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Checking the administration's math on deficit reduction

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  • Description

    Do the president's numbers add up?

  • Duration 3:12
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Over the top of the program President Obama came out swinging today at his news conference swinging against Republicans.

Who wants spending cuts in exchange for an increase in the debt ceiling.

And he rolled -- a lot of statistics to back up his plan to reduce the deficit during his morning news conference tonight.

A closer look at those numbers.

We've already done.

Close to two trillion dollars.

In deficit reduction and if you have the interest that we won't be paying because.

Less spending and increased revenue.

It adds up to about 2.5 trillion dollars the president.

And said today his administration is on its way to a goal of four trillion dollars in deficit reduction over the next ten years she said.

That his administration is already at 2.5.

Trillion dollars in deficit reduction now here's how he gets there.

He says that the administration has already cut one point four trillion dollars one point four trillion in spending cuts.

He adds to that 600.

Billion dollars in new taxes.

That's new revenue from the just sign -- fiscal cliff deal.

That of course gets you to two trillion dollars add to that.

Interest on what you wouldn't be paying on the higher debt figure the interest.

And that gets you to the 2.5.

Trillion dollar figure.

Now the problem with this is math according to many right leaning economists and analysts.

Is that the only real number on this board the only thing that you can really count.

Is right here.

Always -- -- 600 billion dollars in tax increases of those are in law.

We haven't seen any time reforms we haven't seen anything -- and promises and other parts of the budget we've yet to see spending cuts and that's the problem in the end.

The only thing on the books that counts is deficit reduction would be the Medicare reductions but remember they turn around and spent that in the the Health Care Reform.

Paul Keegan took to YouTube to explain two of what he called budget gimmicks in the president's deficit reduction plan.

Budget gimmick number one we're 560 million dollars -- to count as money already spent new spending on Medicare doctors pell grants and emergencies.

But you can make number two or 840 billion dollars is to -- his budget savings.

The cost of not having operations in Iraq and Afghanistan wars that we're never going to happen anyway.

There is one number though the two sides seem to come close to agreeing to -- the consensus is we need about four trillion dollars to stabilize our debt -- If the goal is to make sure.

That we are being responsible about our debt -- deficit.

If that's the conversation we're having I'm happy to have that conversation.

I would agree with the president we need about four point seven trillion dollars to put America in CT again and he raised 600 billion dollars in taxes so the risk fortunately and left to do.

Where we disagree is that we've made any real progress toward that.

There haven't been any entitlement reforms he's not interest in doing the discretionary spending cuts that are in the sequester and so where are the spending cuts.

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