Also in this playlist...
This transcript is automatically generated
-- of the debt commission talking about barely making it dead in America's nearly fourteen trillion dollars in debt our next guest says this is no time to extend the tax cuts for everyone something we just discussed.
Senator Byron Dorgan a Democrat from North Dakota.
Senator you heard Karl ropes position he says many people in your party even support extending them for everybody even the quote -- quote rich.
Well you know the tax cuts originally were to try to return a surplus to the American people over ten years turns out there wasn't any surplus there were big deficits.
And in my own view is -- -- -- in your discussions with Karl.
There was no discussion about.
How do you reduce the federal budget debt and deficits that's really important to me.
You know look it be nice to give everybody tax cuts forever permanently I'm for all of that except.
What I'm also for is making sure we have a fiscal policy that some balance you don't do that by deciding -- a complete you're gonna continue permanently to reduce your revenue.
You have to cut spending and you have -- of additional revenue.
Well let's talk more about the spending side because that presidential panel came out in its recommendations listen a lot of things that people thought might be untouchable.
Mortgage interest tax deductions -- -- -- up.
But 200 billion on fourteen -- I'm not grade in math senator that's not a big percent.
That's right and even that will be hard to get I mean if you -- That the circumstance we find ourselves and you know I like Karl I you know I heard the way that the questions he got in the answers he gave.
But the day he left the White House I mean when he left the White House and turn it over to a new president.
We had -- 700000.
People that month that lost their jobs.
There was a one point three trillion dollar expected federal deficit that year so that I mean that that's what they left.
But it is Republicans and Democrats that have caused this problem together.
We need to find a way to solve it and this is gonna be painful but it requires in my judgment real discipline on spending that means spending cuts in some areas.
And it also means that we have to get some revenue.
But but senator -- -- you are -- leader in the senate.
And would you be willing to make a deal to get a compromise of taxes don't go up when everybody -- right now unless you guys do something.
They are gonna go up for everybody -- would you be able to make a deal to extend all tax cuts for a limited time to get something done.
-- I prefer not to do that but I but by the same token.
What I would do if I were able to write it I would say let's extend the tax cuts for middle income folks for two years and see where we are but.
Having said all that.
If we extend all the tax cuts permanently as some want at this point.
You cut -- another four trillion dollar hole.
In the deficit situation at four trillion dollars to the debt.
In the next ten years and it would do one of the things we need to talk about is -- -- get control of this debt and deficits because.
That's the only thing that's gonna give people confidence going forward in this country I wish nobody had to pay any taxes that off.
But you know what we need to cut spending and we need also to get some revenue from some sources senator Byron Dorgan of North Dakota senator thank you very much yeah thanks a lot -- -- --
Filter by section