Page 5 - Deficit Problem News Today

And frankly last night was one of the big nights. now that overshadowing historic vote on capitol hill here. early this morning the senate passed its version of major tax reform. huge victory for the president who promised to give americans a huge tax cut for christmas. >> now despite the republicans win overnight t party has lingering deficit problem. the party says the bill will grow the economy and fill the deficit. according to the congresss joint committee on taxation, cost trillion dollars...

Political support for those -- >> the reality will be, because you and i discussed it during the sequester. the deficit will be bigger ten years from now than it is today, probably. its a trajectory that were on. at that point is becomes hard for people to say, of course, weve got a tax cut. i cant take that away but it will ultimately affect the deficit and a higher deficit is going to affect people who are net recipients of money from the government. >> i think youve emphasized over and over o...

Be for the very wealthy. if you dont believe that. if you think all the tax cuts are going to continue, then you have a massive budgetary deficit problem. we saw this before. this is exactly what george w. bush at the beginning of his administration. >> dana, theres a few people in the audience that asked about that. saying how can you guarantee now until forever, when this comes up again, that we wont get a tax increase? was there a good answer for that? >> not really. and generally the answer ...

In 2025, which means that according to the joint committee on taxation, by 2027, taxes for people making under $75,000 will actually go up, right? so if we actually take them at their word, these tax cuts are going to end in 2025. overall the taxes are actually going to go up for people making under $75,000. the huge windfall is going to be for the very wealthy. if you dont believe that, if you think all the tax cuts are going to continue, then you have a massive budgetary deficit problem. we sa...

Wont be able to show anything to voters because lord knows its not going to be a lot of legislation passing next year. so its a terrible outcome for them if they dont get it passed. im wondering if its terrible for them also for the reasons joshua is saying if they do get it passed because look at the joint committee on taxation run by congress. its fundamental conclusions are this measure is skewed significantly towards the wealthy. that is a pretty good thing for democrats to be able to run on...

In large numbers. growth is easy. >> deficit exploded. >> we will get to that in a moment. people and productivity. neither are growing right now. there were tax cuts but not spending cuts. which means you had to reign that back in in 19s 86. its not like this is some magic plan that is just going to create jobs without leaving us without a deficit problem. >> now bring it down to my intellectual level. you guys are very intelligent and we need you to bring it to the show. you are calling this a...

Entitlement reform later. remember, social security and medicare are the drivers of our long-term deficit problem. and the philosophic tradition that paul ryan represents did not, does not believe those programs should exist. they believe they are infringement upon liberty. ronald reagan campaigned calling medicare socialism. so when paul ryan says were not going to get a lot of political benefit from this, hes right. what theyre arguing -- the entire vision theyre arguing is not a popular visio...

Than later. >> what has changed between congressman mulvaney on the debt and budget director mulvaney when you said earlier this week, we need new deficits to increase economic growth? >> this is whats changed, is that ive come to the realization that washington is not going to solve the debt problem, the deficit problem, through spending. i had come to washington in 2011 and had hoped that would be the case, that we had a spending problem and not a revenue problem. >> youve come to that because...

On debt and deficit. take a look. >> how can we possibly have a credible discussion about the debt and deficit and not include defense? >> more and more people are recognizing the threat to the overall economy the debt presents. >> we ran up this debt. what are we going to do to make sure it doesnt happen again? >> the debt is a problem that must be addressed sooner rather than later. >> what has changed between congressman mulvaney on the debt and budget director mulvaney when you said earlier ...

Heres congressman mick mulvaney on debt and deficit. take a look. >> how can we possibly have a credible discussion about the debt and deficit and not include defense? >> more and more people are recognizing the threat to the overall economy the debt presents. >> we ran up this debt. what are we going to do to make sure it doesnt happen again? >> the debt is a problem that must be addressed sooner rather than later. >> what has changed between congressman mulvaney on the debt and budget director...