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Detailed text transcripts for TV channel - FOXNEWS - 20100912:22:23:00

This is the longest recession since the great depression. the longest period of really severe unemployment. he has no answer for the unemployment. chris: let aousk you another aspect of this, though. if you extend as you want, as the republicans want, all the bush tax cuts that is going to blow a $3 trillion hole in the deficit. i thought your party was so concerned about debt and the deficits? if you have a 16-year-old with a credit card who doesn t think the bill comes to you will charge more. the president increased the size of government since bush left office. s john boehner proposed let s go back to bush 2008 budget inand safe $1 trillion by not spending the money. when we balanced the federal budget in the 1990s which we did for four years we controlled spending and cut taxes simultaneously and w reformed government. chris: taxes were higher in the 1990s than they are now because you have the bush tax cuts of 2001 and 2003. what about the argument i ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100912:22:06:00

That s what we need to do. it s a little unfair of you to characterize the vice president that way. chris: i must tell you, i think most people thought when the vice president talked about the summer of recovery, he wasn t just talking about recovery jobs. i think he was talking about the economwas to recover. let me ask you about that. you say the stimulus has saved or created millions of jobs, correct? es. chris: but the fact it s not just we who say that. the non-partisan congressional budget office and most private forecasters say we would have millions more people out of work if we did not have that.th chris: the fact is you by you i mean the administration hasn t counted the jobs.ha that s simple economic model you have taken the amount of ip money ent and multiplied it by tf he historic numbers as to what an amount of money creates in terms of jobs. the only actual if i may and then you can answer my question the only hard number we know no ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100912:22:08:00

We got a strong head wind from the financial crisis in europe, which affected the world s recovery, not just the united states in a negative way throughout the summer. we need targeted jobs policy that are going to help stand up the private sector and get the growth rate higher and get people back to work. that s what we need. chris: i ll get to those in a second. i want to focus on t centerpiece of the economic dey te, the political debate is fall, likely to be the bush tax cuts. the president says tt republicans want to hold the m tax cuts for the middle class hostage. until they get also the tax cuts for the so-called rich. i want you to take a look at some numbers that we put together. 50% of small business income thomes from the tax policy center and joint commission of taxation. 50% of small business income would be hit by raising taxesca on the so-called wealthy. that s 900,000 small businesses that employ millions of workers.on ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100912:22:12:00

Budget chief, your former llcoafeague a couple of weeks ago saying we can t afford to raise taxes on anyone in the short-term and we can t afford not to in the long-term, because, if i may, the tax cut for the middle class is going to blow a $2 trillion hole in the deficit over tens. okay. you ve got two parts to that. the president strongly believes that you cannot after the decade of an astounding squeeze on the middle class, followed by the worst recession in our lifetime, since 1929. we cannot afford to raise taxes on the middle class. we should make that permanent. now there is broad agreement chris: $2 trillion even though it s going to cost money. can all agree to do that. what we cannot afford to do is pass $700 million additional dollars of tax cutsor millionaires and billionaires at a time where we re going to just borrow that money and all objective ofobservers say that is the least effective form of ....

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Detailed text transcripts for TV channel - FOXNEWS - 20100912:22:49:00

I got a couple of questions. is congress going to ss any of it? will it help the economy if it did pass and will it help campaign in the fall? three questions. whether it passes, i think it s unlikely it will pass. although there are a lot of things would pass in a heartbeat if a republican president opposed them. a lot of perennial chris: the campaign, for 2008. right. expensing and the r&d tax credit are all republican supported proposals. whether it will help the economy, big debate among economists. some think it s a good idea. although if you don t think there is a market for your goods and demand for your goods u probably won t inequipment or hiring regardless of the tax brks that s the alternative view. probably a good thing to do over time. the third question, the political question will it help democrats, yes. to a small extent. it gives them something else to talk about. it gives them a new plathey can go out and talk about, t ....

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