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Sen. John Thune sounds off on president's belief there is no 'immediate' crisis with the national debt
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Really senate President Obama saying that we don't have an immediate crisis in terms of debt senator John -- is on the Senate Finance Committee says soon we think of that statement is -- an immediate crisis or not.
It sure it's amazing how what -- aids death fear the president has to what's going on around this -- sixteen point seven trillion dollars in debt.
It will -- ten trillion dollars -- -- it over the next decade.
And while the president's been in office we've got a six trillion dollars to the -- he also made the comment -- in the last couple of days that.
He -- -- balance the budget just for sake of balancing the budget well why else would you balance the budget -- the budget because we've got to get control.
Of the runaway spending in the runaway debt and he just keeps piling on more and more spending and now they want yet even much higher taxes.
He -- that do you think they just serve was furious over -- a speech she was -- immediate meeting -- got other more important as we would like Social Security or Medicare I mean those are things that we deprive maybe.
That's a problem in a month that cleanup be immediate or meet twice thinking as that term -- -- was it sloppy or is that just is that the way he thinks that this is not have a serious problem.
My view is it's -- really thinks I think these -- he and many like him many Democrats on Capitol Hill for that matter.
I don't think of this as a debt crisis because things -- in imploded yet.
But that's gonna happen if we continue on the path that -- on it's not a question of if it's a question of win.
And so what the president ought to be focused on is working on structural reforms to government spending that will rein in out of control spending.
And secondly putting policies in place that will grow the economy one of the things we need is to get the economy growing.
At a faster rate when you're growing at one and a half to 2% and frankly that in in the four year average since he's been president spent eight tenths of 1% point 8%.
Has been the average economic growth if we don't get economic growth if we don't get spending under control this thing gets progressively worse and start spiraling out of control.
I he hasn't submitted a budget and I frankly I don't know why the possibility to get one together and so -- the senate now -- and and C has said he could have gotten one and together to.
Do you need a budget from him to begin working to trying to reconcile the house the senate budget -- get a budget from him.
Not necessarily but it usually leads the process is for the first time in 92 years 92 years that the president hasn't submitted his budget before the house the senate.
Have acted on theirs and so the good news in the senate this is a historic day after all -- first time in four years of senate unveiled senate Democrats.
Unveiled their budget today the bad news is -- raises taxes by one point seven.
Trillion dollars.
And it's it's a budget doesn't balance in ten years it's it's something that when the American people get a close look at and they compare that with what the house is doing in terms of trying to rein in spending.
And in in -- responsible pros to approach to our federal budget process.
There's -- -- be -- real clear contrast -- -- the American people pick up -- that what what what what I believe is that the president continues to believe.
That we need to grow the economy or grow the government we believe we grow the economy and his policies.
Have been countered that the girl the government at the expense of growing economy.
-- I think is I served particularly about all these budget to get the -- prosperity which is the house Republican budget.
And other senate has come out and the name of it is foundation for growth restoring the promise of American opportunity what I would just say in the senate -- in the house budget.
You like different I guess he beat president jazz up these names is so he does or -- -- that you package or Brandon and I think the American people just think this -- budget does give you -- didn't get.
Exactly well I'm pretty straightforward most Americans deal -- that and I think most Americans also realize that.
They could live on what the house budget has proposed a 3.4 percent increase in spending over the next ten years.
But it's four and a half trillion dollars less in spending than what the senate Democrats are putting forward.
In the senate Democrat budget includes a one point five trillion dollar tax increase on top of the one point seven trillion dollars.
Taxes in tax increase went as far as you know registration that would then graduate -- through closing loopholes.
Four road.
And deductions right well that's that's where the budget -- they -- like.
Also the rates are going up at least and -- says as I understand senate but somebody's gonna pay higher taxes because it it doesn't matter how you define that when you're talking about.
Was closing loopholes serve -- talking -- are ready to handle right pay more in taxes.
We believe that.
But we ought to many ought to think though the little -- this -- got a bargain because someone how lobbyists to come here persuade you guys to give that impersonator a loophole right but the point is you shouldn't have to raise taxes -- you deal with spending and -- the presence -- tax increases.
620 billion dollars in the fiscal cliff one trillion dollars in new taxes with Obama care.
Now wants another one point five trillion dollars in taxes when are we gonna deal with the spending and that's what the I think the American people want to see and so.
When he you know he talks about they talk about closing loopholes.
We're all for that.
-- let's do -- in the context of tax reform that lowers rates in a revenue neutral way not in a way that increases the amount of tax revenue coming in federal treasury.
At a time when we got out of control spending and federal revenues are already going up.
-- presence gonna have lunch and the with the senators Republican senators.
Right right that's right yeah question form.
What are you ask him well you know I think I'd I'd love to hear the president's answer for -- why he doesn't believe we have the debt crisis or or why doesn't believe we have a spending problem you -- -- -- leading Democrats in the congress and the president talk about.
No -- credit crisis still spending problem you know.
Don't need to balance the budget in ten years I mean this we are we are facing a train wreck if we don't get this thing turned around and I think that.
The president -- hopefully.
When he comes tomorrow -- least listen to what we have to say and and hopefully act on it but how to get out and question I have become back and tell us how can that be a triumph of hope over experience I think to think that they're gonna be responsive to we have to say but we'll give it our best shot OK -- senator IS SU thanks --
