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Because if the hard earned tax dollars can be treated like monopoly money. >> the president is going to have to be consistent and clear. he can't spend big part of his state of the union talking about more spending programs and then say that we're -- we have got a serious deficit problem. >> bret: the president, the administration submitted a 3. trillion-dollar budget proposal to congress today. that means the proposal has it at $1.6 trillion deficits for the following year. here is a quick breakdown of the numbers. the receipts are taxes are scheduled to rise from 14.8% of the gross domestic ...

It's gotten so difficult. and the president is going to have to be consistent and clear. he can't spend a big part of his state of the union talking about more spending programs and then say that we're going to, we've got a serious deficit problem. we've just got to start now. jon: mitch mcconnell can, your leader in the senate, was on television yesterday urging the president to accomplish everything through tax cuts. is that probable given this economic environment? >> what we know is tax cuts do a better job if properly done of creating jobs and economic growth in government spending. we st...

Borrowing money. the expectation is that interest rates rise. your mortgage rate, likely to rise because of america's indebtedness. megyn: the obama administration has said already, look, we didn't have a lot of choice. they are funding the wars in iraq and afghanistan to the tune of 160 billion the year. $160 billion for a jobs bill that they need to work on this 10% unemployment rate. they say they have cut 120 federal programs in addition to freezing some spending programs. what more could they have done? >> wait a second. i listened to the president's budget announcement this morning. he s...

So many people behind. the economy wasn't working for working people. >> if you look at the similarities you have two big spending presidents that felt they could just apply their world view and make peoples lives betterhether it was standarding wars i war -- starts in the middle east or having massive spending programs. that made peoples lives worse. it made it harder to start a dropout of the workcelotf entirely. you had employment numbers going up. you had a huge part of the labor force that wasn't participating at all. >> that's what is changing now. they talk about the 1%. the people real...

Two-year budget deal that would remove some thorny issues as the house is about to transition to a new speaker. the dole was negotiate bet representatives of the white house and the topyb@vh four congressat leaders, retiring speak john boehner, senate majority leafed are misch mcconnell, and nancy pelosi, and harry reid. ride called for doing with i. -- doing away if a sequester cuts. >> we know that fiscal organizations are ongoing as the detail colorado and especially if an agreement is reached, intend to discuss the detail with our colleagues. >> sources say it would be a two-year budget de...