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Obama unveiling his plan to spend three point eight trillion dollars next year it's a blueprint and is aimed at taming runaway deficits that's what he says by.
Taxing some of the rich and trimming popular benefit programs such as Social Security the president says his proposal will cut next year's deficit.
Billion dollars is the lowest since 2008.
His plan will cut the deficit by an -- -- one point eight trillion dollars over the next ten years.
Bringing the total savings to four point three trillion dollars based.
On the administration's calculations of course the CBO take a look at this as well.
The president's ten year plan will trim 100 billion dollars from defense spending.
400 billion dollars in Medicare.
And saved 230.
Billion dollars by changing the inflation for an Iraq for benefit programs there's -- -- -- -- on this later -- -- got -- -- In addition to the spending cuts the president wants 580 billion dollars in additional tax revenue as part of what he's calling a grand compromise.
If anyone thinks I'll finish the job of deficit reduction on the backs of middle class families or through spending cuts alone.
Actually hurt our economy short term they should think again when it comes to deficit reduction I've already met Republicans more than half way.
Texas senator John Cornyn is a Republican -- and joins us now senator what do you think about the president's budget proposal.
Well it strikes me as more of the same courses two months late and it's largely irrelevant to what the senate and the house are doing we've already done our.
Job in past budgets and -- -- both bodies.
So the president's.
Comes at the end of our work and it is well there's there's no vehicle for us to really considerate.
But I would think that -- very tight credit what do you think about the president's.
Offer here to do something about entitlement reform a lot of folks in the -- really angry about this calling it a betrayal.
And and he says he's doing it on purpose to come towards Republicans what do you think about that.
Well he obviously.
Hit a nerve with some on the left who just don't think we ought to do anything to fix Medicare and Social Security.
That's actually the price I think what the grand bargain should be -- that is through.
Save and preserve Medicare and Social Security which we all know Republicans and Democrats alike.
That are on -- path to insolvency unless we do something about them.
But the other problem with this budget proposal is -- it would add an additional trillion dollars -- taxes over ten years on.
One point six trillion dollars that are already baked in the cake with obamacare and the deal on the fiscal cliff.
That we cut on -- January the second so this is two point six trillion dollars of additional taxes under this president.
This is bad for the economy it's bad for private sector job growth that's why unemployment is so high.
And so many people have simply given up looking for work it's a tragedy.
Let's talk a little bit specifically about the budget when it comes -- you.
Another big important news topic and that's immigration reform is -- that you talked a lot about senator -- -- just released seven.
Proposals for -- border security in the Wall Street Journal has an article today it says that.
What -- -- hearing about what is coming immigration reform is that some really strict border security.
Is part of the reform.
As a way to lead to a pathway to citizenship for those that are in this country illegally right now.
Where -- we get the money.
For that extra border security if it is indeed.
Part the deal for immigration reform is something that you so firmly believe it.
What law enforcement.
And in this case national security is a basic function of the federal government it's the federal government's responsibility.
One that it has not met.
In recent years.
While things have gotten better at the border in terms of the number of people coming across.
We know that people coming across now include drug traffickers.
Human traffickers to traffic.
Children for sex and the like and this is still.
A problem that needs to be solved so we need to.
We -- this build up the infrastructure we need to have the boots on the ground we need to have the technology in place to give the American people with confidence.
That public safety is being preserved along the border once the federal government does its job.
And terms of public safety once it.
-- forces the visa overstays which represent about 40% of illegal immigration.
I think the rest of it gets pretty easy to do because the American people I believe -- fundamentally compassionate.
And humane and they will allow us to solve this problem.
And so what -- so where do you get the money though that went for this resource is that you're mentioning at the border is not for raising taxes.
Where do you see potential cut -- move that money towards border security and help some of the local law enforcement that you're talking about.
Well to me it's a matter of priorities surely within a three point six trillion are now the president's proposed three point eight trillion dollars in federal spending.
We can find them necessary funds in order to prioritize.
Law enforcement and public safety -- our borders.
So I don't think we need to raise taxes.
No I think that's always the first.
Reaction on the path part of the president and I think the American people think that the federal government.
Taxes plenty already and as I've already said we've already seen increase in one point six trillion packed in taxes with obamacare and the fiscal cliff deal earlier this year.
Real -- he had a base so what you're here in the halls there on Capitol Hill because you're the one -- -- never we close in immigration deal we keep on hearing -- we might get something tomorrow or even on Friday.
Well I'm encouraged actually by the conversations that are occurring with the so called gang of eight.
We don't know what that what it looks like but it will go through the Senate Judiciary Committee that I serve on and then go through the the process through on the senate floor and through the house.
But this is an issue we need to deal -- we need to fix our broken immigration system I don't know anyone who believes that the status quo was acceptable.
Senator nice -- -- the program is always there is with -- to have you back thank you so much.
Thank you Jim.
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