Page 10 - Deficit Problems News Today

Something the president said on friday when it comes to medicare and this idea of mean testing for all of medicare. we know parts of it i think with the prescription drug benefit are means tested. is it right for the president to put that on the table, and could you support that as part of the so-called grand bargain? >> well what were doing right now is trying to make sure that we can address our -- our long term and short term deficit problems. were trying to make sure we can solve this proble...

Them, they will good to us on oil deal. we cant be in a position we are going to wars, the troops are committed. we have problems at home, budget problems and deficit problems and were ready for another war. are you kidding me? the president has to be called to accounting on this. this is not academic matter. this is about the constitution. if we stand by the constitution, well be safe. if we dont, america is going deeper in a war that we propose will be days, not weeks. were in it once. no end ...

For speaker boehner to say that yesterday on the "today" show. >> maybe subliminal talk that they are on the table. >> seems sheer craziness. there are huge problems, budget problems, deficit problems. at some point, the speaker has to put aside his own personal career values because of the tea party folks and house he has to deal with and put the nations interest to the forefront. if he doesnt, if they dont come up with some kind of agreement, were in for a whole lot of hell. >> when do you fig...

Households, paid no tax at all in 2010. the vast majority of these people, however, are low incomep. remember, though, a lot of people say, you should boost taxes on the rich and very understandable to think you may want people who earn a million dollars or more to pay taxes. that aside, there certasimply a enough to eliminate our debt and deficit problems if you did. lot of opinions if you should or shouldnt. find the story on the newly redesigned money.com. it is helpful. like the cnn.com site...

Probably much less than the paycheck when working for the man, but the income tax they owe on that might have been more than offset by the large house they own or the big pete of property where they also get big tax breaks. some of the ways this could have happened. >> were only talking about very small segment of the population. about 4,000 people. right? >> reporter: right. very, very small. >> very, very small. we hear boosting taxes on the rich. will they solve the nations fiscal problems or...

>> hell, no. i would not vote to increase the debt ceiling. otherwise it just shows the american people were not serious yet. were still going to incur more debt. we dont have to increase the debt ceiling in the next few weeks. it turns my stomach to hear the assumption articulated that we have to, despite the fact were raking in, the federal government, $6 billion a day. take that money and service our debt first. and pay down some of that debt. make sure that were showing the international fin...

Co-chairman of the presidents debt commission. one made a statement that we have a treaty to protect taiwan from china. yet we have to borrow from china in order to do it. it shows how bizarre these relationships have gotten because weve become indebted to these countries. >> china is protecting us from the obama administration if nobody buys the debt, it is not sustainable in domestic terms here. i think it underlines why it is absolutely critical not just as a domestic policy matter, but for t...

>> so, the aarp is worried social security could be a casualty in this debate. david certner is the guy who talks to lawmakers on capitol hill about the matters. david, welcome. what do you think the president will say about social security this afternoon? >> its hard to predict, but what we hope he says is what he said in the past. that social security is not a big contributor to the budget defic deficit. in fact, its in surplus. we shouldnt be cutting social security to deal with our current d...

Highlight ways where the president essentially had to give some ground on that. and thats kind of laying the battlefield yet again before a new debate starts. >> all right. kelly odonnell on capitol hill for us this morning. thank you, kelly. well, the president does not have to start from scratch with this deficit speech. he appointed a commission to study the deficit problems but so far has not enthusiastically embraced that commissions recommendations. this is a point chuck raised with him ...

The short term spending or deficit problems that we have. whether its paul ryans plan or the presidents reduction commission, which, by the way, if anybody bothered to read, its a document you can get on the internet, well thought-out. i think its better than the ryan alternative. if the president would have adopted this we would be in a better place to discussion options. but the simpson plan is thought out and detailed and would be a great item that would be embraced by financial markets the w...