've been close.

No I don't think we are close and it's really kind of a shame because we do agree on the number of things namely that we don't want taxes to rise for 98% of the American people in 97% of small businesses.

We could solve that part of the -- problem in an hour.

So there are there ways we can perceive that we we have total agreement on -- way these pet unfortunately there's a lot of there's a lot of garbage it's been thrown into this package I -- -- thank you for your time we look forward to having you OK when we get into perspective on this and congratulations to your victory of rafts.

Thank you -- Lotta people back home.

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