Page 45 - Deficit Problem News Today

Everyone understands we have a big deficit problem in this country. they pushed back one of the largest revenue raisers in this bill the so-called excise tax on high end insurance plans, cadillac plans, largely because unions did not like it and were adamant about it. >> i dont think that takes effect until 2018. >> right. so the tax does not take effect until 2018. now, if youre a member of congress in 2018 and youve got a new tax coming down the pike you all can answer this question. have you ...

To scare us? >> no it is different now moodys is saying your interest costs on debt could be unsustainable. we know the interest costs could fun 18 government agencies, including the funding for congress, entire judiciary, homeland security, they are saying the issue here is that economic growth alone will not get any of the countrys mention, results of the u.s., u.k., france and germany, economic get alone will not pull you out of your debt burr. you have to cut spending or raise taxes. thats a...

To scare us? >> no it is different now moodys is saying your interest costs on debt could be unsustainable. we know the interest costs could fun 18 government agencies, including the funding for congress, entire judiciary, homeland security, they are saying the issue here is that economic growth alone will not get any of the countrys mention, results of the u.s., u.k., france and germany, economic get alone will not pull you out of your debt burr. you have to cut spending or raise taxes. thats a...

And go i feel better because peter orszag and the health czars say in eight years congress is going to do something. >> the reason they put off the cadillac plans being taxed for eight years because it is unpopular. i happen to think it is the right thing to do if you have an expensive health care plan you should pay tax on it. get do it now. >> exactly. if congress -- >> greta: do it now. >> exactly. ive been in this budget base for 25 years they put off the pain in the future and the cuts neve...

Peter orszag and the health czars say in eight years congress is going to do something. >> the reason they put off the cadillac plans being taxed for eight years because it is unpopular. i happen to think it is the right thing to do if you have an expensive health care plan you should pay tax on it. get do it now. >> exactly. if congress -- >> greta: do it now. >> exactly. ive been in this budget base for 25 years they put off the pain in the future and the cuts never come. thats the reason to t...

You raise. >> its a valid point. we went to the white house last may and said we could cut 1 1/2% out of the trend in healthcare beginning in 2012. that would save $2 trillion over the ten year period. thats what we need to do. if we did that, we could make most of the other differences between the parties go away. its time that were all called back and told to meet our commitment to do that. thats the way well solve the premium problem and thats the way to solve the deficit problem. >> i wonder...

-- series of tax cuts for small businesses that hire more workers. this is a step forward in putting more americans back to work as soon as possible. >> president obama yesterday in washington. here with us now, leo gauntly, professor of law at harvard law school and chair of the congressional oversight panel, elizabeth warren. thanks for coming back to the show. good to see you. >> the president is talking about the economy. i want to follow up on what ben bernanke said yesterday. that everythi...

Problem, obviously. weve got a terrible deficit problem. but we also have an economy problem. and this is the part im worried about. theyre talking about in greece right now rioting. were talking about here, we got people who dont have job. weve got people whove lost value in their homes. its the real economy thats got me troubled here. >> youve got real problems, though, americas bonds, the chinese dumped about 35 billion of the looks like theyre getting out. those sorts of things are the begin...

This crowd. >> thats right. you also saw -- >> some of us are new to the process. >> lets take a look at a new guy. mark rubio, lets hear from him tea. mark rubio in florida. >> 2010 is not just a choice between republicans and democrats. its not just a choice between liberals and conservatives. 2010 is a referendum on the very identity of our nation. >> wow. let me ask you about that identity in your conservative movement. tony, let me ask you about this question. and then to matt, the same que...

In the senate but i hope congressional leaders from both parties can step away from the partisan bickering and join this effort to serve the national interest. as important as this commission is, our fiscal challenge is too great to be solved with any one step alone and we cant wait to act. thats why last week i signed into law the pago bill. it says that the united states of america should pay was we go and live within our means again just like responsible families and businesses do. this law i...