Will 'fiscal cliff' divide lead to new debt ceiling debate?
Rep. Duncan and Rep. Engel weigh in
- Duration 4:42
- Date Jan 6, 2013
Rep. Duncan and Rep. Engel weigh in
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There's a sharp divide in congress between those who voted for the fiscal cliff bill and those who did not taxes vs spending.
But will those -- -- come up again in the debt ceiling debate joining us now is Republican congress.
-- -- -- A Republican from South Carolina and represented Eliot Engel a Democrat from New York gentlemen thank you very much for joining us this morning.
A representative Duncan let's start with you voted to guess that the fiscal cliff deal tell us why.
Absolutely you know we're not in this situation and America when our economy and our.
Our government because -- under taxed Americans were here because we spend too much money.
This plan had over forty.
Dollars of tax revenue increases for every dollar that was cut from spending.
And that's inverse issued another way around we should have 44 dollars of cuts for every dollar tax revenue that was increased and represented an -- you you voted for the deal with with I'm sure some reservations as so many others have expressed tell -- why.
Well I voted for because it was either you accept -- deal -- you go over the fiscal cliff and going over the fiscal cliff is not something that this country needs.
The repercussions would have been horrendous the stock market would have plummet.
So we really faced and we were caught between a rock and a hard place.
So I voted for it.
Now we have two more months and -- we get to the same a type of fiscal cliff again and I sure as heck hope.
That the congress would try to negotiate a grand plan so that we wouldn't have these two month intervals.
And we could have couple of years where with the country knows.
Where it's going and we try to put together some fiscal responsibility and by the way the only way we're going to dig out of it.
Is by spending yet less absolutely.
But also we're gonna have to raise some revenues whether we like it or not and we've we've box ourselves and into a corner.
And that we have to have a grand plan to get out of it something along Simpson Bowles maybe not exactly Simpson -- but something along that.
And all sides are going to have to swallow -- compromises the compromise you don't get everything you want.
The other side has to get something that they want.
But the American people I believe.
Are sick and tired of congressional incidents where you -- along every couple of months and then you go to the eleventh hour and suddenly something happens that's not a way to -- Michael congressman Engel a lot of people on both sides Al ripped -- expressing optimism about this fiscal cliff deal because they say it limited taxes.
But I was looking at if the website -- -- today which compiles the tweets from people on various subjects listen to this array of tweets that they put together today.
Indicating that the voters were surprised by that tax increases that were inherent in this fiscal -- deal -- passed.
I think -- were told rice -- out time to write checks to my employees for less take home pay than they got two weeks ago another one writes.
The guild is off the Lily my employees were genuinely perplexed.
By the higher taxes reflected on their paychecks and -- a third person writes did new taxes go into effect today something I don't understand about the fiscal cliff.
I got a race yet my paycheck got smaller how can you explain that -- Well.
You know the -- -- payroll tax which had been eliminated for the past two years was put back and I mean we can't have it both ways the payroll tax.
Pays for Social Security.
If we want social security and we have to have a payroll tax.
If we don't want to have a payroll tax.
Then Social Security is going to become insolvent you know it's it's it's simply a matter of we can't have everything we want we can't pay no taxes have social programs and expect handouts over time if you if you want something you need to pay for -- so.
What happened was the payroll taxes eliminated first for a year than -- for another year.
When the economy was doing poorly now it seems like -- heading in the right direction and so it went back to the way it was.
All right congressman Doug -- -- -- to chime in on that.
Absolutely you know -- -- this situation -- of spending.
And just -- -- government more revenue to stand and go solve the problem we need to have a real debate in this country about the level of spending and then spending addiction.
That we've got to look if you think the fiscal -- was tough wait till you get today.
That the debt depression this coming as we approach twenty trillion dollars and that assuming we raise the debt ceiling.
And not two months we've got to have a true debate before the American people but the house and the senate.
We can't let the senate go through this process without a debating before the American people about the real issues and and that's a drivers -- our deficit and our debt.
The dead is an issue that concerns me a lot of constituents here in South Carolina.
All right it's one of the reasons so many Americans are hoping that interest rates stay low because our problems will be vastly exacerbated if they don't congressman -- -- -- and representative Eliot Engel thank you very much appreciate -- both hearing today.
Thank you mixed --