institutions too big to fail, distorted the markets, led them to take on excessive risk. they imploded and everything casca cascaded. through all the things you re talking about. what have we done to fix the system? where are we today? we have financial institutions, bigger, more concentrated, more politically connected and s&p, pick on the ratings agencies what they said, not only are these banks after regulatory reform still the impress it guarantee, the next financial crisis hits it s going to cost $5 trillion up front. we can celebrate and pretend we have a significant fimilestone with this debt reduction if that happens, it s gone and worse. why is it the conversation we re having about how we got into the deficit and we need to reconcile the deficit doesn t exist anywhere in the political atmosphere including with the tea party who proclaims to be, or have the genesis in the context of the financial bailouts and yet when you look
he was speak to go the democrats but he was telling him don t rebel you have got a good deal. republicans took it as they were chastising them. i think they were being helpful to the republican review which is they wanted the tax cuts started. president obama referred to it as the holy grail and felt like he was dealing with hostage takers. i think from the democrat s points of view the republicans dictated it made it happen they wanted it and forced it down the throats of the democrats especially the house democrats who are still even smarting feeling they got run over by the republicans. i think they protect this too much. juan, i do. i think when you examine it what did they give up? rich people don t save 39.6 they save 35 percent. what is the average democrat here. the deficit doesn t come out of
he was speak to go the democrats but he was telling him don t rebel you have got a good deal. republicans took it as they were chastising them. i think they were being helpful to the republican review which is they wanted the tax cuts started. president obama referred to it as the holy grail and felt like he was dealing with hostage takers. i think from the democrat s points of view the republicans dictated it made it happen they wanted it and forced it down the throats of the democrats especially the house democrats who are still even smarting feeling they got run over by the republicans. i think they protect this too much. juan, i do. i think when you examine it what did they give up? rich people don t save 39.6 they save 35 percent. what is the average democrat here. the deficit doesn t come out of
things. so what joe earlier said is right which is the taxes will go up. i think that s a mistake and i think it s going to hurt the economy. it seems every republican on meet the press is asked where will you cut? they say nothing. they will not mention any cuts. i ve had congressman pence on, won t say any cuts. you won t raise taxes. you won t cut spending. in other words, all this bitching about the deficit doesn t mean squat because you won t raise taxes or cut spending. neither one. this year congress isn t evening doing a budget but last year i brought a budget to the floor that specifically cut $4.8 trillion of spending out of the budget and paid for all of these tax cuts, and debt reduction. two months ago we put out $1.3 trillion and very specifically enumerated spending cuts. so i can go with you on cuts. i can show you all the kinds of cuts. that s .3 of 1% you talked about. $4.8 trillion is not peanuts. it s nothing to sneeze at.
so what joe earlier said is right which is the taxes will go up. that s a nis tamistake. it s going to hurt the economy. it seems every republican on meet the press lately saying where will you cut? they won t answer. you won t raise taxes. you won t cut spending. all this bitching about the deficit doesn t mean squat because you won t raise taxes or reduce spending. i brought a budget to the floor that cut $4.8 billion of spending out of the budget and paid for the tax cut and debt reduction. two months ago we put out numerous spending cuts. i can show you all the kinds of cuts. that s point three of 1%. okay. and 1.3 trillion is not