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Safe to go back in the water, the sharks come out again. and once again, we are heading for a new fight about debt. we could be looking at government shutdowns, government debt ceilings and stuff. it's nasty. >> but in order to address debt, address deficit, do you have to make cuts, correct? >> you do. and you also have to raise revenue. >> and you have to agree on them. >> and start talking about entitlement programs. >> just checking. so there's nothing there. what i just read meant nothing in the long bill. >> the house passes a bill that will not pass the senate. >> a complete waste of ti...

Percentage of gross domestic product, a percentage of the size of the economy. if your economy produces ten bucks worth of stuff and tax five dollars, taxes are 50% of gdp. in 2011, tax revenues were 15.4% of gdp. to give you an idea how low it is before the financial crisis you had to go back to 1950 to find a year when taxes were that low. in 1950, there was no medicare, there was no medicaid, there wasn't a hawaii as one of the 50 states of the united states. for comparison sake, taxes under reagan were 18.2% of gdp. think about that next time obama is taxing the economy to death. taxes und...

Exposure of the government in the last year and a half. if you factor in what's going to happen sf the health care bill goes on line, we're watching it going to 26% of g.d.p. those aren't sustainable numbers. revenues have historically between 18.2% of g.d.p. it's projected they're going to grow to 20% of g.d.p. in the next two or three years. if we can get our spending back down to its historic levels, then we can close this gap. and we can start to reduce the deficits and reduce the debt. but this really is a spending program primarily. and the numbers reflect that. >> take a listen to rober...

That will raise the dividend tax and raise the income tax. all taxes are negative as far as creating jobs in the economy; particularly, during a recession. why in the world they would allow the tax cuts to expire is beyond me. this is idiotic economics. this is not -- when you say most economies, in all due respect, you're wrong. you don't even recognize chicago school of economic friedman. you think every guy following keynses was a genius and most were morons. >> actually, most economists do agree with the keynesian approach, put money in the economy. >> liz: you say all tax cuts hurt the ec...

Like the energy efficient l.e.d. lighting maker mr. obama visited today created two-third of new jobs in the last 15 years. the white house says the two recent small business stimulus proposals should appeal to republicans and are a test of whether they're interested in bipartisanship. republicans say the president's budget calls for spending hikes, long after the congressional budget office feels the xy could have recovered. >> revenues will get back above their historic norm, which is 18.2%. that's historic norm. they get up to 20%. fairly soon. as we get out of this recession. but spending ...