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Times," the senate plan calls for nearly $1 trillion in new taxes, modest cuts in government spending but leaves the government with $566 billion in annual deficits over the next ten years. the house plan balances the budget by 2023 with big cuts in domestic spending and major changes to medicare and the tax code. charlie rangel, new york's most famous congressman, is here with me. former chair of the house ways and means committee. start with the chasm between the two plans. is there room for compromise at all between the senate and house plan? >> the major difference is that, obama and most ...

>> a lot of interaction, that budget battle goes on. the president is heading back to meet with senate republicans and house democrats. just one day after the house budget committee approved paul ryan's blueprint plan which would balance the budget in a decade. patty murray released a plan which would cut annual deficits, but leave the country with a $566 billion shortfall after ten years. this while that back and forth continues on another issue, the white house tours. who exactly is to blame? the president said during an interview, it wasn't up to him. and inconsistent response from that of ...

>> bill: uh-oh. that might be me. i don't think american power is back. how can it be when you have massive debt, chaotic government in washington and no entitlement reform? how can it be? one more thing, medicare spending stands at $566 billion this year alone. 566 billion. if you take medicare off the table, we might be getting some control over the budget. how would you do that? well, you make changes. you factor in wealth and age and raise a little bit of the age, you know. if you are making a lot -- you have a lot of cash, don't lose quite as much and add 3% national sales tax for everybo...

>> bill: uh-oh. that might be me. i don't think american power is back. how can it be when you have massive debt, chaotic government in washington and no entitlement reform? how can it be? one more thing, medicare spending stands at $566 billion this year alone. 566 billion. if you take medicare off the table, we might be getting some control over the budget. how would you do that? well, you make changes. you factor in wealth and age and raise a little bit of the age, you know. if you are making a lot -- you have a lot of cash, don't lose quite as much and add 3% national sales tax for everybo...

>> bill: uh-oh. that might be me. i don't think american power is back. how can it be when you have massive debt, chaotic government in washington and no entitlement reform? how can it be? one more thing, medicare spending stands at $566 billion this year alone. 566 billion. if you take medicare off the table, we might be getting some control over the budget. how would you do that? well, you make changes. you factor in wealth and age and raise a little bit of the age, you know. if you are making a lot -- you have a lot of cash, don't lose quite as much and add 3% national sales tax for everybo...