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Another big spending bill that president obama signed shortly after that. like i said this is not actul math. this is a number that i think he thinks sounds good. >> gretchen: he said two wars gone and we had to pay for them. and he said that tax cuts that we did not pay for and stimulus, i guess he would say that the country faced a fiscal cliff, do you agree? >> no, the tax cuts and wars all happened in the bush term. in 07, you are running a 161 billion deficit and then blows out a trillion in the obama years and the affect of all of those policiless had taken place. and the big change if y...

Thing to be a part of the bush administration and to bring up the bush years in the current environment. what do you say to that? >> i was fortunate i guess to be part of some good fiscal discipline the budget that i proposed it was a balanced budget. can you believe that? 5 year balanced budget. it was hard to put it together. in 2007 the deficit was one 8th of the deficit today. it was 161 billion i would love to have those times again. unemployment was 4 and a half percent. i did leave to go home prior to the financial crisis. that's when frankly the revenues went down and spending went up....

The deficit in 2007 before the calamity was $161 billion. now it's about $1.3 trillion. the difference is a lot of stimulus. so the question, jared, is how much more money are we willing to borrow from the chinese to do this? >> i can speak to that. this is interesting and important. >> we don't even need to be here, which i love. >> i'm going to get a little pedantic here but i'll try to do it painlessly. thei issue is not the level of the deficit, its change from year to year. if the big deficit is getting smaller, and it is, you actually have less fiscal stimulus in the economy. that's what...

Cuts that caused a bill deficit. during the two wars that were raging and the tax cuts fully in place in 2007, president bush had a $161 billion deficit about a 10th what have it will be this year. so we know that tax cuts, all things being equal don't cause a reduction in rev new and will cause an increase. our problem is spending. obama is addicted to spending. he knows nothing else. $5 trillion he has added and $6 trillion by the end of the year. the 10-year budget is a trillion-plus a year in extra spending. he is refusing to put his foot off the gas pedal and taking us over the cliff to f...

remember that, tied to the train track, helpless, her only hope is that she's rescued before she is flattened, destroyed, ripped to bits, like a penny on the train track. makes me think of the aflac ad. the government added another $60 billion to the deficit in june. so the grand total on money that we've borrowed so far this fiscal year is $904 billion. the real headline, though, is that that number confirmed that we are on solid track to hit a $1 trillion deficit for the fourth year in a row. well, the sky high numbers start to blur in this country. it's trillions here and trillion...