Page 44 - Budget Problem News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Long-term budget problem. >> in our remaining moment here, secretary paulson, i have to ask you about financial regulation, about bonuses on wall street. do you see real changes happening on wall street? are you frustrated by the level of bonuses we're seeing? >> well, you asked two questions. firstly, there's no doubt to really bear their own losses, but i would like to see that frustration, that anger channelled toward the regulatory reform. i just think that's very critical. and to me one thing that is absolutely essential is that we get strong resolution authority so that in the future any...

Gotten to the point in this country where spending is untouchable. i have no doubt that we have to raise taxes in order to close this huge deficit. but we cannot do it wholly on the tax side because that would significantly erode the growth in the economy and the tax base and the revenues that would be achieved would be far less than anybody expects. we have to recognize the fact that one of the things that we have to do, as tough as it's going to be, is that benefits are going to have to be pared in conjunction with tax increases to resolve this very serious, long-term budget problem. >> our ...

More than they are doing to try to rein them in? >> i think this year, you simply have to give the administration, by and large, a pass. it did inherit a very weak economy, it inherited programs that were intended to compensate for that, they're very expensive. the thing they own is the next ten years. so any administration can put whatever it wants in a budget. it controls it completely. so when you see this budget and look at 2020 and see a big budget deficit still ten years from now, when the economy is supposed to be recovered, when you see debt rising at remarkable levels, that's the part...

Heading into 2018? is this sort of a reset? >> it gives him a little momentum going in. and republicans needed that. they needed a large win. they hadn't won legislatively. so this kind of gives them a little bit of flrg goienergy go it. but also a lot of legislation happening. a budget problem that needs to be dealt with. there is daca. there is chip. all these things that have to be happen delved right now and that's not an easy way to start 2018 and he's taking a lot of different directions. >> you can plug anything out of that bucket. i'm going to ask about daca because the president tweet...

Latest updates on this topic from reliable sources.