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-- hill -- senate minority whip Jon Kyl went on the record.
-- IC is so great to be with you again.
I senator I've had a day of planning Palestine about the plans of the Republicans in US senate what are your plans.
Well bill focuses on spending and debt and of course also a little bit on health care but clearly the American people sent us a message stop spending so much money.
Get us out of debt -- that is going to be our focus and of course closely related to that is creating jobs because obviously to many Americans are unemployed.
I -- if we're going to do the spending issues and it got to concentrate on the debt ceiling.
If we're gonna go further and adapted to handle things -- -- -- -- -- -- the debt -- -- To explain the debt ceiling first every if it's like -- credit card at a certain point you put so much.
Credit on your credit card that you hit the ceiling in the credit card company says we won't let you.
Use your card anymore until you start paying off that debt.
-- the federal government gets to say no we -- raise it and sold by action of the congress and the president.
We can actually raise the debt ceiling to accommodate all of the borrowing that the government has has done over the last year -- so.
We -- going to hit that ceiling probably in March and have very little time to.
Raises them to accommodate all of that that -- Republicans view this as a great opportunity.
Instead of just bumping up the debt -- To say way to -- in order to not have to do that anymore or at least not for a long time.
We're going to couple it with reforms.
In how we deal with spending in this in this government.
For we will cut spending we will have reforms on spending we'll go back to.
Probably the 2008 budget level -- would say we're not gonna spend any more than that.
So we won't try it in that first.
Legislative big big issue that we have to get a handle on the spending for the future.
Well it seems so you won't have particular problem of the White House because in 2006.
President Obama was and Senator Obama and he opposed -- -- -- and then because he said it was I think his worsen -- at this you have leadership failure.
So I can't imagine he's going to oppose cuts.
And spending cuts as big as we set the -- -- -- or is it.
Well we'll see usually the president argues that it would be you're responsible not to raise the debt -- Why is that so because you're telling your creditors -- half of whom are foreign governments or foreign banks.
Sorry we're not gonna pay you when our -- become -- and that's not something that is responsible for the United States government so.
The president ordinarily would say that we don't have any choice but to raise that -- but you're right as a senator.
Barack Obama voted not to raise it.
So but that's not really the responsible and right thing to do that that's why we won a couple raising it with these reforms that would prevent us from having to do that.
In the future.
I understand that the -- -- -- I understand that it will be voted to be raised to be some fighting over the spending cuts how much Anderson it.
But suppose hypothetically just so we fully understand his debt ceiling.
Supposed to debt -- -- not race let's say the next that we ran out of -- the limits on the the last day of march.
What would happen.
Two examples but so you have a government T bill.
But treasury bills and the time of that -- treasury bill is up -- you go to the bank to cash and then they'll say sorry.
The government won't give us the money to cash and so you can -- -- your T bill and let's say that a bank in China or the government of China.
Has lent us a bunch of money let's say they lent us a billion dollars and that money is now do.
And they say we'd like her billion dollars -- somebody in the Treasury Department says gee we're really sorry but we don't have the authority.
To pay out any more money what do you think that does -- credit immediately US credit.
Tanks which means it -- it's a lot more to borrow money because it's need to be a riskier investment.
Around the world the value of the dollar declines markets are in disarray.
And reputation of the United States -- shattered so it's not something.
But you should consider like.
I would seems to me at the Republicans.
Are in the catbird seat on this because the president today is Democrat is in the last he wants to raise that debt ceiling.
And and it's imperative so they don't have the -- -- you just outlined.
But you want cuts so an.
Pretty much well I hope so and and we -- and what we're going task force pretty significant.
We don't wanna have to keep doing this and that means we have to stop spending so much and that means we have to -- some real reforms around here not the kind of phony Bologna things have been going on the last couple years real reforms that mean that we really reduce our spend.
Is it possible they can make demands that are so -- the president's gonna say no sure but.
What's the point of that and in our our our object here is not to get in a fight with the present the object is -- institutes of real reforms.
That we can lock in that will work in the future so that we don't have this problem in the future and we can begin to satisfy what the voters asked us to do.
Just a couple short months ago which was get her hand on wasteful Washington spending.
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