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Welcome everybody glad to have got Neil Cavuto and -- look at this doubt is still market's way of saying better late than never hard to say this much is knocked.
But we don't budget that seems to be taking on everyone and reassuring words -- the Federal Reserve that seem to be reassuring everyone.
Well investors were buying something today because they sure were buying stocks today.
The -- -- into another record on -- may be watching to go be on a roll since the president's finally rolling up his sleeves on fixing a big entitlement.
-- -- In a moment Republican senator John -- on whether investors are getting ahead of themselves he's among the Republicans having dinner with the president tonight at the White House.
First to a very powerful and influential Democrat in the house.
Chris -- -- column on whether a deal.
Could be in the works congress and do you think this is a preview.
Two breaking ground and differences on a deal.
Well -- there's no doubt that what the president -- this signal here was a willingness to compromise a willingness to meet.
Republicans more than halfway in fact as you indicated.
He's included some proposals that they made.
In his own budget.
And yet he's been attacked now by Republicans.
For including some of those I also -- -- Night and my dad hey do you agree with us president congress and on what he wanted to its own security suites that are well I would say -- -- reasons.
I think this is this is kind of an empirical question right the issue is whether the change the presence proposing is a more accurate measure of inflation.
Four people generally but specifically here for seniors and so I think we need to look at that I have I do have concerns about whether it's an accurate measure.
But overall I think the presence of budget takes us in the right direction if it replaces the deeper across the board sequester cuts with an equal amount of deficit reduction but -- and a smarter way.
I and it does ask for shared responsibility -- including you know targeted cuts but also the elimination of tax breaks.
For very wealthy individuals and that's the kind of balance that bipartisan groups have called for in the past.
We have -- you know there there are a lot of taxes and that's about a trillion dollars over the next ten years if you include some new ones that just came out of nowhere.
And and you don't 580 billion dollars additional ones that.
When you include closing loopholes presumably for the -- it's like the president does with -- not let go of that what what's to stop.
Republicans from saying.
Enough already you can just keep going after -- it.
Well it is you know O'Neal but the core of the president's proposal which is that the compromise plan he put forward with.
-- speaker Boehner is about 600 to 700 billion dollars in revenue he has also suggesting some other revenue to help pay for infrastructure investments.
But that's the core and remember that speaker -- -- on top of just to be clear that's on top of the 600.
Billion he already -- -- now we're up to at least one point two trillion in tax.
Yeah but but but but speaker Boehner in those same negotiations that took place indicated a willingness to do about a trillion dollars in revenue.
So and yet at the same time the -- Republican budget did not include any additional revenue.
From closing tax loopholes that benefit very wealthy people so the real question now is that the president has come forward and put some of the Republican ideas.
On the table.
Will the Republicans come back and say look Mr.
President we're willing to try and meet you halfway here all right what is half way accepting those tax hikes.
Well -- if you just to keep this in perspective -- those tax increases are significantly.
Less in terms of revenue.
Even when you add it to the 700 billion from January significantly less -- bipartisan groups like Simpson -- have recommended so.
The president's plan.
Has a lot less revenue than those earlier bipartisan recommendations on their argument -- a lot less terms of cots.
Then the president initially proposed -- Well actually -- -- in this latest version the presence put forward.
-- he will achieve about four point four trillion dollars in deficit reduction over ten years.
You wouldn't if you look at the same starting point from -- -- so if you're comparing Simpson -- the president's plan.
They're very similar in terms of the overall cuts and in fact.
The ratio of -- To revenue that the presence proposing is higher than the ratio cuts I -- we get back to afford not to miss it karlson and.
But I do want to ask you this you -- you express at the outset some reservations about the formula the president will use.
Console security and whether that represents.
You know cutting and -- time -- have you.
I take it the president could have much more difficult to getting this past Democrats than Republicans but even.
Well he's gonna obviously have to explain to -- Democrats.
Exactly how he does that.
I calculation and demonstrate that in fact that what he's proposing reflects the true.
Cost of living increases for senior so there.
But but I I should say on that point me a little earlier today you heard the head of the national Republican campaign committee that had house Republican.
Attacked the president's budget with this opening line that the president's budget is an attack on seniors.
And this is exactly what we do not need.
If we're gonna actually -- progress here on the budget proposal and what the house Republicans should do a liberal is saying that congressman -- -- -- -- an attack on -- I know but the irony here of course that what the president did was adopt a Republican proposed well okay in his budget and now being attacked by.
Republic we should appoint conferees I think speaker Boehner is it appointing referees at this point but congress and it's always good having you thank you sir.
Good to be with you mean.
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