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Middle class lives. and the president has put his money on both. there's significant deficit reduction. $4.4 trillion over 12 years. but at the same time the president has said that we are not going to do certain things that some on the radical right would like be done. let me name three major differences between the president's proposal and, say, the ryan proposal. first, we don't believe in ending medicare. or making medicare so fragile that a senior citizen can't exist on it. second, we believe that there are certain programs that have to grow. for instance, we have to continue helping kids...

Schumer, chairman of the senatorial campaign committee. senator, thank you very much for joining me. the reaction has been pretty intense today to the president's speech. what was your view? >> oh, i thought he hit it out of the park. the president laid out a vision for america that just about every american can accept. we know we have to cut the deficit. the deficit is a real problem. but at the same time, we know we have to grow the economy and increase jobs and increase middle-class lives. and the president has put his money on both. there's significant deficit reduction. $4.4 trillion over...

It. second, we believe that there are certain programs that have to grow. for instance, we have to continue helping kids go to college. we have to make our schools better. we have to build modern infrastructure. and we have to continue scientific research. and, third, the president believed in shared sacrifice. the republican proposal actually lowers taxes on the multimillionaires, who really don't need these government programs. they can afford college pretty easily for themselves. we say no, there should be shared sacrifice. everyone's going to have to give a little. and you don't lower taxe...

For instance, we have to continue helping kids go to college. we have to make our schools better. we have to build modern infrastructure. and we have to continue scientific research. and, third, the president believed in shared sacrifice. the republican proposal actually lowers taxes on multimillionaires who really don't need these government programs. they can afford college pretty easily for themselves. we say no, there should be shared sacrifice. everyone's going to have to give a little. you don't lower taxes on multimillionaires to 25%, the low effort level since herbert hoover, if you wa...

Lot of money. they want the states to take over that. there's a provision to lower the top tax rates to 25% and end a lot of deddeductions. there are a lot of provisions in it. one thing about the ryan proposal is really massive and sweeping, that's the notion of what this really does is stake out the ground where the debate begins. because as you know, any negotiation, that matters. >> the idea that it's going to stake out the ground? david, it does -- >> i'm sorry, i didn't understand that was directed to me. it's a bold bid, and there's much of it that i disagree with. but we've been waitin...