Page 14 - 640 Billion News Today : Breaking News, Live Updates & Top Stories | Vimarsana

James getting a little ahead, we like the private economy. i'm going to pick tim cook. took over from the legendary steve jobs. instead, the company has kept rolling out new product after new product iphone after iphone, it's now market capitalization is $66$66$640 billion. it's great to see an american company can still show the world, lead the world in innovation, even in consumer products. you guys all have one, don't you? >> no. >> you don't. we have to get henninger something -- >> i got mocked for not having one. >> still typing on my blackberry. >> remember, if you have your own winner ...

To grow the economy. now, you talk about increasing tax rates, we've just been through a great big tax increase in january of this year. we raised taxes at the president's request and the republicans went along with it. by $640 billion. so the question is how much -- what's the amount? all of that has to be negotiated but you can't just say that we will do an equal amount of entitlement restraint for an equal amount of additional tax increases. we've already raised taxes this year by $640 billion. these are all things that need to be negotiated and, yes, hopefully there will be some way to neg...

When we were debating in the last time in 2011, we actually -- that's how we got the sequester, tsa how we got the spending caps x. let me say this, that those caps are actually working. you know, we're so much doom and gloom sometimes talking about the budget, a little bit of good news is that the budget has actually fallen as a result of that sequester, and the deficit is going to be half as big as it was three years ago. bill: that may be true, but the cbo will conclude this, this year alone the united states will spend $640 billion more in taxes than it takes in. >> that's right. bill: and...

In a recent article in the new republic your budget would eviscerate departments of energy, state, commerce, fda, education and many others. would you say that americans support that? paul's answer was people want to say it's extreme. extreme is a trillion dollar deficit every year. that's an extremely bad situation. you know this better than me. we don't have a trillion dollar deficit this year. in fact cbo estimated that we have a $640 billion deficit, which is considerably less. >> the deficit is somewhat taking care of itself because the economy is getting stronger. tax receipts are going ...

Current projection for defense spending in 2014 without the sequester. $640 billion. with the sequester, the pentagon loses about 47 billion. 7% of the its budget. leaving 593 billion remaining for defense. let's talk about it with a couple of people who know this issue very well. california congressman buck mckeown, republican and chairman of the armed services committee. washington congressman, adam smith is the committee's ranking democrat and congressman smith, we'll start with you, because you have introduced a bill to rearrange the way the sequester money gets allocated? >> there are sev...