Page 2 - Automatic Stabilizers News Today

Youre so wrong im not going to let you talk. >> let mr. steele finish. >> let me tell you where youre wrong. deal with it. >> i will deal with it. >> the reality of the facts are that -- >> the reality of the facts? >> the real facts, bob, okay? are that this administration spent $5 trillion. >> thats wrong, thats wrong. a lot of it is automatic stabilizers. >> let me finish my point. >> its a lie. >> its not a lie. the debt was $10 trillion on the day he was inaugurated. what is it today? almos...

Fiscal pact that would argue countries must not run deficits of more than 5% of gdp and may not exceed deficits of government spending of more than 3%. if they do, automatic stabilizers will kick in to punish them. its a fiscal pact. it is not a full treaty change and what it also isnt is the big ba suk ka that would stabilize the debt markets. having said that, we are higher on the european indices broadly on this so markets not that disappointed. back to you. > should be a fascinating day in b...

>> is that how they say it when they say that? they bob their head. >> mainly what happened was the baseline was a lot worse than anybody thought. it wasnt the impact of the recovery act. but look, joe, heres the thing. i kind of dont agree with you that its all going to be about the recovery act because thats three years ago. >> about jobs. >> i think fundamentally what the countrys got to develop is a growth strategy. if were not growing for the people who think that the deficit is crucially i...

>> the reality of the facts? >> the real facts, bob, okay? are that this administration spent $5 trillion. >> thats wrong, thats wrong. a lot of it is automatic stabilizers. >> let me finish my point. >> its a lie. >> its not a lie. the debt was $10 trillion on the day he was inaugurated. what is it today? almost $6 trillion. who spent that money? who spent the money? >> because of the bush economic collapse. it went into unemployment compensation -- >> all right, gentlemen, im going to have to ...

Latest updates on this topic.