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And joining me live from the great state of Oklahoma's congressman James Lankford -- -- the House Budget Committee.
And congressman -- I know you are waiting.
To see exactly what president Obama's budget will look like we've heard some leaks about what's in it but your thoughts as we.
Get a finally finally a look at the president's budget this week.
Right -- -- -- that we understand is coming out on Wednesday it was scheduled to be finished by the fourth of February so we've actually been waiting and waiting and waiting and waiting for it.
So they look they look like buy into this week lot of house budget the senate budget and a president budget.
And that's good for us they'll try to find the common ground in all three let's get it done.
And looking at the headlines from my colleagues at the weekly standard -- Obama's budget includes 800 billion dollars in a tax hike.
Seven point three trillion dollars in new debt.
Knowing you and your background as member of the House Budget Committee obviously you're not thrilled with those.
Noted it's very frustrating that the -- using some very careful words he's says he's gonna put a balanced approach.
He continues to hammer over every it's got to be bounces got to be balanced but what he means -- -- approaches.
Some reduction in spending.
Some tax increases but it never ever balances it's a major priority for say we've got to find a way to get our budget back in -- -- he also says a lot.
That he's gonna have this huge decrease in deficit spending there's never been as large of a cut -- deficit spending.
As there is in this budget.
But the fact is we've had five years in a row of deficits that are historic.
So any -- in the deficit at all would be historic got if you take the the lowest deficit we've had in five years of his presidency and cut it in half it's still higher.
Did -- need deficit in the Bush Administration.
So it it's easy to say were -- have massive cuts in the deficit.
And over have a balanced approach but we need to actually balance and we actually -- be able to reduce our spending at a level that actually gets us back to.
Paid a -- somewhat of a sensible path force economically.
The president has taken some heat at least on the initial.
Recording about what's in his budget about the the way the cost of living adjustment is calculated personal security recipients.
Does that encourage you that he is putting at least some things that are not popular with his base in there.
It is encouraging we'll see with the actual proposal is I've said over and over again -- like if we will look at proposals now we find common ground I like things that are a MB but really don't like C.
The president seems like BNC but he really doesn't like day.
And so -- unidentified the things that are in that spot that we both agree on and let's at least move some things so we'll see what his CBI proposal really is.
Anonymous have an interest in in being able change some of those formulas.
A blue one ST with a long term gain as we also understand he has some sort of tax increase built into it.
That if you have too much pain in savings in retirement he was doing heavy tax and that's somewhat akin to what they just did in Cyprus.
That's if you're wealthy and you've got too much in the bank.
There and try to tax and the large figure out of it we wanna see what that proposal is Ozzie would be adamantly opposed to saying.
You had too much money in the bank so we're gonna take part of that that that's not rational but what we'll see what always proposals come out by Wednesday.
-- -- got about thirty seconds or so where we go from here the president's budgets coming out you guys pass the Paul Ryan budget the senate passed a very different budget.
Are you guys -- to be able to get something done.
Yeah that the -- -- really is finally -- ground we have not had a senate budget in four years.
The president's budget is already a couple months late so the key presses have a house budget.
A senate budget and a budget proposal -- the president there is no assumption.
That he knew one of these is gonna become the pathway but we lay -- all three of them had their responsibility we can look at the common ground between the three at least find spots that we can move forward.
We are heavily in debt as the nation knows and no we're headed towards interest payments in the next ten years of 857.
Billion dollars a year.
Just in one year that's more than we pay for the entire war in Afghanistan just in interest payments we've got to get on top of that and so it's important we do make some progress.
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