'Fiscal cliff' deadline approaches
Will the Senate act?
- Duration 4:58
- Date Dec 30, 2012
Will the Senate act?
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Joining us -- closer look at the fiscal -- negotiations is Republican senator Ron Johnson he's a member of both the appropriations and budget committees.
Thank you sir for taking a break from a busy time to come visit with us motion.
I want to ask you first our response to some comments we played their from the president he basically said the GOP can't take yes for an answer.
Is there an offer he's put out that you feel like in -- -- would have been acceptable to either the house or senate GOP.
And now and I'm where -- -- that's prompted people throw these numbers drama there's some deal out there for.
One dollar of revenue for three -- spending cuts and I've never seen those deals.
And the way this process -- -- work is senator Harry Reid should have made sure the senate passed a budget sometime during the last three years.
And then that that budget would be reconciled with the house and then -- have a a framework you know but a budget resolution that.
The committees appropriations committees you know -- house Ways and Means Committee and the Senate Finance Committee.
They would have instructions to actually start working on these very difficult problems in public have a public debate in the fact the word down now to the -- the fifty ninth minute of the eleventh hour here and you've got just a couple elected officials in their unelected staffs behind closed doors trying to do some back -- deal.
There's an outrage quite honestly what Harry Reid should do at this point is he should bring over to the senate the legislation the house already passed that extends.
All current tax rates actually fixes -- -- If that's not good enough for the senate that's fine bring -- to the floor allow a hundred senators the opportunity to offer amendments to beat those amendments.
Vote on things that setback -- the house and that's the way this -- should work that -- secret to backroom deals.
And apparently that's what we have right now that's the -- -- these leaders are are now behind closed doors as you said.
Hearing something out when they emerged from that and you're presented with what they did come up with if indeed they do come up with something.
Will you vote for that we you have questions for your leadership any chance you filibuster what they come up left.
How would I possibly know.
And how -- really evaluate something that's going to be even if it's going to be minimal is going to be a very serious pieces of legislation.
What do I get about four hours to do that twelve hours -- four hours.
This is an absurd process and -- really want another manufacturer -- looking for the root cause the root cause a problem here is the size of government.
Mean I don't I don't talk to many people are really have a great deal faith in government terms being effective and efficient so why are people surprised that the the governing body of that government does is going to be any more effective or efficient it's not it's utterly broken.
But government's broken we need to start fixing it but the way we do that is -- public debates by actually having one side put a plan on the table.
Like the house is done the past two budgets which include.
Proposal to save Medicare for future generations.
Senator Harry hasn't passed -- president bomb in his last two budgets have been -- -- serious they've been bordered on three times now in congress final vote tally.
Zero to 610 so it kind of getting back to your first question have have I seen a plan out of this this president that would be an obvious yes from us I don't see any specific plan all I've seen is.
Is you know really demagoguery I've seen a few few numbers being thrown out -- it's 800 billion dollars over ten years -- one dollars of revenue for three out of -- spending cuts.
But nothing specific -- through what we really need to see for really gonna -- this this thing out.
He says the onus is on congress this is your job to get done and any said there it in the clip that we just had -- -- Henry's report.
If it doesn't get done to people are gonna -- -- people like seniors -- some bubble lose out on their benefits at -- currently enjoying is that an accurate representation of what will happen.
-- we're winning this country needs presidential leadership and again house has passed two budgets that would spend seven trillion dollars less than what president Obama's budgets.
Were proposed debt and again remember president Obama's budget didn't -- get a vote from a member of his own party.
So we really do need to see what their plan as you know what we know we understand that.
His balanced approach is primarily tax increases that don't even begin to solve problems were talking -- -- right now.
Is even more normal most robust increasing in Texas -- -- maybe 7580 billion dollars when last year's debt deficit was a trillion or 1090 billion dollars.
So this tax increase will take.
-- maybe three to 7% of the budget deficit.
He's talked about a balanced approach.
What's the solution for the other 93% deficit reduction and that's -- -- really have -- start getting our arms around because creditors around the world at some -- time and -- -- -- -- -- -- -- -- -- loan -- money not at that rate -- when interest rates start inching up we start crowding out all kinds of spending if we future if we just revert the average interest.
Expense their interest rate we have from making -- to 19995 point 3%.
And it cost the federal government 600 billion dollars per year -- -- interest expense network that is what we're trying to avoid but coming up with these fiscally responsible plan.
We stand by with Gil and the rest of other folks over on the hill like to see what you get today if indeed there is something and that we wish you all the best in finding some -- so thank you senator thanks.