Page 34 - Deficit Problem News Today

>> you would make that the price, make that the condition? >> absolutely, absolutely. >> chris: didnt you contribute to the deficit problem when you were in congress, back in 2003 you voted to create a new prescription drug medicare prescription benefit which didnt provide any funding and according to most estimates is adding $60 billion a year to the deficit. >> i would say that is a mistake. we did two things that were wrong in the bill. we made it universal. in other words, we had a problem t...

Ton this issue. >> you would make that the price, make that the condition? >> absolutely, absolutely. >> chris: didnt you contribute to the deficit problem when you were in congress, back in 2003 you voted to create a new prescription drug medicare prescription benefit which didnt provide any funding and according to most estimates is adding $60 billion a year to the deficit. >> i would say that is a mistake. we did two things that were wrong in the bill. we made it universal. in other words, we...

Ton this issue. >> you would make that the price, make that the condition? >> absolutely, absolutely. >> chris: didnt you contribute to the deficit problem when you were in congress, back in 2003 you voted to create a new prescription drug medicare prescription benefit which didnt provide any funding and according to most estimates is adding $60 billion a year to the deficit. >> i would say that is a mistake. we did two things that were wrong in the bill. we made it universal. in other words, we...

Their money. even president obama gets the tax increases he wants, he is still going to expand the deficit by $9 billion to $14 billion to $23 billion in ten years. >> crazy numbers. this entire debate based on the assumption that the bush tax cuts led to ballooning of deficit problem like you just suggested, that research has shown that those cuts at every level are responsible for only 14% of our current deficit problem with the tax cuts being responsible for only 4%. is that true? >> no the p...

For the first time in history of saying the united states would not pay its bills. it would default. thats just an unthinkable position. >> we have eric cantor who is the majority leader in the house whos now going to be part of the second gang of six. and he said when announcing hed be part of it, quote, i remain skeptical that the administration will take this effokmçuñó seriously, especiall after it all but ignored its previous debt commission and president obama had to be dragged kicking ...

Relax. >> so how do you attack the deficit if you dont touch medicare, the entitlements as you well know, medicare, medicaid, social security? thats where the debt problem is. how do you address it? >> you know how you do it? by stopping whats going on in the world. the world is just destroying our country. these other countries are sapping our strength. opec is sapping our strength. we cant pay $108 a barrel oil. its sapping our country. and by the way, theyre going to raise it higher, because ...

Your cnbc market wrap. here is a look at how stocks are doing with 20 minutes left in the trading day. right now we are seeing the dow down about 153 points, the s&p down 15, the nasdaq down a little over 33 points. reacting to the countrys growing deficit problem, the standard & poors rating service has lowered its long-term outlook on the national debt from stable to negative. the agency says high income in a diversified and flex eible economy -- gas prices has continued its meteoric rise. the...

So thats gigantic difference. i mean can people even afford to put 68% of their health care costs? >> its actually a bit worse than that. what cbo found is not only that youd have to pay about 70% while normal medicaid pays 25 to 30%, its the insurance offered by the ryan plan paubecause it moves to the private market, the insurance would be pricier so you would be paying more for less insurance than you would under traditional medicare. what the ryan plan does is it shifts costs over to seniors...

We can do these things in parallel. you see the president and the republicans in congress are both for significant reductions in our long-term deficit problem. theyre relatively close on the numbers. we just have different views of what the focus should be and that that is really a parallel but separate track than the debt ceiling negotiations. and you saw people on both parties agreeing to that, alan greenspan and others. >> i want to go to the issue of gas prices. they continue to go up. were ...

Coburn in the last segment they there actually might be -- not necessarily what the republicans are saying but there could be changes to the tax code that bring in more money and dont hurt job growth which is really, the crux of it. and, the problem for communicators, as they try to talk to the country about what will we do, because, not only do we have the debt problem, the deficit problem, the entitlement one is actually now finally going to be taken seriously. and, in the past week what you s...