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Ronald reagan made a deal with tip o'neil. it was for tax increases and spending control. >> hurt republicans when they ran for office, didn't it? >> they got the tax increases. they didn't get spending cuts. he got the tax increases ch he didn't get the spending cuts. >> do you think it was a governing mistake. if he gets elected president, is he going to regret that? >> i think the crisis we face financially is so severe that all the discussion of finances last night, you can fergs. we don't have the money to expand the military. we don't have the money you have to overhaul sos to keep it so...

Business -- >> hold on a second. >> he takes a very different position. >> specifically talk about -- because when you came on the set, you were bothered that. >> his body of work is broader than the 10-minute interview. >> he is a great interview. i loved it. >> i think you can engage in short-term stimulus, long-term spending control. and you can go about providing a tax reform package that would encourage spending, job creation plan in the private sector. that's where i disagree with mr. krugman. i think he could emphasize that more. no disrespect to my friend lawrence. but at the end of th...

We are cutting tax rates and plugging loopholes so we get the same revenue we get today but believe we'll get better economic growth. you have to have two things. spending control, and economic growth. if the economy grows, that's the key secret. >> what i'm saying is i don't see enough significant cuts, not in the discretionary domestic spending. i think you go after that aggressively, but entitlements. i don't see enough long term discipline to save medicare. to save medicaid, to save social security. >> if you add up the savings it's $5.3 trillion in cuts. what we are saying is we can grand...

i'm christine romans. hurricane forecasters feeling the heat because the wrath of irene didn't live up to all that hype. and i'm carol costello. like a hurricane, rick perry stormed to the front of the gop presidential pack. the latest cnn polling gives him a double-digit lead over mitt romney. is the texas governor built for the long run? well, good morning. it is tuesday, august 30th. we are still dealing with the after effects of this hurricane. things for a lot of people starting to get back to normal. >> the river still cresting and could happen over the next day or two in s...

The budget. i brought a budget to the floor last year didn't pass that does that, reduces taxes and cuts spending. i think we should do this. that is not where this congress is going. what happened with the creation of this commission is the president sent congress a budget that is unsustainable and not credible. those are the words of the budget director and treasury secretary with that budget they said we'll have tough decisions to be made by this commission to report after the election. what i think it effectively does it gives politicians up here the ability to defer tough choices to not t...