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The biggest part of our savings is going to 2006 spending levels and holding that in the out years, where you really accrue savings and begin to turn the ship around, and put it on a sustainable fiscal path and that is the key because that will send a positive message to the markets and the one thing you have to have, to deal with the numbers we are talking about, you have to have economic growth. eric talked about this. you have to keep tax rates low and regulation that is reasonable, not excessive and get on the fiscal path, spending path that is sustainable. and you get economic growth and ...

Just raise the debt ceiling without some alteration on the spending path that we're on today. i think 10 percent is easily achievable. these states are going beyond that, the u.k. is going beyond that. we could absolutely do it, and should do it. but that's just the beginning. that's one of the first steps. bill, the decifit is even more serious than that. that will not put us on the right path. and if we put our mind to it we can achieve that and do something fine for our children. bill: it is topic number one, all week, and beyond. jeff sessions, senator, thank you for your time today. >> th...

Coalition, chief economist there. he said disperse the pain broadly, but we've been dispersing the wealth without getting anything back. we've had lots of tax cuts, a lot of programs, medicare part d program, which was unfunded. we've been spending prolifically, haven't we? >> we've been giving away a lot of stuff without paying for it, and that's the problem, we've been on an unsustainable spending path. and, you know, our largest components of the federal budget, the biggest challenges on that unsustainable path happen to be entitlement programs that we're fond of, and we're not willing to t...

We've had lots of tax cuts, medical program which was unfunded. we've been spending pro lifically, haven't we? >> we've been giving away a lot of stuff without paying for it, and that's the problem, we've been on an unsustainable spending path. and, you know, our largest components of the federal budget, the biggest challenges on that unsustainable path happen to be things we're fond of, and we're not willing to talk about ways to ratchet down that spending that don't just sound like cutting waste fraud and abuse. even if we control spending better and even if we cut away the waste fraud and a...

Very clear today. we have a plan that both the house and the senate have passed. we have a proposal that lowers costs for americans and for the government, that provides insurance coverage and an affordable rate to millions of americans who don't have any. goes after the kinds of insurance abuses that we're seeing now, not only in california but across the country, and finally lowers our deficit, gets us on a spending path. so those are the four principles. the president said bring forth your plan. but you know, both the house and senate bill, ed, have provisions in it which would allow the de...