'Fiscal cliff' winners and losers
Fallout for major political players
- Duration 3:54
- Date Jan 1, 2013
Fallout for major political players
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More now on the fallout from the fiscal cliff -- deal as we take a look at.
The major players on both sides of the aisle and we try to figure out the winners and the losers in this big fight.
According to the washing post -- Chris says Villa.
The winners -- the winners vice president Joseph Biden's Senate Minority Leader Mitch McConnell President Obama.
And West Virginia senator Joseph Manchin and legislative jar game.
A winner and that's the losers congress President Obama up makes -- list and others New Year's Eve plans.
Of -- fair balance and now assists and now with former congressman Martin Frost a Democrat from Texas and Brad -- commend former deputy assistant to.
President George W.
Bush big -- for joining us.
Happy New Year's Day I again.
So it was the winners and the losers in all this and on that list in the watching pencil -- a lot of politicians.
But you really matters in this it's the American people someone -- -- from both of you.
Who -- in this and it's still not even over Brad I'll start with you -- Heather the American people -- the big losers they're not winning in this deal because we don't have a revenue problem we have a spending problem.
And we should have been dealing with spending first the should have been a bill that extended the bush tax cuts we should have dealt with sequestration and spending first.
And revenue after that if if we had to do that it should have been a grand bargain.
A long time ago there was a house bill and to -- those -- -- one of spending and taxation but the senate never took up but the bottom line is this when you govern how to duress instead of deliberation.
It is always a mess and it's always a crisis with this president and the senate and in not moving legislation and that's why -- in the mess we're in the American people lost.
You know and this doesn't deal with sequestration and it just you know delays -- Budget cuts in the defense department for two months.
That's correct and and we have to wait and see what kind of additional measures will be taken on sequestration as they pushed back.
And kicked that can down the road at least thirty days congressman frost.
Well -- look the Republicans may be in the process of snatching defeat from the jaws of victory.
If they block this they will.
I think be blamed and what happened was they got a lot -- the negotiations say they took care of some of their wealthier supporters they got the exemption on the estate tax raised to five million dollars ten million dollars.
For a couple they got the bush tax cuts to stay in effect for people up to -- thousand dollars.
They actually won a lot in these negotiations but they can't take they can't accept victory if they -- this thing I think the Republicans will suffer greatly in terms of public and -- -- -- this passed overwhelmingly in the senate on a bipartisan -- That is true but this is also true you know when it comes to spending cuts the ratio of fourteen to one.
How do you feel about that -- where the spending cuts and and his or guarantee that they would come down the road.
Well what happened was they got to the point of talking about one year of the sequestration that's a 110 billion.
And how they get a delay that they decided -- -- delay it for two months even if they had delayed for an entire year that would have been about 55 billion dollars within cuts because they really do it half and half.
So they they did fourteen billion dollars worth of cuts where there.
As opposed to 55 good they were never we're talking about the grand bargain the big picture there need to be budget cuts it needs to because no question about that and I would hope assuming that this thing does finally passed and that -- -- both the Democrats and Republicans.
Get serious about budget cuts in terms of the long haul that needs to be done what we've got to get past this this is nuts to scuttle this deal and have the stock market go down and have us be the laughing laughing stock of the world after the Republicans in the senate voted for.
That would hit world markets tonight I believe.
Thank you that's for joining us congressman frost and Brad Blake -- we appreciate it we'll see what happens.