Page 3 - Deficit Increase News Today

Deficit increase, or it actually would raise taxes actually when the economy was weak and make no sense at all. and i think what really is the concern for so many people is that when theyre raising $1.5 trillion of deficit, you know, lawrence, we know what theyre going to do. the moment they do this, the moment they have made the deficit that much worse than the out years, theyre going to come back and tell people they have no choice but to cut medicare, medicaid, maybe even social security. the...

Legislation. gene, he is saying he wants a trigger mechanism to go into effect if the deficit starts to go up more than the republicans are projecting it will go up. but they are projecting it will go up $1.5 trillion. >> yeah, i mean look, i like bob corker. we work together well. i respect him. but with all due respect, you dont deal with gimmicks by creating a brand-new gimmick. this $1.5 trillion deficit increase is probably going to be larger when you actually take the gimmicks out. it coul...

Think the other stuff is all important, it is important. the reasonable we are even having this debate about tax reform is because of budgeting rules. have you got keep it under $1.5 trillion of potential deficit increase. i get all of that still, what voters are going to care about is whether the big things actually happen. lisa: they are worried about tax reform. big problem for republicans is they only have 52 senators in the senate for republicans. they can only lose 2 with vice president pe...

This -- the pay go law limit reductions to medicare, meaning if this goes through, congress is going to have to cut into medicare. >> yes. thats exactly right. its remarkable theres no cry over this deficit increase that we just were talking about. you can rest assured that if this goes through, that will then start and then there will be a great demand, not only for the sequestration to take effect and the ut ccuts to medicare. i think even the social security program would be back on the table...

This one way or the other? >> yeah, certainly the tax increases on middle class families are of great concern to not just democrats, but to some republicans as well. and if you look at the senate plan, that is where you see this problem is pretty egregious. it doesnt start off that way. but over time, all of the kind of goodies for the individual side of the code, targeted at middle and lower income taxpayers, they phase out, understood to squeeze this thing into a $1.5 trillion deficit increase...

This conversation. >> so lets introduce him. gene sperling. he worked as assistant to the president for economic policy under bill clinton and barack obama. gene, i realize we still have limited information. but from what youve read and learned so far, what sticks out to you most? >> i think one of the things that should stick out to everybody the most is lets remember how this started. its extraordinary. they said they were going to plan a bill that was going to increase the deficit and debt by...

Years. its a thing about which conservatives have been complaining as long as i can remember. so if they do have a deficit increase, its going to be more than bob corker. a lot of republicans wont like it. >> absolutely. mike pence got his start a decade ago fighting george w. bush on these very issues. so you have something inside the administration, the vice president himself who is a fiscal hawk. its a key question right now. as you said, its a huge leverage point. it wont just be corker. the...

Make this and -- we dont know. theres no way to know. why arent they releasing the details? >> well, theyre in negotiations right now. you have the president who is the art of the deal, an entire congressional body that does deal making. ill be honest, i think also is they just dont know. mike was sayinger earlier, they dont know how to balance the steak against the vegetables. you have to make up the deficit that youre creating here. you have a lot of folks, corker being one of them, saying the...

Mcconnell is out and many feel he should have resigned already. they get to into the mid-terms way record of accomplishments, they need to. >> what graham said about the republican party. lets play it. >> if we dont cut taxes and we dont eventually repeal and replace obamacare, then were going to lose across the board in the house in 2018, and all of my colleagues running in primaries in 2018 are probably going to get beat. the end of mitch mcconnell as we know it. >> to your point, making the s...

Act. he promised a huge tax cut, one that would cause a sort of reshaping of the tax landscape. i was hoping for the postcard size tax return. apparently that will be the case for many americans but not for all of us. do i like everything in there? no. do i like the concept, the principal of a huge tax cut so as to regenerate the economy? absolutely. do i think it will pass? yes. i think even my small government bodies in congress, particularly in the house who do not want to be the deficit incr...