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Proposal and lower in the senate gang of six proposal, revenues of 19.9%. taxes in both these plans, are frankly historically pretty low. but then that is why budgets are useful. they help us keep the two parties honest. joining us is peter orszag, currently vice chairman of global banking at citigroup. >> great to be here. >> you've done this work, you've sat in the oval office, if you sat down there and the president said we need to get spending to 17% of gdp, could you do it? >> virtually impossible. in 2020 or so spending is projected to be 25% of the economy, to get it down to 17% of the ...

Plans than the simpson-bowles proposal and lower in the senate gang of six proposal, which envisioned revenues of 19.9% gdp. taxes in both these plans are, frankly, historically pretty low. but then that is why budgets are useful. they help us keep the two parties honest. joining us is peter orszag, currently vice chairman of global banking at citigroup. >> great to be here. >> you've done this work, you've sat in the oval office. there are pictures as photographic evidence. if you sat down there and the president said, we need to get spending to 17% of gdp, how would do it? could you do it? >...

First of all, good evening, chris. what he was trying to do was play to the crowd. he's trying to appear to the social moderates and say i'm your candidate. support me. i think he was playing to the audience. as far as the welfare comment, unfortunately it's true. but the way the speaker said it was clumsy. we have a high african-american unemployment rate, 15.8%. the overall black male unemployment rate is 19.9%. we have a lot more folks who are of color who are unemployed than before this administration started. but his approach is clumsy. you shouldn't just say black folks need a job rather...

Or was it going on? >> well, with speaker gingrich, first of all, good evening, chris. what he was trying to do was play to the crowd. he's trying to appear to the social moderates and say i'm your candidate. support me. i think he was playing to the audience. as far as the welfare comment, unfortunately it's true. but the way the speaker said it was clumsy. we have a high african-american unemployment rate, 15.8%. the overall black male unemployment rate is 19.9%. we have a lot more folks who are of color who are unemployed than before this administration started. but his approach is clumsy. ...

Last night with the issue of food stamps? what was really going on in the conversation? >> well, with speaker gingrich, what he was trying to do was play to the crowd. he's trying to appear to the social moderates and say i'm your candidate. support me. i think he was playing to the audience. as far as the welfare comment, unfortunately it's true. but the way the speaker said it was clumsy. we have a high african-american unemployment rate. the overall black male unemployment rate is 19.9%. we have a lot more folks who are of color who are unemployed than before this administration started. bu...