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The right of me in terms of deficit. yet at the same time, we have to understand that we have to do two things. we have to grow our economy and control our spending. some people love to make sure that we don't cut the rates enough to create that economic growth but they forget the spending part, neil. you have to do both. i've had a number of great discussions with moderate democrats on tax reform. the devil will be in the detail. this is all about give and takes. it's about giving back to the american taxpayer and taking some of those special interest loop holes away. this plan does that. we'...

Critical way that we're targeting relief to working families. in addition under the frame work, those caring for the elderly loved and we love these people, but we're caring and we take such care of the elderly. other adult dependents will receive financial relief in the form of a $500 tax credit. [applause] we're doing everything we can to reduce the tax burden on you and your family by eliminating tax breaks and loop holes. we will ensure that the benefits are focused on the middle class, the working men and women, not the highest income earners. [applause] our frame work includes our

Their estimate. they're looking at an incomplete tax reform proposal. the president has made it clear, it's congress and our constitution that decides that we will introduce and draft the complete bill. that's what we'll do it. i'm confident at the end of the day between economic growth and better jobs and better paychecks and eliminating exemptions and deductions and loop holes to lower the rates, at the end of the day we can move this towards a balanced budget. >> neil: that would have to be a lot of exemptions and loop holes. i understand what you're saying. the numbers are all over the map...

Under bush. not a lot of evidence of that. now, that said, american taxes are high compared to the rest of the developed world. we look at 35% tax rate, much higher than most european countries, certain asian countries. the president is trying to get it down to really the real rate that most corporations pay is 19% with all the loop holes that we have. tan that's the big question here. okay, let's get it down lower. but can we close the loop holes and make sure that this plan doesn't raise the federal debt too much. >> you know, dana, a few times today the president said we have the votes to p...

Out of the white house are not across the board and everybody gets their taxes caught, would you be disappointed? >> i would. here's why. it's incredibly important, i think, that we close loop holes, illuminate special provisions and lower tax rates on every american. it's very important for growth in the economy, but it's as important today for growth as it was when president kennedy and president reagan working a bipartisan way delivered those same type of tax relief provisions as well. >> neil: if i'm reading the press right, you might be disappointed. the upper income won't be part of it. ...