Page 49 - Spending Side News Today

Expect a bad day at wall street tomorrow? >> i would expect a lot of volatility. it is all about uncertainty, chris, that is the big issue. we just dont know and have to see how the markets react. >> chris: i want to get to the central question which is at a time when growth for the first quarter of this year was less than 1% in the first half of the year what can and should washington do to boost the economy? mr. miller, let me start with you. the debt deal that was signed this week and lets pu...

Stuart varney from the fox business network. i dont know where to start on that thing. i mean, per second 126 grand? >> look, youve laid out the history of our spending and accumulation of debt binge. the point is as of right now its getting much worse. this accumulation of debt and the spending has gotten much worse just in the last couple of years. for example, on the debt side of the equation we had, we now have a deficit which is ten times lance larger this year than it was in the year 2007....

Part of those that are saying that you will not vote to lift the debt ceiling unless in fact there is app agreement on the cuts you are talking about in terms of the spending cuts? >> where im at is we need to cut spending. we are being honest with the american people because the debt crisis a national security crisis. we need to be honest with the american people. what im hoping for, we sent a package out of house to hope the senate has a debate. where you disagree, send it back to us. >> congr...

We are being honest with the american people because the debt crisis a national security crisis. we need to be honest with the american people. what im hoping for, we sent a package out of house to hope the senate has a debate. where you disagree, send it back to us. >> congressman reid, will you vote -- will you vote to raise the debt ceiling without those cuts that you propose being met? >> if we dont deal with the underlying debt by addressing the spending side of the equation we are going to...

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Do for the american people. he made it clear hes willing to go into areas that hes not in the past been comfortable going into, and others will have to do 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 presi...

Tone. we didnt hear about corporate jets and millionaires and billionaires in the country. its late for the president. mika, they have to drop the taxes off the table unless they talk about dropping rates. they are not going to get it. theres no sense in talking about it and talking about it. i think they can get a short term deal. my guess is we are almost beyond the point to get a long-term deal. >> they are not going to get a deal from the democrats without something on the tax and revenue si...

Percent, thats $50 billion more on debt service. so its -- its not hard to convince yourselves that republicans are, you know, deeply hypocritical on debt and deficit. one thing i always like to remember, these are the folks that voted for the paul ryan budget, which unquestionably implies a $6 trillion increase in the debt ceiling. so its really hard to get your head around this. i dont think the theater is costless at this point, though. >> sally, i wanted to talk to you a little bit about whe...

Dealing with the deficit, so why is that so crucial? >> because if you want to get to a sustainable fiscal path exclusively on the spending side, you have to cut so deeply into programs that protect retirees and programs that provide health coverage for the vulnerable, and you will be looking at a government that is a deeply gutted in areas of helping vulnerable people, and training and infrastructure and it is a great question, ezra, because we get into the discussion of revenue should be there...

On the talks is senator and budget committee member michael crapo. thank you for coming in today. >> thank you, shannon. >> shannon: you heard the tail end of dougs report there, the fact that both sides seem so dug-in at this point, do you see a light at the end of the tunnel? >> i see a pathway forward if we can get out of the paradigm were in now. if you nets what is said, were in the age old battle of should we raise tax on the rich or cut spending to help the poor? the gang of six or five a...