Page 90 - Spending Problem News Today

Have had in place since 2003, so for about eight years now, recently as 2007 with the current tax rate structure that we have, we had a budget that was virtually balanced. total deficit 1.2% of gdp. spending back then was 20% of gdp. since president obama took office and the democrats took control of congress, spending has exploded. the serial bailouts, missive stimulus to the point where government is now closer to 25% of gdp, its a 25% increase in the size of government overnight. thats the pr...

Our budget this year, $3.6 trillion for this year alone amounts to a 3% cut. in spending. 3% cut in spending. meanwhile, we spent $460 billion since the day the super committee was formed. the revenues dont go up. revenues are going up. this is a spending problem. >> bob: i know you agree -- >> greg: bob, i know you agree 100% with eric so i wont go to you. >> bob: i know you wont. on a serious note unlike the unserious statistics, this was an opportunity that is so rare for congress. both sides...

Program. statistics i made up. anyway, you want to know why the super committee is super over? the panel is just a boiled down version of our government. we had two sides equally divided over taxes. more important it was reverse engineer for failure. creating the automatic triggers that are supposed to cut spending, panel could have gone shopping for hummels instead. so it comes down to this. the democrats want to raise taxes. republicans didnt. back to where we started hoping that demi and asht...

Up more. >> reporter: kerrys point today was essentially a deal broke down because republicans were not willing to allow the bush tax cuts, as they are known, for the highest brackets to expire. so he says for that one reason there is not a deal, jenna. jenna: thats what senator kerry says. republicans have argued that tax reform has to happen, at least they are open to it at this point. spending remains a big problem. tell us about that side. i have a final question about where they are today i...

this pros he united in our belief the nations fiscal crisis must be addressed and that we cannot leave it for the next generation to solve. that statement, issued in congress. the super committee must not end. the president said if congress tries to get around the automatic cuts, called for in the law that created the super committee, he will veto it. >> my message to them is simple. no. i will veto any effort to get rid of those automatic spending cuts to domestic and defense spending...

Is voting against it. return paying zero taxes? did you pay zero taxes? hes blaming president bush. >> eric: absolutely not. we did not have a spending >> did anyone. problem or a revenue problem, we if they made $200,000 a month, have a pay for problem but in did they? reality, you can say the bush everybody pays taxes except tax cuts, you can talk about the those who dont. prescription drug plan. >> brian: im too busy. you could talk about anything i dont really file. you want with the wars. b...

Weekend, saying they wanted to rewrite the tax code to spur economic growth. and them saying republicans have an idea that the tax policy has something to do with economic growth, they are dreaming. which is to say the democrat think taxes are to feed the level of spending that the government produces while the republicans are saying it should be intended to spur economic growth in the private economy. the democrats are in the public economy, the republicans are in the private economy, this brid...

scandal hits happy valley. a former penn state football coach facing child sex abuse charges. now two school officials are forced to step down, accused of lying to a grand jury to cover up the alleged crimes. a transfer of power under way at this moment in greece. the embattled prime minister agrees to step down in order to salvage that countrys bailout and prevent its debt crisis from infecting other nations, but are the markets ready to breathe a sigh of relief yet? when does hum...

Completely unsustainable. medicare and medicaid are growing at multiples of the rate of economic growth, and no program can grow indefinitely, faster than the economy is growing. they are wildly outstripping any sustainable path. and so some of us are suggesting, lets fix the problem. and lets milk these programs work for the people who need them, and they absolutely have to serve that purpose. but lets make them sustainable, too. theres another point of view that says look, just raise taxes, an...

homeowners to refinance high-interest mortgages at these rock-bottom interest rates. who qualifies? homeowners who have mortgages backed by fannie mae and freddie mac. you must be current on your payments. and youll now be able to refinance no matter how much you are under water on that home. this lifts a previous limit of 125% loan-to-home value ratio. the program also aims to streamline the refinancing process, please, and reduce and eliminate fees. im joined now by lynnette cox, bob...