House Democrats push to repeal debt ceiling
Reagan economist Art Laffer reacts
- Duration 3:17
- Date Jan 17, 2013
Reagan economist Art Laffer reacts
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So what if we just did not have a debt limit that's with some house Democrats are arguing that's what they wanna happened pushing for repeal.
-- the federal debt ceiling in response to what they call Republican black now.
Art Laffer architect of the Reagan tax 15 days are good morning to you.
Good morning bill how arias -- fine thank you blackmail they said they would use that -- mail.
You know I think it's just part of the normal checks and balances in government.
You know when the Democrats -- president you control the senate they don't like -- the Republicans control their spending when the Republicans are control the Democrats don't like it so.
It's a tool that's used by congress to make sure that we have fair and balanced policy going forward.
The one I love -- is if you look at the Wall Street Journal today they have Barack Obama's speech before the senate when bush was president.
And how he was going to vote against raising the debt ceiling and he made this beautiful speech.
All of which is perfectly correct it just now he's on the opposite side of the equity there's a silly argument as he has you see things differently as a senator than when.
Of -- president hit it in the White House some conservatives are arguing this wanna get your feeling on this focus on the overspending.
Don't focus on the long term.
Debt because when you focus on the debt ceiling that makes the message more muddled and more -- call.
You agree with that that's correct yeah I really do I think the debt ceiling -- a beautiful tool.
To get the president and congress to agree in the compromise and their work things out to bring down spending and -- that's right but it shouldn't be used to close down the country -- that it's just.
Another tool another political kind of compromise and negotiation.
And it's a beautiful tool for that to bring the two sides together.
To bring out something that's good for all Jerry -- a congressman from here in New York he's the one who said it was being used as political.
One on the house for John Boehner says will raise the -- dollar for every dollar you cut and spending.
Republicans in the senate like Pat Toomey out of Pennsylvania argues -- can prioritize.
Did bills you pay.
Forum for a -- -- time weeks and months make sure the military's taking care of and prioritize the bills you pay what would you back the house side deal or the senate idea or neither.
I think both of them I think both of them are part of the negotiation strategy.
I think John Boehner plan to bring down spending dollar for dollar makes a lot of sense and I think Pat Toomey is also does.
You don't want to cut the very things of the most critical to the US there's a lot of garbage spending and government believe me bill when I say that.
And why would you make the critical spending the first thing is they're gonna cut except -- to hold the country hostage and that's what the Democrats are threatening and that he doesn't -- -- so you did you do you think Republicans can win on either option.
If they do it carefully slowly and comfortably yes I do think they can win.
I think we can get major.
Reform using the debt ceiling slowly but surely but don't make it a battle all at once can raise the debt ceiling for two or three or four months.
And then come back again and see what new things we can do to make America a better country dunk contests is forcing these people a compromise thank you art.