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>> happy new year e when you hear the president saying that when he was candidate obama in 2008. does it outline the necessity-- this time around it's flip no flopped. >> over the last hour years the democratic congress and the president has raised spending over a trillion dollars and not half of that was necessary for inflation or a more elderly population. and this is absolute hypocrisy. >> so the public debt right now. take a look at this, 43.4% since president obama's inauguration and that's 4.6 trillion dollar increase. i mean, as an economist, peter, when you look at these numbers and yo...

With the next raising of the debt ceiling. welcome to the show. >> happy new year e when you hear the president saying that when he was candidate obama in 2008. does it outline the necessity-- this time around it's flip no flopped. >> over the last hour years the democratic congress and the president has raised spending over a trillion dollars and not half of that was necessary for inflation or a more elderly population. and this is absolute hypocrisy. >> so the public debt right now. take a look at this, 43.4% since president obama's inauguration and that's 4.6 trillion dollar increase. i mea...

We know that the two both the debt crisis and the unemployment crisis are related. and so that is something that congress would have to debate. i mean the good news, if, if there is no agreement, the nation is still going to end up with what republicans said and that is there will still be a dollar of spending reduction for every dollar increase in the debt ceiling. now, it is going to be 1.2 trillion, perhaps the dumb way as opposed to 1.5 the smart way but the bigger tragedy is we have an unsustainable debt that is threatening our national security, it is threatening our jobs. frankly, it is...

honest with ourselves is that we have a political culture that doesn't seem willing to make the tough choices to move america forward. we have a willingness to play partisan games and engage in brinkmanship, that not only costs us in terms of the economy now but also is going to place a burden on future generations. and the question is, can we break out of that pattern? can we break out of that pattern? think about it. we just went through this debacle with the debt ceiling, an entirely self inflicted wound. it wasn't something that was necessary. we had put forward a plan that would...

progress. democratic senate leader harry reid and republican senate leader mitch mcconnell on the senate floor moments ago. look. >> today the speaker republican leader held a press conference to announce they're in talks with the president and that a bargain to raise the debt ceiling is in the works and is close. in president, members of the senate, that's not true. i just spent two hours with the president, vice president, and leader pelosi, and it's fair for me to say that the engagement there is not in any meaningful way. the speaker, republican leader should know that merely say...