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Well today we're seeing more evidence of the weak economy new home sales falling to the lowest level on record for July the housing market finding there's very little demand.
Given the remarkably high -- -- one that we're -- This is as Washington gets ready to rumble again over injecting more or less stimulus into the economy.
The big fight on whether or not to extend the bush tax cuts to the wealthiest of Americans.
Our next guest says we should let those tax cuts for the wealthiest expire.
He's North Dakota senator Byron Dorgan he's the chairman of the senate democratic policy committee.
And senator thank you for joining us about the rest of -- -- in DC we're on vacation says nice to have you.
for a couple days thanks -- well we appreciate it you know in this economy.
Why not keep the tax cuts for everybody for at least another year.
Well I understand the point I do think however that what's really important is to give the American people some confidence quote unquote.
Confidence is at the root of economic expansion -- people are confident they do think that expand the economy Heidi give them some confidence you start making a dent in this unbelievable growing federal budget deficit.
And you do that by not only cutting spending you have to do some of that -- also have to get some additional revenue.
And it seems to me that the top tier the wealthiest Americans.
Can reasonably pay the same rate of taxes they paid throughout the 1990s when we had substantial economic growth.
So he has some people -- though if you repeal the tax cuts for the wealthiest really gonna hit small business and you mentioned the debt.
People also say that if -- we don't attack the real source of the problem which is spending that we're never gonna solve that with your -- Unless spending is one source of the problem the other sources we have we have less revenue than we used to have.
Because of that tax cuts imposed.
Pushed in nineteen.
By President Bush at a time when we have surpluses and what was the reason for the tax cuts to give back surpluses while there are -- surpluses.
And -- were there were no surpluses the year after the tax cuts were -- we have to do two things we have to cut spending.
And we have to get some additional revenue and tell the American people we're not gonna continue offering a government that we can't pay for.
Or they can afford to pay for we need to do this the right way and give them some confidence about the future.
-- we raise taxes on that 2% of our population that is considered -- how much revenue would that bring us.
Well if you extend the tax cuts to that 2%.
Over a ten year period.
You're talking about 800 billion dollars so it's a substantial a lot of money and by the way the evidence does not.
Suggests that this is about small business.
Only about 34% this small business revenue in that in that area so I understand the point you make in the point others make.
They shouldn't we continue to stimulate you know look we've had about a fifteen trillion dollar stimulation of this economy.
Well we should what was -- stimulate now -- confidence of the American people that finally at long last.
We can begin making a dent in the budget deficit by cutting spending and also having some revenue command.
Many I think this act as -- -- -- state of North Dakota that your state has won in the lowest unemployment rates.
Out there three point 6% of population in North Dakota is an -- very very low number.
You also have a low number at millionaires about 3.4 percent -- your population.
Is millionaire so they're about equal.
Why would you support the extension of jobless benefits for 3% -- population that's unemployed.
But not extend the tax cuts for the 3% -- your population that are welded.
The extension of jobless benefits is for those around the country who are out of work and have been chronically out of work for a long while that's not just the North Dakota issue.
But let me just say that North Dakota side of things that we're very lucky.
You know Jay Paul Getty once said how to be successful.
You go to school.
Get your degree than you work hard -- strike oil.
-- you know.
North Dakota has struck oil we have unbelievable oil development number one and number two.
We're an agricultural state would.
Bumper crops and and very substantial agricultural prices commodity prices so that's been good but you know I'd like to say it was something very bright that we did in fiscal policy.
It was not -- we have a substantial oil development in energy development in our state.
And we also have done very well in the agricultural economy and that's good.
You think to be extended the tax cuts for the wealthiest of your state -- and and that may be hiring some of those that are unemployed.
I think people in my state and around the country want this deficit team.
And mark kind of tame the deficit by continuing tax cuts -- -- it was supposed to be for returning surpluses the Arnold surpluses.
When President Bush said by the way the last budget surplus was under the last year President Clinton and when President Bush came and they said look.
We're gonna have surpluses for the next ten years now we need to cut revenue in order to give the surpluses back to the people.
Turned out there weren't any surpluses.
You know I'm just saying -- you I think these budget deficits have to became.
I think through two things one tighten our belt cuts and spending -- number to get some revenue back into the system and the people at the very top of the economic -- can well afford to pay the rates they paid in the 1990s when they had.
The best economic growth in this country.
Some of that would probably disagree with you but we'll have to leave it there was I senator Dorgan that we appreciate very much senator Dorgan.
A North Dakota thank you so much sir thanks -- do it and --
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