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Tensions rise in Washington, with sequester deadline looming and no one meeting to address the crisis
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About congress and the president trade blame and even do some nasty finger pointing our national debt is actually soaring.
It is quickly approaching seventeen trillion dollars.
Almost one point two -- of that seventeen truly was added in just 2012.
And that means the federal government borrows an astounding rate of 37000.
829 dollars a second every second.
Senator Johnson joins us -- found is that it is astounding.
So lap on the house side -- speaker Boehner said that the senate should.
In his words get off its -- this is cable services for -- -- -- it's obvious now watch it.
Well he probably yes but down.
-- he's absolutely right the senate is where we're there needs to be action taken.
The house is not once but twice move was legislation that would replace.
The sequester with more responsible spending cuts and and get away from the dispute disproportionate impact that this has on our military budget.
But so far.
Nothing's happened in the senate now I think this week we actually may have -- debate sometime perhaps on Thursday isolate a little late in the game for sure and and again with the senate Democrats want to do is they want to replace the sequester with.
Tax increases.
We got a big tax increase on the first of the year.
And what we need to be focused on right now is spending reductions and there -- two things Republicans are not gonna do one is we're not gonna turn this off.
You for sure with tax increases and we believe there was a commitment made the American people and that number needs to stay in place.
Who was heading into the sensitive issue whether it tax hikes a good idea or bad idea or spending cuts.
Do you final look pathetic that the senate and I realize -- -- in the minority party is doing this on the eve of the deadline week this week you've known about this for a year and a half.
And what kind debate can you have three days when -- of this of this so profoundly.
Bill pressure what we've our experience has been with the Democrat majority in the senate as they wait until that eleventh hour till the critical mass time and hopes.
That they can get their way and I think in this case the president wants his way and what the president wants out of all this.
Is another big fat tax increase on the American people.
They're not willing to to work with us to come up with an alternative.
That actually replaces these spending cuts with what we think are more more responsible approach but the one thing that we're not gonna go away from Republicans in the house and senate.
Is the commitment that we made in the budget control act to actually reduce spending this has got to be about reducing spending.
The president got his his tax increase on January 1 that issue is settled that's behind -- not think it settled.
Well I think that -- -- -- it's all about growing government by raising taxes and and if you think about it 85 billion dollars which is what this amounts to.
He is the equivalent of what we borrow.
In one month.
Every 28 days we borrow.
Another 85 until like hours of 2.4 percent of let -- -- point 4% of total federal spending and you know every every American family when they look just look at this thinks why can't the federal government do what we do.
When we're faced with this kind of a crisis we tighten our -- little bit.
We come up with ways to to say -- net 2.4 percent.
In savings and do it in a way that doesn't impact basic services I -- this hyper.
Propaganda campaigns the president some.
Of his administration are on right now where we're gonna they're gonna take the highest most visible.
You know high profile.
-- example of what's gonna happen if this goes into effect I mean it's just propaganda and they know that it's fear tactics and that's why they wait till the eleventh hour.
To try and do something why do you think he should the president wants to grow government -- -- and why why do you think that he wants to.
Well I think it's part of -- it's just you know -- I think philosophically this is a president who believes profoundly in the power of government.
And there are a lot of people in this country myself included and hopefully it's still a lot congress who believe in the power freedom and has a very big difference in how we approach these issues and for them if you've got to.
If -- got a a deficit is clearly means that the government doesn't tax enough that we don't have enough taxes enough for -- governments -- -- you spend too -- well we believe and we believe we believe that it's that the government spends too much and that's it again to get very different views of what the what the problem is what's contributed to -- but if you look at revenues the Congressional Budget Office in there.
Update two weeks ago said revenues are coming back in fact they're going to exceed by almost a full percentage point.
The forty year historical average for the next decade is -- -- spending continues to spiral out of control.
Is there any appetite it on the senate the senate Republicans to vote for even -- on nickel tax increase our center that's actually out of the pick out of the -- the the president got 620.
Billion dollar tax increase largest tax increase in American history.
On January 1 -- president talks about a balanced approach but you know the fiscal cliff -- all about taxes.
There was no spending reductions there and ended unit it was a year I think at the time that he'd agreed that this was this -- total tax increases and now we're gonna do that tends to cut spending well if you go back.
If you go back and even this weekend it was reported Bob Woodward and his book of course and that was -- he wrote -- op -- this weekend where he basically said the presence -- -- hopefuls.
Tax increases were a part of the budget control act.
There with a spending reductions and then at the super committee didn't reach a solution it was -- these across the board spending cuts it was all spending.
And what he's essentially doing is saying now I want taxes this.
And he did get taxes he got 640 billion dollars.
In new taxes on January 1 so right now Greta for Republicans in congress the tax issue is behind us that has been settled.
This is now about what are we gonna do to rein in out of control government spending.
In 85 billion dollars again we're talking about the equivalent of the amount the federal government borrows every single month.
Seven -- you -- thanks Greta.
