Page 46 - Deficit Problem News Today

That is why, last week i signed into law the paygo bill. it says, simply, the united states of america should pay as we go and live within our means again. like responsible families and businesses do. this law is what helped to get deficits under control in the 1990s and produced surpluses by the end of the decade, and, it was suspended in the last decade, during that period well, saw deficits explode again. by reinstituting it, we are taking an important step towards addressing the deficit prob...

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 question. dick cheney, for example, he got that rousing welcome today, he basically has been quoted as saying that...

States of america should pay as we go and live within our means again just like responsible families and businesses do. this laws what helped get deficits under control in the 1990s and produced surpluses by the end of the decade. it was suspended and we saw deficits explode again. we are taking an important step towards addressing the deficit problem in this decade and in decades to come. thats also why after taking steps to cut taxes and increase access to credit for small businesses to jumpst...

>> let me ask you, grover, the deficits running at 11% almost gdp, 30% for three years. do you think this deficit problem can be solved without any taxes at all? >> it will only be solved without any taxes at all. if you walk into a room as reagan did in 82, as bush sr. did in 90 and say lets have on the table cutting unnecessary spending and tax increases to pay for unnecessary spending, what happens is you get the tax increases and you dont get the spending. only if you take tax increases off ...

I think he truly understands the need for jobs. were trying to get everybody to look at the scale right now. remember what happened in japan. in the 90s, they would spend a little bit. when things got -- they got a few green shoots around the edge, they would stop spending. that went on for a whole decade. >> you saw the size of the deficit in his proposed budget. that kind of deficit environment, how do you get them to buy off on as large a program as youre talking? >> first of all, we dont hav...

Because if the hard earned tax dollars can be treated like monopoly money. >> the president is going to have to be consistent and clear. he cant spend big part of his state of the union talking about more spending programs and then say that were -- we have got a serious deficit problem. >> bret: the president, the administration submitted a 3. trillion-dollar budget proposal to congress today. that means the proposal has it at $1.6 trillion deficits for the following year. here is a quick breakd...

>> exactly, sam. >> lets give him that. i think a lot of people are actually surprised at how much the deficit has emerged as the key policy issue on the presidents agenda. including a lot of progressive economists who wish it wasnt the key policy issue on the presidents agenda. you know, obamas really boxed in here because on the one hand, you have a terrible job market. you have gdp growth but no job growth. and a lot of whats going to get us out of this deficit problem is getting more tax rev...

Earners in part to help get this deficit problem under control over time and also to rebalance the tax code. dont forget not just over the past few years but the last several decades the middle class has been struggling and income in the united states has gone way up and return those marginal tax rates to the levels they were during the 1990s when the elite did quite well in any case. >> at the end of the day, though, american families know, lisb, i have to live within my budget or within my mea...

To create jobs and it also freezes spenni s spending for o domestic programs. john boehner are saying it is a good start, but more work needs to be done. joining us live now from the white house is president obamas budget director peter orszag. thank you for being with us this morning. >> thank you, kiran. reporting that the presidents budget will project more than $5 trillion in deficit spending over the next five years. theyre saying its a 35% increase over what the administration projected ju...

Because if the hard earned tax dollars can be treated like monopoly money. >> the president is going to have to be consistent and clear. he cant spend big part of his state of the union talking about more spending programs and then say that were -- we have got a serious deficit problem. >> bret: the president, the administration submitted a 3. trillion-dollar budget proposal to congress today. that means the proposal has it at $1.6 trillion deficits for the following year. here is a quick breakd...