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Tax cuts, but what represented a big tax increase and closing of a number of loop holes that this president has taken to mean that the gipper was for raising taxes. but he closed loop holes because reagan thought it was a sin to use that to avoid paying taxes. do you think that closing loop holes and getting rid of credits and allowance. >> not if it is revenue neutral. that is the key. when i heard about that. we were in japan for an economic summit with the president and someone called and said they have a deal and take the top rates from 50 to 28 percent and i yelled take it. i said tell th...

Able to pay for this by closing loop holes and by those that have benefitted the most to do their share. so the republicans have kept this whole argument going, saying how do we pay for this? you are saying we can pay for it by dealing with corporate loop holes and by everybody paying more of their share in the economy? >> absolutely. as i said a moment ago, the president will detail all of that in the bill that he will send up to congress next week and this evening he will call on them to act and to act now. everyday that goes by, this this legislation isn't passed, is another day we are not ...

Democrats are using ronald reagan from the '80s and everything else they can think of to try to convince republicans that defaulting on the national debt would be bad. think about that for a second. on the house side, the conversation could not be more basic, economy blow up, bad thing, america sad if economy blow up. economy blow up, no. why -- while that is the level of discussion in one-half of washington, would you like to explode the economy? think twice. that's where we're at with one-half of washington, but the other half of washington is sort of pretending that that's not really happen...

In half of washington, the democrats are using ronald reagan from the '80s and everything else they can think of to try to convince republicans that defaulting on the national debt would be bad. think about that for a second. on the house side, the conversation could not be more basic, economy blow up, bad thing, america sad if economy blow up. economy blow up, no. why -- while that is the level of discussion in one-half of washington, would you like to explode the economy? think twice. that's where we're at with one-half of washington, but the other half of washington is sort of pretending th...

Everything else they can think of to try to convince republicans that defaulting on the national debt would be bad. think about that for a second. on the house side, the conversation could not be more basic, economy blow up, bad thing, america sad if economy blow up. economy blow up, no. why -- while that is the level of discussion in one-half of washington, would you like to explode the economy? think twice. that's where we're at with one-half of washington, but the other half of washington is sort of pretending that that's not really happening at all in the house. the other half of washingto...