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President continues to spend more, and when he wants to raise taxes, it s not to actually get the decifit under control, it s because he has more ideas on how to spend the money. and i said mr. president, it s not your money. gregg: but senator, there are some democrats who say wait a minute, you know, in terms of these tax cuts, especially among the rich, they don t really spend it and put it back into the economy, they save it, and so do others. so they say it s a kanard for you to say it s going to hurt the economy. well f. nothing is done, if congress doesn t act, and we wrote a letter to the president saying don t let this get into a lame duck session where people will make rushed decisions which won t be necessarily good decisions, if we don t act, taxes will go up on every american worker, period, come january 1st. so everyone is going to be hit with this. this will hurt the economy, and people are it s hardtory get people back to work in this country right ....
Which could be a difficult sell, we ll get to that in a moment, but your idea is to get rid of mandatory spending programs that are, quote, dysfunctional in the u.s. government. what would you get rid of in order to keep the defense budget where you want it? well, this goes back to when we passed the decifit reduction act last year and we saved about $900 billion out of spending. half of that came out of the military, even though they only account for less than 20 percent of the budget. half of the savings came out of the military. and then on top of that, the supercommittee the special committee, supercommittee, was supposed to find savings on the mandatory side of spending because if you eliminated all of the discretionary spending, we would still be running a decifit of about a half trillion dollars a year. so the real problem that we have to address is reforms in the mandatory spending programs. bill: let me just pick up on the point you re making. ....
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And the other is coming out inaccurate on the predictions you make of a complex global flow of capital all over the world. martha: they counted on a whole lot of revenue that didn t come into the coffers basically and we re joined by stuart varney, anchor of varney & company. very fired up governor jerry brown there. what went wrong in california, stuart? he delivered a huge shock when he raised the decifit estimate from $9 billion, to $16 billion. bottom line martha is governor brown s policy and polices his predecessors have flat out failed, they ve consistently raised taxes to try to bring in more revenue, the extra revenue didn t appear, they have massive decifits, and in the process of raising taxes, they pushed individuals, lots of middle class people, and businesses, out of the state. those productive people no longer pay taxes in that state. so down go the revenues. up goes the decifit. and you know, martha, it is the people of california who ....
President. when you talk about battle ground swing states, independents a ten-point decifit for the incumbent president. that s bad news for democrats. jenna: very interesting point to make as we take a look at these polls. you always remind us, the election is five months after. anything can happen. we mentioned this bruising primary battle. it doesn t look like it s going to get easier for either gentleman. how can that be sustained when we look over the next couple of months and how that might turn off or turn on swing vote sners. voters are going to have to put up with an awful lot of negativity in these ads. all the numbers suggest that both cants candidates have to define each other negatively, which means that romney will go after the president negatively and president obama will try to define mr. romney negatively. at this point, obama has, his first two ads came out negative, it s now running a positive ad, it started over the course of the week yen and it s meant to sort of ....