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Congress punts on debt ceiling as debt keeps soaring

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    Lawmakers unwilling to risk their jobs?

  • Duration 8:35
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-- -- -- -- Because if there's anything lawmakers know about it's kicking in running hello everyone I'm Charles -- -- for Neil Cavuto.

And forget about a -- Mary it's more like what the hell.

The Republican House extended the nation's debt limit for nearly four months.

And led senate expected to do the same next week.

So it's will never make the tough decisions -- -- what our debt.

Well no one wants to risk their jobs to do.

Felt unless you're willing to gamble and do the right thing you'll keep going the wrong thing we at this very thing the thing that gets you -- but.

Only buys you a pass the bill is signed jerseys countless -- and Charlie Gasparino.

Then we'll start with you on this.

Well just.

-- situation.

Everybody in congress is running scared this -- of Grover Norquist and his new -- no new taxes pledge.

They're scared of the black caucus that they're brought threats against -- -- cuts any hint.

Of services and entitlements they're scared of the AARP about it -- -- -- to a retirement or Medicare.

They're just running scared and interest groups at the end of the day we're going to be in default -- -- -- like the story about that has got to tell rather Hemingway.

Read about the man who went broke during the crash.

And -- friend asked about -- -- gradually and then.

On and on the average family in this country those 52000 dollars matching your share -- -- federal debt.

And let me tell you even if the left and the right agree on where to cut and let me give you an example here there actually is -- good example.

The Christopher Columbus foundation 450000.

Dollar line item in the budget.

Congress has tried to kill it seven.

Times seven times this this program continues to the -- the president tried to kill this program.

It still goes on these guys can't save money for love -- money.

Charlie you were you standing up for that Christopher Columbus thing to what I -- you yeah.

At maybe I am telling them is get down to the gut check though I mean -- -- -- -- what you really discuss.

American people bear responsibility for this if you're gonna elect divided government you -- put Republicans in the house in a -- like -- we're on the most liberal president since FDR.

And you can keep Nancy put the -- there Harry Reid running the senate this is what you gonna get and you know I I it's hard to feel sorry.

For the American people on this issue when you put back into put into -- into the presidency.

Barack Obama who ignored ignored his own deficit -- -- panel.

On recommendations on the other thing just as a tactical matter -- Republicans pumping I think that's a Smart thing -- -- you know.

I think they have big if they're gonna really go to battle on this thing they've got to get their acts together -- have and have a game plan because.

I've got ducks get there would have you exceeded it but even really tell you some if you don't extended that sealed we -- the full right now.

But guess what this country is going to go -- some.

Major major issue.

I think people governments could stop work and that's gonna affect a lot and I like oh yeah I think we have -- we have not been through -- two thirds of the federal government has just that.

Adam Adam I mean we keep this trip that Charlie has been in a nutshell the scare tactic that we're obligated to this mountain of debt -- eventually at all the problems -- that's the only route we have.

We are -- they're doing try to put this in perspective I absolutely agree with you Charles that politicians should be -- -- should be prepared to lose their jobs.

On major issues you know they're common good gut check time when you have to say I'm gonna do what's right.

Now the question is is this that time I don't think delaying the debt ceiling issue for three months for punting which it absolutely has.

Is the worst thing in the world and here's why.

The economy is growing housing is recovering we're going to get a little bit of relief here.

As the economy grows we hope that I -- partly is gonna get them to -- that Jack let out of a cry.

Is -- the problem to have Adam is that as the economy is growing and we are coming slowly out of this recession.

You've got more taxes coming you have high you have payroll taxes -- are now we're going up you have those higher rates which Ben says it's great.

Because it's gonna pay down the bridging the pay more but it did basically -- satellite -- keeps the lights off for three days you know why -- you have Obama era tax.

Here's the thing though Gerri I mean there's never the right time this but the album though this is what that -- and it's not about punting right now doesn't have been extensive remember the end of the bill would be for the debt ceiling was supposed to be the ultimate still that we would never have to punt again this upon that leads into another -- into another -- and -- -- again.

Let's not do it now I think the general wants is that doing now you know you know what I'm finding out that -- -- do you know what let -- talk about -- for a -- Well absolutely I can't agree with you more of -- is never a good time to cut according to the Democrats are always standing in the way of this we can never seem to get anything that.

And let's remember.

There was a quid pro quo here.

If we agree about the fiscal cliff then we will start cutting spending it's not happening the Democrats have have said we're not gonna keep our probably -- we have economic growth.

The deficit goes down.

It does have it okay way to make -- Which you're probably not good I don't.

I'm probably going to have a problem it's not just the deficit the problem is entitlement spending the president's not going to tell -- I don't think you're not listening about.

You get a guy in the event if they got Ben Ben you've always that we -- all bits and not have to pay more taxes we're all a bit silly -- when people watching this show are gonna have to -- it tough it's gonna be tough on us so doesn't.

-- Baltimore in Washington also have -- make some tough decisions.

They have been very tough decision though it's gonna happen as they're gonna say look -- and cut the head start because it had a doesn't work.

So then then I'll be all these sob stories on TV event cutting headstart so that they -- got a head start and Jose.

We have to got X program wise program -- -- the other is obviously TV and they'll say we -- -- -- and I'm talking now and then -- and and then when they won't be able to cut anything.

In the end that we're going to have plus some kind of default.

Either -- back Miller you yeah and it's gonna happen.

May be no yeah -- yeah it's not necessarily true hey he's I mean we.

We fought wars we sent the man to the moon we can pay for a lot of things these are political choices it's not a given that we're gonna default it's not a given.

That we're gonna have to cut head start you know Neal likes to point out that the Republicans are just as bad on military spending.

As the Democrats are on entitlement spending.

These are political choices we can make what ultimately have they are the week ahead when he's an analytical we can -- don't.

Look we can't -- we don't do we know he's a sloppy messy ugly way but we do we make these decision.

We got -- broke when you're gonna but I -- Afghans are you saying that somehow we can.

Find our way out our way out of this that we're at sixteen trillion we know we're gonna in the twenties rules soon that -- will -- Ball you know will despite -- -- of soft landing out of nowhere without any tough decisions.

No I'm saying of course we need to behave in a prudent way we need to make -- you know responsible decisions and we're gonna get we're gonna get a little help from economic growth which is what Charlie was arguing.

But Charlie here's the thing -- okay the economic growth thing it's small I mean it's they'll be able we're talking 2% maybe 3% GDP.

What we're still spending it's still spending as she was still the government still -- when more money than it takes -- The problem is when you do have economic growth is meager 2% and the tax is -- in which is gonna -- some.

Keep keep -- broke the least not going up as high as it should.

You know it's it's spending becomes a bigger issue but I I'm gonna tell you this Charles.

You know one of the big problems that Washington has is there is no growth agenda everybody with a -- of what they did sit around -- -- -- time.

Is talking about raising tax growth and its growth and -- -- that's what they're looking at that's right let's just say that I'm just say that the other way the senate budget but what was the last time somebody sat down and said.

How do we get the economy to grow.

Like it by the way general -- there's -- what you're saying is actually sort through parts of the same point.

Because there is not no guts there are no guts out -- down in DC there's also no growth agenda because even that would take some sort of guts right now.

Were fallen into the same sort of will welfare society mentality that's killed Europe.

And I think what well -- don't -- whatever the Alabama got to go but I gotta tell you guys we all know the numbers and there's at some point.

We've got to turn -- clock around that debt clock keeps going up as we speak in there's no win a world is going to be there's going to be as safe landing and -- it's going to be a hard or harder.

Hey you know you --

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