Page 27 - Spending Problem News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> so it's not a revenue problem, it's a spending problem. we've got more money than ever coming in. the problem is that the democrats in the majority increased spending by 30%. >> reporter: a point echoed here in washington by the gop's freedom caucus. >> we can so our debt crisis responsibly if we shrink washington and grow america. mccarthy's not going to cut a deal with democrats. >> reporter: now, let's take a look at biden's tax proposals. there's a 25% minimum tax on people worth $100 million, a 39.6% capital gains for people making more than 400 grand. 28% corporate income tax the, a 4...

Huge shortfall of revenue that would last, you know, for years and cause this huge increase in the deficit. in fact, we have record high revenue. the revenue last year, by the way, not only did it come in above what the joint tax committee estimated the tax reform would result in, it came in above what they had projected would occur if there were no tax reform. so if you actually just look at the way the numbers came in, it looks like in the context of tax reform we had even more revenue than what was projected without it. by the way, you know, the most dramatic changes we made were on the bus...

Those eight years actually went down 10 billion. so i know we can find savings and get our economy stronger. after when republicans were in majority, we passed that tax package. revenue into the government has never been higher. it's the highest revenue we've ever seen in. so it's not a revenue problem, it's a spending problem. a couple interesting things happened on the floor right now. if you combine the number of democrats who voted no and voted president, there's a hundred democrats that won't stand up against socialism. that's a real concern to me in america today. it's not just that wasn...

In american history. it's higher when the revenues that are coming in to government are higher than any other time. so we've got a lot of revenue. we have a spending problem. that is where i want to find that we can find common ground. >> can you commit that the u.s. will not default on its obligations? >> look, if i look at anything and you want to equate this, if you have a child and you give them a credit card and they spend that limit, you're responsible for paying that credit card. the responsible thing, too, is going forward, not just raise the limit but look at how you're spending. i lo...

The retirement age for social security, also raise taxes to bring more money into the program, but one thing that won't work, doing nothing. if the program is left untouched, social security and medicare, according to experts, will run out of cash anyway, leaving the 66 million people who count on a monthly social security check with nothing. the cbo estimates the cost of social security already exceeds the money it's bringing in, warning this, the balance in the trust funds will decline to 0 in 2033, and the social security administration will no longer be able to pay full benefits when they ...