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I'll say one other thing. you know, we went into this, if you think back a few weeks, thinking we were going to have major tax reform. this was going to be an opportunity like 1986 to overhaul the tax code and get rid of all these loopholes. i think that prospect has faded dramatically. we may end up capping deductions as a way to raise revenues or something like that. but the notion of going in and doing a wholesale rewriting of the tax code which would be wonderful just does not seem within the political reach of these groups. >> to that point, i want to ask a question, it would be great of ...

Now senator bob corker say they will ignore the decades old pledge that was signed by 241 house members and senators. he says he believes it is a huge game-changer. >> when you're $16 trillion in debt the only pledge we should make to each other is to avoid becoming greece. republicans should put revenue on the table. we're this far in debt. we don't generate enough revenue. capping deductions will help generate revenue. raising tack rates will hurt job creation. bill: this is the heart of the matter. stuart varney, host of "varney & company". morning to you, sir? >> this is a real shift. one ...

Instance you can hear the hum in the air at their distribution centers as they gear up for what they hope will be the 50th day of the year. president obama helped juice retail members themselves with christmas shopping at a virginia book store. this morning the white house is warning what could happen with retail sales if government spending and massive tax hikes kick in at the end of the year. it's something retailers have already been talking about shoppers are uncertain. >> it's the leading headline of the day. they are definitely thinking of that. >> they are scaling back? >> they are not ...

Not mine. don't do it to me. >> bret: i mentioned before, mitt romney and paul ryan campaigned on this. they got hammered over not having the specifics on what kind of deductions they were going to cut out. this is mitt romney at the debate. >> my plan is bring down rate and deduction and exemption and credit at the same time so the revenue stays in and we bring down rate to get people working. >> bret: went on to say that capping deductions for upper tier. that is where we are not a surprise. >> they are in shocking disarray. the house republicans are more disciplined so that is why you don't...

Anti-tax increase. this time it's lindsey graham. >> when you're $16 trillion in debt, the only pledge we should be making is republicans should put revenue on the table. we're this far in debt. we don't generate enough revenue. capping deductions will help generate revenue. i think grover is wrong when he says we can't cap deductions and buy down debt. what do you do with the money? i will violate the pledge only if the democrats will do entitlement reform. >> publisher and former pennsylvania governor ed rendell. hello, guys. good to see you both. >> and to you. both of you. rich, your party...