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Debate over handling of looming cuts

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    'Special Report' All-Star panel weighs in

  • Duration 8:32
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Country he's comfortable course federal prosecutors to close cases.

And potentially let criminals go.

-- traffic controllers and airport security will see cutbacks.

And that could cause delays at airports across country.

Now the president says.

We can't have any progress on this across our.

Unless we get the second tax hike in eight weeks in eight weeks that's not compromised.

Danny says -- choice is going to be taking criminals off letting criminals out of jails and on interest rates.

Or give me a tax increase that's not compromise that's a false choice.

The -- the president in Virginia and the house majority leader from Virginia talking about the sequester.

The sequester as we've talked about is roughly 2.4 percent 85 billion dollars.

Cuts to future federal spending that's -- we.

Talk about it here -- -- see the pie chart for three point six trillion dollar budget for this year just to give you perspective.

And some more perspective the federal debt as of this week this is as of this week sixteen point 609 trillion dollars.

One year ago -- fifteen point 416 trillion debt added in the last year one point 19 trillion dollars according to the Treasury Department.

That is 3.2 six billion dollars a day.

136.

Million point 19 million dollars an hour.

2.2.

Seven million dollars a minute to.

That comes down to 37829.

Dollars.

A second to 37000.

Dollars.

Almost 38000 dollars a second.

Added to the national debt according to the US -- -- -- -- -- -- Byron York chief political correspondent the Washington examiner AB Stoddard associate editor of the hill and syndicated columnist Charles Krauthammer.

-- that's -- we'll start this.

-- -- I've got to I've got to speak carefully were spending so much money.

You just -- those 6000 either until -- gamble to.

I've got I think what we've we've seen today is we're gonna see all the way up until March 1 -- this thing happens we're gonna see paid the president.

And Republicans in congress talking past each other.

I think the Republicans have decided that this is going to happen it's already in the law it's gonna happen they're not gonna change it.

And that we we know that a lot of the effects are not going to be felt on the first day of the secondary in the third day furloughs for example require a thirty day.

Notice so they won't happen really until the first of April.

Then we're just gonna be seeing how they can make the case as they continue this fight seamlessly.

Next week in the weeks beyond.

Could be -- wanna read a couple things from senior administration officials telling -- Ed Henry that they acknowledged that the pain or the perceived pain will not kick in immediately.

They're acknowledging that tonight.

Saying it may take days or months.

Before people really feel some of these changes and the second point is they see the end game similar to the fiscal cliff.

And I Republicans.

They say -- eventually.

Given to raising.

Taxes essentially closing loopholes.

Yeah I think that's actually the calculation of both sides that I think that that President Obama found his fooling himself that he's going to get Republicans to come in.

And support new taxes.

And I think the Republicans believe the President Obama is gonna.

Go past march 1 telling us about how you better look up to this guy -- -- gonna fall any week now.

But.

Would find himself.

Dragging himself back to the negotiating table I'm not so sure about either scenario I.

I think that the president has realized.

Republicans are not going to move by the first and they're gonna.

Put this into a new contacts next week which is the budget fight they're going to be fighting for the end of march and they're gonna tell the public next week we're doing what we can.

To see what we can do to soften the blow to sequester error we're now doing with the new amount of money per year -- were -- -- -- which is going to be lower.

And we're gonna move on to try to keep the government open and not be the rhetoric from the Republican side -- throughout the -- that month of march what you talked about earlier tonight.

With your gas senators to me and in half about this transfer authority or this flexibility.

Is really the most -- -- really upsetting part of this that.

Worst were facing the first.

When congress is known all along they could have.

You know come up with whatever plans they wanted to -- to use their congressional authority as he has their own.

-- -- Let his legislative branch -- you know the -- to actually outlined the cuts and instead now they're saying when they haven't come to an agreement.

We can't give -- the president.

We just -- have to let the chiefs panic over our military readiness because we just can't we can't agree to let them if their decisions and it's just.

I think it's.

A betrayal of tax -- Charles.

That this is pretty astonishing when you think about what the senator said here on this panel that they had some Democrats very interest it.

And they may still at least privately.

But publicly they those Democrats are getting a lot a lot of pressure.

From the White House and from their leadership.

And I suspect that's -- there -- -- democratic senator you're supposed to have on tonight.

All of a sudden was in disposed.

And I think McCain.

Graham -- -- -- right that this is.

Sort of -- forfeited by the congress it's constitutional duties actually allocated -- money.

Decide where it goes by giving authority for the president but let's remember.

This is not a -- of the congress in the abstract.

It's a failing of the senate run by the Democrats.

That have have refused to lift a finger.

I'm deciding how to order to what things will be cut what things are less important.

To actually have some kind of rational.

Reallocation of these -- cuts it's the senate and the Democrats and the president -- have that for eighteen months.

The Republicans have been trying again and again.

Two bills in the house.

-- offerings for weeks to open negotiations.

On how to organize allocate pieces of -- no response on behalf of Democrats.

And I think that's where there's incredible lack of leadership.

I think at this juncture -- three days to go.

I would be I would I would sort of respectfully disagree with McCain and Graham say at this point.

You have to give the authority to the president even though it's unpleasant.

Even know -- -- him over all of this authority it's only a one shot deal.

It's not Columbia and in in perpetuity but you've got to get something that improves on the across the board cuts and if you did that.

The -- end -- the deep -- potentially unless the present administration -- perverse on this and -- stuff that will hurt.

Purposely.

Potentially -- would be less painful and more doable.

As -- -- at the beginning the show Byron we can tell we're getting closer by the rhetoric and the words chosen.

Quick listen to the house speaker and the semi -- -- today.

We have moved the bill and the house twice we should not have to move a third bill.

Before the senate gets off their -- and billions to do something I think he should understand.

Who is sitting on their post area.

We're doing.

Our best here to pass something.

The speaker is doing nothing to try to pass anything over there -- let's see what the house comes up with a it's it's their burden to give us what you're going to get.

Well that the two bills that manner in the Republicans have been talking about all this time we're bills were passed one last summer.

One in December that would have changed feet deep cuts to entitlement spending this complete non -- the president actually threatened to veto it.

When they brought it up in in the summer of last year so that's just not gonna happen.

And a lot of Republicans are nervous about this giving the president authority to make these cuts not only because.

It would be given away constitutional authority as as Charles said.

But also because they believe they give -- that the administration the cuts will be illusory they'll be faith they'll be phony they won't really happen.

And did the main appeal to Republicans of the sequester is it's already law it's gonna happen if nothing is done that's why they're gonna do nothing.

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