Stay updated with breaking news from 47 trillion. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Office said the federal budget would be if we kept all current spending programs in place and growing at their normal rates. so the president is increasing the rate of government spending. not reducing it, but increasing the spending. in fact if you compare the congressional budget office says over the next 10 years we would spend roughly $47 trillion under what is called current law. there is about a trillion dollars worth of gimmicks in there that the congressional budget office pointed to. so the real level of spending under current law is $46 trillion. that is what the president s budget calls for, $46 trillion. it is what the senate budget calls for, $46 trillion. the house republican budget is $41 trillion. that is 3 1/2% increase. the president and the senate democrats both want a 5% increase. they never as a result balance the budget. republican budget, by slowing growth rate to 3.5% balances in 10 years. here is the other thing. you heard the president talk about $1.8 trillion ....
$600 billion in new deficit reduction. now, in addition, i love it when the white house talks about the $2.5 trillion in deficit reduction so far. that ignores the $831 billion in new stimulus spending, the 24% increase in discretionary domestic spending in its first two years which about $555 billion in additional spending on the baseline. $1 trillion in obama care. $200 billion in the payroll tax holiday. and then several multiple unit unemployment insurance extensions. so the 1.8 should be the $2.5 trillion in deficit so-called deficit reduction doesn t take into account that it was more than wiped out by the additional spending the president put into the budget. that s the why we need to see numbers and when he puts out the numbers on wednesday, to see what the baseline of the budget looks like. if we had current policy, we would have about $47 trillion in spending over the next over the next 10 years. the senate democrat budget is $45 trillion in ....
The hill as a risk of another government shut down looms. what about that 800 bound gorilla that is being ignored. we ll debate this next. i think it s redick cuss cut -lg $1.3 trillion when we are going to spend $47 trillion of your money is a step too far. of course we need to do that. different companies. well, technically i work for one. ....
chris: senator corker, democrats and you just heard this sort of from dirk durbin but i heard it in more extreme forms from other democrats say it is more important to have economic growth than to deal with the national debt. your response? i think we should have economic growth and obviously we would like to see that happen and i think reducing the deficit helps cre create econoc growth. look, i think it is ridiculous to say that cutting $1.2 trillion over the next decade when we will spend $47 trillion of your money is a step too far. of course, we need to do that. and on top of that we need to build towards the entitlement reforms which obviously are creating the huge dent down the road. i think it was disappointing to all of us to have the president come in and talking the way that he is and by the way, i attend the dinner and have been on o the phone calls and met with the white house and appreciate the outreach. but in the midst of that to act as if this deficit issue is not ....
Democrats and you just heard this sort of from dirk durbin but i heard it in more extreme forms from other democrats say it is more important to have economic growth than to deal with the national debt. your response? i think we should have economic growth and obviously we would like to see that happen and i think reducing the deficit helps cre create econoc growth. look, i think it is ridiculous to say that cutting $1.2 trillion over the next decade when we will spend $47 trillion of your money is a step too far. of course, we need to do that. and on top of that we need to build towards the entitlement reforms which obviously are creating the huge dent down the road. i think it was disappointing to all of us to have the president come in and talking the way that he is and by the way, i attend the dinner and have been on o the phone calls and met with the white house and appreciate the outreach. but in the midst of that to act as if this deficit issue is not that important was a litt ....