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Spending in the near term. thats why his budget proposal does things like cut $400 billion over 10 years to reduce spending, to get not just spending but the deficit, which is very important. but he also understands that there needs to be a conversation about a long-term debt and that needs to be, as he said, an adult conversation where reasonable people from both parties, sit down and talk about this major challenge that we face and ways to deal with it. i think that needs to be, if were going ...

Same period or four times what the president is proposing. and it did it by very aggressive action. not only on the discretionary side, where they suggested more significant savings than what the president has proposed, but also on the entitlement side which is where most of the spending occurs. 60% of federal spending is entitlement spending, only 50% is nondiscretionary. if youre going to fix the deficit problems, youve got to go where the money is, and thats in the entitlement accounts. >> wh...

Or on the other side mcgovern in 72. >> eliot, what theyre talking about is sound policy. theyre talking about no more sending. >> right. >> no more debt and deficit, lower taxes, growing the economy through small businesses and entrepreneurs and not government programs. >> okay. lets talk about this. all of those are things that sound good. but i want -- you raise policy. >> they sound good because they are good. >> people know i love policy. i want to sort of drill down to see what those words...

What zones does president obama have to -- i guess stroke. >> lawrence, george will was discussing the marriott hotel. >> no, he wasnt. he was taking about state of the union we are done with the marriott thing. >> okay. the future is the biggest e rojinous zone in the american psyche. its what barack obama will focus on in terms of economics. the current situation both in terms of joblessness and home foreclosures and so forth is pretty grim. the president is going to have to refrain the discus...

Thing, guys. >> okay, the biggest erogenous zone in the american psyche. its whats president obama is going to focus on in terms of economics because the current situation in terms of joblessness and home foreclosures and so forth is still pretty grim. and the president is going to have to reframe the discussion about who can see to our long-term economic future. aides at the white house point me the other day to a speech the president gave in north carolina in december as kind of the template i...

You describe, saying, look, we have to stay xpetative. you have countries like china and india growing so quickly, spending that kind of money on education and innovation. we cant let this country be left behind. ill have to double check it. peggy be think hes used that metaphor before. >> hes used it. >> never mind. >> back in december of the middle of the tax cut fight he gave a speech in north carolina that is actually the template for what they want to argue in terms of the economic policy t...

Like he was from another planet. i never heard him -- you rarely heard him swear. usually telling a joke. i never hear him gossip about anybody. who doesnt gossip about people at work or whatever? not him. he just wouldnt do it. >> what was going on in the room when he was alone? what was ronald reagan like when he was in the room alone? >> and he was guy who, i think, was creating his narrative constantly, his own personal narrative. he was creating particularly in his younger life the template...

Think its beautifully written. you write in the book -- maybe your mom is disconcerted by it. let me ask you about this. is it a different kind of strange, a whole new kind of strange. look, that is something people who are right-wingers, far to the right which isnt hard to be are wondering what do you mean by that a new kind of strange? >> when you say the word "strange" people go to the kind of dark, creepy side. it was the opposite of that. he was too good in a way. like he was from another p...

>> when you say the word strange people go the kind of dark creepy side. it was the opposite of that. he was too good in a way. like he was from another planet. i never heard him -- you rarely heard him swear. usually telling a joke. i never hear him gossip about anybody. who doesnt gossip about people at work or whatever. not him. just wouldnt do it. >> what was going on in the room when he was alone. what was ronald reagan like when he was in the room alone? >> and he was guy who, i think, was...

You accumulate assets above $5 million youll pay a 35% tax. finally, with regard to what the president just said about blaming the republicans and democrats, what democrats and republicans ought to be rallying around now is something youve been talking about on this show and others as well. how do you reduce the long-term debt. there are two types of debt here. one, the debt accumulated to try to get us out of this crisis that we face. and, two, the debt were accumulating because of entitlement ...