Page 39 - Spending Side News Today

That as well. >> but he used that figure. >> but he also said that if we cant get the most done, then in addition to extending the debt, we should do as much as we can. there are a number of ways to get there. we aspire more -- >> but my question is on the number. if you get beyond $1 trillion and he still cant get any tax increases, the president said im not willing to cut more spending without having tax increases. >> well, what the president said was to do major structural changes on the spen...

So many corporations dont pay taxes in this country. there are a lot of loopholes out there. >> thats what both sides are talking about, to flatten the top rate, then close a lot of loopholes so we dont have a loss of revenue. theyre in support of that. >> give companies incentives to hire in this country instead of continuing to hire and manufacture goods outside of this country. martha, you said it yourself, we dont make anything anymore. look at the manufacturing data we got this week, abysma...

Second. im going to go to a break in a minute. i want to ask one substantive question, and that is, will the idea of caps on spending survive to get us through this debt ceiling issue, and then perhaps, an agreement on the budget? >> what the presidents proposed is a cap on the deficit and debt. thats what we are all interested in and need to address. >> republicans said you need to cap discretionary spending and then the cap -- >> its a question of balance. we want to reduce the deficit, involv...

Question, and that is, will the idea of caps on spending survive to get us through this debt ceiling issue, and then perhaps, an agreement on the budget? >> what the presidents proposed is a cap on the deficit and debt. thats what we are all interested in and need to address. >> republicans said you need to cap discretionary spending and then the cap -- >> its a question of balance. we want to reduce the deficit, involving spending cuts and the revenue increase. by saying spending, youre saying ...

Well in your district. so what is your position on it? >> from the very beginning, ive been against any changing of the medicare. i dont want anything cut there, and i didnt cut enough in the spending side. what we have to do is put men and women back to work. if we had everybody working. we could solve the social security problem, and we could solve the budget problem. put people back to work. get us out of the free trade agreements and wto and get balanced trade. if we had balanced trade, peop...

Economic doldrums over the past 20 years and to the extent they raised tax they were not successful and to the extent they did that on the spending side they were successful. the facts are out there. if we do something in the name of politics well do it but it will not help, really, assisting the economy. it may make people feel better because they think someone else is taxed more but the fact of the matter is, it is not the way to grow ourselves out of the economy. so, frankly, im not looking f...

Were hopeful well be able to converge by the end of this story, it is essential that we reduce the deficits in this country. lets be real that also involves dealing with the revenue side of the equation, not just the spending side. >> congressman, these kind of talks are normally referred to as budget summit meetings. weve seen these kind of things in the past where a full team of democrats led by the vice president say from the white house but also senate finance committee chairmans, senate maj...

Im not going to vote for any long-term extension of the debt unless there is a credible and serious plan to deal with the debt. >> chris: is a cap a serious plan? >> i dont know. i have not seen the details of it. i dont know how it works or if it would work. what i have to see is a comprehensive plan. i want to see the revenue system reformed. fundamental tax reform. i want toe see the spending side of the equation dealt with. look, we are right now we have the revenue of the united states is t...

But what i have to see is a comprehensive plan and i want to see the revenue system reached, fundamental tax reform and i want to see the spending side of the equation dealt with, and, look, we are, right now, have the revenue of the united states is the lowest it has been in 60 years, as a share of our economy and spending is the highest it has been in 60 years as a share of the economy and we have problems on both sides of the equation and they need to be addressed. >> chris: senator graham? >...

They have been off in case didnt know and the new battle is already brewing, the great divide over the debt ceiling and, federal spending. peter doocy reporting from washington. >> just because lawmakers went away for two weeks doesnt mean the clock stops ticking down towards the u.s. reaching its debt ceiling, because every day of the recess, we got closer to that, and closer. and closer. and, now members of both parties are back in town with democrats now acknowledging that something has to gi...