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More than $4 trillion in cuts over the next decade, major revamping of medicare and medicaid. is it good policy, and is it good politics? >> i think it is both. he'll get criticized from the left and right. a republican study committee, the conservative house -- more conservative than paul ryan will unveil a budget that gets the balance within the decade and, paul ryan said, we're in such a hole, making major reforms you do not want to affect people currently on medicare, grandfather them, you don't get the balance within the decade and, jim jordan, wants to unveil a more drastic reduction and...

>> thank you. senior political analyst brit hume joins with us historical perspective on the politics of debt. good evening. >> hi, bret. 25 years ago when congress was locked in a fear debate about the rising budget deficits of the reagan years, conservative house member newt gingrich derided his fellow republican senator bob dole as the tax collector for the welfare state. a sign of the time. deficits were trifling compared to today and the debate will be on about what to do about them. what drove gingrich's characterization of dole is tendency of some republicans with mushroom spending on b...

>> thank you. senior political analyst brit hume joins with us historical perspective on the politics of debt. good evening. >> hi, bret. 25 years ago when congress was locked in a fear debate about the rising budget deficits of the reagan years, conservative house member newt gingrich derided his fellow republican senator bob dole as the tax collector for the welfare state. a sign of the time. deficits were trifling compared to today and the debate will be on about what to do about them. what drove gingrich's characterization of dole is tendency of some republicans with mushroom spending on b...

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