Page 93 - Spending Problem News Today

jessica yellin is at the white house tonight with what her sources are telling her. jessica, what have you heard from these differing accounts? >> reporter: anderson, democratic sources say that bottom line is that the president was schooling the crowd in the room when eric cantor changed his position. all along eric cantor as you have said, the house majority leader, had endorsed doing a deal that did reduce the deficit. and that had some of these vary krause components we talked abou...

Before we bump up against the debt ceiling on august 2nd. the president says he and congressional leaders, because of the short time period, will meet every day until they reach a deal. talks here today got underway an hour ago but just because they are talking does not mean they are compromising and president obama says it will take compromise on the issue of additional tax revenues if there will be an agreement. >> i do not see a deal if they dont budge. period. if the bake proposition is it i...

Been clear. >> there was never an agreement for tax rates to go up in a discussion from the white house. not once. >> today, the chairman of the senate budget committee, democrat, agreed with republicans that washington spends too much, highest its been as share of gdp in 60 years. >> yes, we have a spending problem. but not exclusively a spending problem because the revenue of the share of g.d.p. is lowest its been in 60 years. >> conrad said both must be addressed. despite sounding like the tw...

This committee. and even when the president starts about raising taxes, the american people are saying, no, we dont have a revenue problem, we have a spending problem. so, if they, if the republicans cave, and i hope they dont, and go along with any kind of tax increase, we will see the double dip recession you brought up. >>neil: looking at the field and the fire you have igniteed, do you think sarah palin will want in? or texas governor perry? or giuliani is sniffing around, he could want in. ...

Washington has a revenue problem. its a spending problem. >> washington has a spending problem, not a revenue problem. >> we dont have a revenue problem. we have a spending problem. >> it does not have a revenue problem. it has a spending problem. >> well, work doesnt have a revenue proob, washington has a spending problem sirchlts now, they say that, because they want to protect their rich donors who would pay more taxes, for example, if you took away the tax cuts. but you know what the reality...

It will have to be a significant and credible deficit reduction effort and will have to standard -- standard & poors has to look at that and say, wow these guys are going to take us in a different direction and in order to get the votes to raise it. >> chris: you basically said what the democrats have to give in this and they have to agree, which is politically tough for them. to substantial cuts in domestic spending programs, including entitlements which they have resisted over the years, and w...

Now, not reducing it, just simply keeping it from growing just through spending cuts. wed have to cut our spending by 35%. thats about $1.2 trillion or basically our governments entire budget for discretionary spending, including defense. now to achieve the same goal of keeping our debt where it is, just through tax increases -- forget about spending cuts -- the government would need to take in 50% more in tax revenue. bottom line is, it seems to me that we have to do both. it is simply not feas...

They are scared of spending cuts they may have to make. >> chris: as i discussed with two senators, republicans are putting new conditions on what theyll have to have to agree to increase the debt limited. you heard john boehner talking about, we need trillions in cuts. we need more in cuts than how much we raise the debt limit. mcconnell is talking about immediate cuts as well as long term cuts. are we getting closer to a deal or further away? >> i heard senator kyl a small ball is not a good s...

new york city. dominique strauss-khan was arrested saturday for allegedly chasing a housekeeper through his luxury hotel suite naked and trying to force himself on her. lets go straight to richard roth whos been following todays developments. richard, bring us up to date. >> reporter: randi, the proceedings have just concluded and basically, dominique strauss-khan, the leader of the international monetary fund, has been charged with sexual assault on a maid in a new york hotel in times...

Defaulted on the debt but are scared of the spending cuts they feel they have to make to get the debt ceiling raised. >> chris: republicans are putting new conditions on what theyll have to have to agree to increase the debt limit, and you heard john boehner talking about, we need trillions in cuts and we need more in cuts than how much we raise the debt limit an mcconnell is talking about immediate cuts as well as long-term cuts, and are we getting closer to a deal, or further away. >> i though...