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Right now a guy making $3 million at one end of the hall managing a hedge fund pays 20% and the guy at the other end of the hall making 3 million managing an insurance company pays north of 35%. that's dumb. we need to come together in the moderate middle and have a balanced approach that fixes loopholes and gains some revenue but continue to focus atgeting at the waste that tom cow burn and i agree about. >> chris: running out of time. i want to talk about a couple of ore issue. the nomination of chuck hagel to be defense secretary comes up this week. senator mccaskill, you voted for hagel in...

President on actually recognizing what the problem is. and the problem is an excessive bloated big federal government that is highly inefficient and highly ineffect. >> chris: senator mccaskill isn't there a danger here for democrats. not a cliff, not like the debt ceiling where we immediately go into default. it is only going to be about $44 billion of cuts in the rest of this fick year and they will happen rather slowly. isn't there a danger for republicans people won't feel the pain and they will say you know what, we can shrink the size of government? >> i think that there is several dange...

President on actually recognizing what the problem is. and the problem is an excessive bloated big federal government that is highly inefficient and highly ineffect. >> chris: senator mccaskill isn't there a danger here for democrats. not a cliff, not like the debt ceiling where we immediately go into default. it is only going to be about $44 billion of cuts in the rest of this fick year and they will happen rather slowly. isn't there a danger for republicans people won't feel the pain and they will say you know what, we can shrink the size of government? >> i think that there is several dange...

It's purely entitlements. no taxes anywhere. a guy making $5 million a year, his taxes should not increase. and we're going to solve a problem in this country with an attitude like that? >> mr. buffett's not going to pay a dime in taxes. that's what we're talking about here. >> to solve this fiscal crisis without taking any, any revenue at all. >> taxes doesn't solve the crisis at all. that's the misleading statement. all these sides are making that somehow it's a taxing problem. it is not a taxing problem. >> congressman, i understand that completely. you know, you raise taxes. you fund the g...

Paying what the second or highest tax bracket is, meaning the buffet rule the president came up with, which i'm not crazy about, i don't see how you implement it, but there's ledge placey to it, a guy making $12 million ought to at least pay what a guy is making $250,000 a year? >> congressman, thank you for your first point which was that he has paid all his taxes in full. >> okay. >> legally. he's followed the rules. >> wait until see we the rest of the returns we'll have a better sense. should he be paying more? >> the taxes that were released 2010 and 2011, they showed that the governor pa...