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You're looking live at the White House where last minute talks are under way to avoid that tax -- didn't coming but.
Is a rushed deal a bad deal.
Welcome everybody I'm -- calling in for Neil Cavuto and this is your world democratic and GOP leaders converging on the White House about it hour ago.
And that's when they are right now meeting with the president as we speak inside the Oval Office.
We're also told Treasury Secretary Tim Geithner has joined the talks.
They're trying to hammer out a deal to stop massive tax hikes and spending cuts from kicking in at the start of the new year.
One lawmaker calling the pressure to cut a deal quote red hot.
But is this any way to fix our fiscal mess.
We'll be getting a live report from Ed Henry at the White House in a minute but first to Craig Smith who says.
No deal is better than a bad one he's chairman of Swiss America -- -- the economy Craig thanks for joining us by the way.
I'm you -- I agree with you know deal in fact they I think I've called the Obama Clinton I think I've said we should swan dive over the Obama clip because.
Maybe that would be the one thing the Democrats could really get through the head when they try and cut spending.
I agree completely.
And this is crazy that we've been having this to -- discussion -- think about it August 1.
The Ryan budget was passed it extended tax relief for all Americans.
Then what happens even nineteen Democrats voted for that by the way it was handed to mr.
Obama started his class warfare about taxing the rich during the campaign.
Reads out on the bill nothing happened what -- bring it up for a vote -- and make it fair debate in the senate.
Reid hasn't passed a budget in three years and eight months -- And were gonna believe that this White House in this democratically controlled senate is serious about the fiscal problems we have.
Let's go off the cliff and let's really deal with a once and for all -- It's a -- viewers know we have two cameras outside the White House right now.
You again that -- which I believe -- perched on somewhere in Pennsylvania Avenue and we have another camera which is parched and facing the side entrance they -- those are the suvs that likely.
Boehner McConnell Pelosi and Reid will be coming out and Geithner.
When they exit the -- let's talk about this -- what if there is a deal Greg what is this deal for.
I don't know let's say for 500000.
Dollar being the threshold of who gets -- who gets to keep their.
You know it went under that number gets to keep their tax cuts everyone over that.
Pays more and there's some spending cuts is.
-- a bad deal.
Yeah -- I think I think it is and let me let me tell you why because you can't get everything out of this deal that you want.
And quite frankly all we're doing is kicking the can down the road were road.
You know as well as I do -- this does nothing to deal with the one trillion dollar plus deficits we have yearly now.
This -- -- be the fifth here in -- -- -- we're -- have twenty trillion dollars worth of death.
On top of 48 trillion dollars worth the long term liabilities by the time mr.
Obama leaves office.
This is the time to deal with this issue we've been kicking it down the road for ten years.
We promised the nation in 2011.
Under the budget deal.
With the sequestered and -- that we would not let this would get away from us we shouldn't let it get away from us this time.
Obama to suggest -- already cut a trillion spending because he's saving money on the wars in Iraq and Afghanistan it's gimmicks Eric it is -- -- -- don't know what can happen and I'm Craig I gotta be -- against gimmicks on both sides.
I mean -- it strikes me that these lawmakers on either side of the aisle.
Don't have a real real fix to the what we're looking at right there at the national debt which is screaming out of -- -- get -- we've exceeded debt limit on Monday night.
But I wouldn't disagree with better but let's look at the facts we did have a Republican controlled congress that passed a bill.
If Reid didn't like the bill let it go for a vote let it go for debate.
Let his senate voted down and say no we're not gonna accept these conditions well let me -- what has happened.
You -- -- of their interest in questioning here so President Obama gets his own deal sends it over to to the Republicans.
It -- they have the same dilemma.
Well they may but I think you'd least -- -- fair debate about it at least it look.
I think the average American realizes we have to cut spending Eric you know the numbers number one -- got a I have to stop you there.
I don't think they do.
We ran a package yesterday we we sent a producer out in the street showed people how much more than we're gonna pay in taxes after that we over the fiscal cliff -- -- while.
Well I had no idea.
-- -- -- -- November 6 when you when we get them a chance to vote against doing that I don't think the average American understands what's gonna happen.
While they were listening to pimp with a limp and David Letterman and all those guys with the fund president -- a very nice guy that knows nothing about economics.
-- Social Security defense.
The health programs and the cost of interest on our debt are the five main performing drivers of -- that okay that's not gonna change finding drivers -- -- -- that's not gonna change.
That's 50% of our budget my marks a little a little bit -- -- 50% when you leave difference in there.
We have to cut spending -- why won't the president say look we have -- but it it's it's like Social Security they won't we paid it all these years credible -- made it off the money is gone we can't pay the bill Larry I have to go over your 100% right revenues go up every single year but the spending goes up by a lot more than leaving that Craig Smith thank you very much.
Good senior part it's been almost the.
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