a morning meeting with outlines of a plan they are hoping will save $270 billion over seven years. the big savings are the most politically dangerous ones from medicare and medicaid. if he s healthcare cuts come to my desk of this size, i would have no choice but to veto. clinton figured out a very clever bit of jujitsu. the way to attack the republicans was to say that newt gingrich wants to make your grandmother destitute. think about a party whose last stand is to frighten 85-year-olds. you ll understand how totally morally bankrupt the modern democratic party is. the speaker of the house has made an unprecedented threat. yesterday mr. gingrich told government security that he was willing to let the united states default on its debt. the republicans decided to go to the wall and to shut down the government. we re prepared to negotiate on the budget issues, but let s not threaten the country with shutdown. the president said we really ought to meet at the white house
more. martha: if your 437 billion in wasteful and inefficient spending as senator lankford s report says, i think you can find $0.02 on the dollar, don t you? i do. there s another thing in play here. the government does a terrible job of estimating what kind of revenue comes in from creating additional economic growth. in 2,000 for the bush administration led an effort to cut the capital gains taxes. the estimate was that it would generate $215 billion in revenue over the next four years. the actual amount was $377 billion because of economic growth so they were only off by 75%. and we are likely to see that on this as well. right now the estimate 1.9% annual economic growth. every one-tenth of 1% generates $270 billion over ten years. martha: goldman sachs is 3- 3-4%. for use of 3% growth, a trillion dollars. i m not certain it s going to
seen for decades. house republicans emerge from a morning meeting with outlines of a plan they are hoping will save $270 billion over seven years. the big savings are the most politically dangerous ones from medicare and medicaid. if these health care cuts come to my desk of this size, i would have no choice but to veto. clinton figured out a very deliver bit of jujitsu. to say that newt gingrich wants to make your grandmother destitute. think about a party whose last stand is to frighten 85-year-olds. you ll understand how totally, morally bankrupt the modern democratic party is. the speaker of the house has made an unprecedented threat. yesterday mr. gingrich said he was willing to let the united states default on its debt. the republicans decided to go to the wall and to shut down the government. we re prepared to negotiate on the budget issues, but let s
exemptions and deductions, you have to have more money than 258 billion, excuse me, 270 billion they chosen to spend by lowering the rates over all. for example, people in places like connecticut and new york, some will see taxes go up. i have an important question in that regard. hold on alexis. is it really appropriate for a waitress in alabama making $35,000 a year to send taxes to washington for a new york attorney that makes two or three million a year to enjoy the benefit of bigger public sector? because basically the rest of the country is subsidizing the public sector in about seven or eight states. so alexis, do you want to respond? so the rest of the country is right now going to be subsidizing the ultra wealthy if this goes through.
cut taxes. then a hostage from the congressional budget office. then a hostage to the joint task committee, these institutions created by democrats. years ago they tended to make it harder to reform taxes. that s right. basically that is a conservative number and how much revenue to expect to flow to the treasury for growth. why? as if every .1 percent for gdp you add about 270 billion in revenue.this is not a progrowth institution so their conservative estimates. and they also assume the economy grows at 1.9 percent over the next 10 years. that is their estimate. which is very weak. so a return to three percent growth as historical would produce more than 2.7 trillion under their calculations is a 1.5 trillion which is what the senate is considering is observed appeared.it they have no guarantee right