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Obama really interested in cutting spending?

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    All-Star panel weighs in

  • Duration 4:31
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What may happen ahead of this debt ceiling the next stop in the fiscal back and forth between Democrats and Republicans here in this town and an interview with the Wall Street Journal.

House speaker John Boehner said -- -- things among them this quote at one point several weeks ago the speaker said.

The president said to me we don't have a spending problem.

But Mr.

President we have a very serious spending problem.

Speaker repeated this message so often he says the toward the end of the negotiations the president.

Became irritated and said quote I'm getting tired of hearing you say that.

What I should've -- speaker continued.

The day after the election was to come out and say the house has done its work the house passed a bill and that replaced the sequester with real spending cuts the house passed -- plan.

Extending all of the tax current tax rates we passed a budget.

We called on the senate to do their work or back with our panel.

The next -- here.

-- What we heard -- -- with apologies to John Paul Jones.

Which she and the president.

Said last week -- -- am not yet to begun to tax.

And to spend and that they've been open about this as she says she repeated what we've got you on race that's round one to round two as we squeeze money out of -- By eliminating deductions and loopholes look.

It seems to me with debater in in -- the Republican leadership is finally beginning to understand.

With some of us -- -- arguing you know for four years Barack Obama has zero interest in cutting spending.

Churchill once said and I did not become the good that king's first minister to preside over.

The liquidation of the British empire Obama's they had not.

Become president of the United States to preside over the liquidation of the welfare state or the contraction of it and we -- in his actions.

The biggest expansion of entitlements -- -- obamacare the biggest spending bill in American history with the stimulus.

And now what we saw with the fiscal cliff negotiations and now we have it isn't a just and these but -- wars.

What he said to the speaker were not interested in spending cuts -- spending is not the problem.

Want to know what Ed Henry's reporting that.

The -- -- maybe the Treasury Secretary nominee.

His history obviously in the Clinton White House a guy that has talked about entitlement reform and and the seriousness of all of this.

How does that fit into the future of -- we're hearing here.

That this White House is is not really ready to do any serious cutting.

Currently.

I don't think it's true that there.

Not -- to do any serious cutting them just doing their recent negotiations they were talking about.

For example repositioning the CPI.

So called chain CPR so that you would have a decrease in the rate of increase -- spending.

-- price index has secured on entitlement programs in addition to which they were fully willing to.

Look at things like raising the age of eligibility some of these -- programs in specific the one that people are most concerned about which is Medicare.

And there would be -- terrific political consequence for taking steps so it's not that they're not interested in cutting spending.

-- even if you look back though at what Mitt Romney was proposing during the Republican.

Do during the campaign season.

He was talking about eliminating loopholes eliminating some of these deductions as a way to put more money into the into the treasury because if you look at it as it -- the historical fact.

The taxing.

Right right now as a measure of a charge he PD is that have historic low.

It's not high but again it's a very political matter the president will have to cut spending because if he has any meaningful second term.

His legacy is going to be tied to things like send some balls and making a deal that stabilizes our financial future Steve.

My hope President Obama is watching Juan -- that stage.

Advice for the president.

Look I think Charles is exactly right it's hard to have good faith negotiations about.

How to cut spending with somebody who doesn't actually want to cut spending and the president has given no indication that he's been serious about cutting spending.

Throughout his first term during the campaign and now in the early stages -- -- the weeks before he begins his second term.

It's impossible to have and I think this is -- hinge moment in these kinds of negotiations because now that Republicans understand that.

They won't be tempted to engage in good faith negotiations on an elusive grand bargain.

We will have many more bites at this apple that's -- -- this panel that.

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