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We're becoming greece. >> the country will burn. you know what the u.s. did not become? greece. you know why we did not become greece? because we are not greece. it's a tiny economy that doesn't control its own currency and can't raise taxes on its people because they won't collect. we are the languagest economy the world has ever known. we control our own currency. you know what that currency is? the dollar. the currency the rest of the world relies on. we're not part of the euro, which is at the core of greece's problems, here's one more reason we're not greece. we're running a much lower de...

Trillion in debt that puts us on a path to becoming greece. the country's going to burn. >> what's calamitous is that we're becoming greece. >> the country will burn. you know what the u.s. did not become? greece. you know why we did not become greece? because we are not greece. it's a tiny economy that doesn't control its own currency and can't raise taxes on its people because they won't collect. we are the largest economy the world has ever known. we control our own currency. you know what that currency is? the dollar. the currency the rest of the world relies on. we're not part of the euro...

The president has to give and go to thenate bill for 20% tax and gain and dividends. the next place and big one is how you deal with deductions then, reforming that. my idea is capping all of them at 28%. let the deductions stay the same. take deductions but you can't lower tax rate below 28%. no matter how many you take. decent idea. top tier. democrats might go for it. >> this isn't an attempt to get more revenue. if you raise top rates back to where they were under clinton you can get $462 billion. if you do what joe suggested top rates you can only deduct 28 cents of each dollar that

Building on the savings that both parties agree to last week. that step alone will save us $750 billion over 12 years. >> well, there is a little bit fuzzy about that math. here is why. $38.5 billion times 12 comes out to only $462 billion. i'm not sure how mr. obama came up with $750 billion. fuzzy math i guess. number two, cut defense. the president applauded $450 billion in defense cuts in the last couple years and said he can make the savings again. do i need to remind you about libya, iraq, afghanistan, al-qaeda, taliban, shoe bombers, underpants bomber, mailbox bombers. cut spending now?...

$462 billion. not 750! he doubled it. peter, i'm trying to figure out how we save a trillion dollars in obama care? >> is there a back up? do we see anything? >> there is nothing! it's just numbers. the closing tax loopholes, itemized deductions, a trillion dollars? these numbers are all smoke and mirrors. there is nothing concrete. the only one was defense spending cuts. that's the only one. by the way, three wars, taliban, al-qaeda want to kill us, is that the time to cut the spend not guilty defense? sorry. >> gretchen: all right. we'll look forward to your show -- >> no, no, i'm the host f...