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Jim DeMint: The president is not willing to cut spending

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    Former S.C. senator on Obama's plans for revenues

  • Duration 4:02
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I'm Stuart Varney in for Neil Cavuto this is you'll world.

Or none of us that fiscal cliff deal a huge amount in tax hikes not much in the way of spending cuts all we about to see those sequel.

Because the president today is calling on congress to pass another quick fix to a -- those automatic spending cuts he originally signed off on.

Kicking in March trust and once again.

This plan includes new tax revenues to -- -- South Carolina senator and Heritage Foundation president elect Jim dement who says.

We've seen how this movie -- that it is not good all right Jim spell it out more taxes.

Not so many spending -- what is the end result.

Stuart you really have to scratch your head the federal government will receive record historically.

High tax revenues this year.

Yet we've double spending over the last ten years.

It's a spending problem the president is not willing to cut spending at this point he continues to talk about more taxes even though he promised.

That this so Questar would never happen and that if he got his tax increases he would cut spending.

-- -- all the Republicans gonna do here we have the president calling for more taxes.

What's gonna be that what should that responsibility.

Will Republicans passed in the house last year.

What they called a -- of the sequester which they found cuts in other areas reasonable cuts.

To replace the spending for our defense system it was a very reasonable bill.

They passed it Harry Reid never even took it up -- the president didn't acknowledge it.

But there are good ways to fix this problem without gutting our military.

But we can't go back to where we were where we're just adding all this spending back.

Along with the president's tax increases so you saying basically the Republicans especially in the how should site -- we're not gonna do this no more taxes.

Absolutely not Stewart and I'm not gonna speak for the Republicans anymore but just speaking as a conservative.

We've got to get the president and the congress focused on how can we cut spending and put ourselves on a path to a balanced budget.

If we don't start talking about a balanced budget -- getting serious about it you know what's gonna happen in this movie will not end well.

Well the CBO the Congressional Budget Office today projected forward on the debt level in the state of the economy.

They said two things primarily that said number one.

That the deficit this year is gonna come in the lower trillion dollars first on we've seen that in the Obama years.

But they also said that we're only gonna get growth this year of one point 4%.

Essentially they are citing that it if you caught a cut spending.

You will cut to the deficit if you raise taxes you will cut the deficit they're saying the exact opposite to give.

Yet it doesn't make sense I'd be surprised if our deficit wasn't back to a -- and I don't think the government is -- -- collect all the new revenues that they're projecting.

Because when you start -- taxing investors small businesses they tend to cut back and though they don't end up -- the profits to pay taxes on.

But to have the president is distracting from the real conversation Stewart.

We've got to cut spending their many areas of the -- where we duplicate other areas where there's wasteful spending.

We need to move some things back to the states and we need to make a commitment.

To balance our budget within ten years if we do that you would see our markets and our economy.

Improve almost overnight quickly Jim do you predict debt disaster.

If we raise taxes.

I think our deficit will go up because that's gonna cut a big hole in our economy so tax revenues will begin to dry out.

I think our economy is very delicate right now.

-- businesses are tired of the uncertain -- If the president keeps talking tax increases I'm worried about what that'll do all right Jim -- president elect of The Heritage Foundation thanks for joining us appreciate it.

Thank you Stewart with a nation.

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