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Long-term economic recovery if you start taxing wealthier americans? >> no, the risk is if we don't. we have a $14 trillion economy that has only $13 trillion a year in aggregate demand because we put lots of money into the hands of the rich and they don't spend it. how many yachts can you buy? we have a chronic deficit just to keep the economy going because we've given tax cuts to the rich. when the top tax rate was 40% under president clinton we were seven year as way from paying down the entire federal debt. and since these tax cuts for the rich have gone into effect we've had endless and g...

Ground and give ground to all these unreasonable demands about abortion and about jeopardizing clean air and clean water by virtue of cutting the e.p.a.'s wings. he just can't do that. so honestly, i think he's probably given just about as much as he can. but by the same token, needs to stay above the fray. >> sherry, we listened to senator john thune on the "daily rundown" this morning, and what he said about house republicans. >> i think they're going to push as hard as they can to get the maximum level of spending reduction, which is what they should do. that is what the voters, many of the...

Of enough republicans to be able to pass this. i don't expect ill l he'll get a lot of cooperation from democrats who don't want to see any cuts. but i think he'll push as hard as they can to get the maximum level of spending reduction. which is what she should do. many of the voters who elected many of these new members of want want to see and are following through on that. we need to push as far as we get and get spending reduction as much as we can in this unfinished business from last year. this is sort of the small ball in this game and the big game is going to be the 2012 budget, the deb...

Reform, social security, medicare, medicaid, and tax reform. and to the degree we got anything in the budget it was a bunch of the phantom revenues and we do not know what that means. does it mean an excise tax on something else, we are asking for clarification. no one is getting back to us. i don't think they want to talk about it. >>neil: will the government shut down on saturday? >>guest: i hope not. it is not necessary. the republicans here in the congress are working as hard as we can to make sure we get a budget deal in place to finish under the unfinished business of last year. the reas...

We have sent our bill to the senate and the question of the week is what will harry do? will he decide to shut down the government or work with us? you know? we gave them a $61 billion spending reduction, for this period of time, and we sent over another two week reduction with $4 billion, another 3 week reduction with $6 billion, and the point is, the democrats want to continue this spending, they are not willing to make the cuts that are necessary to be responsible to the american people. >> and congressman, your reaction to that? >> well, basically, we are willing to work with the majority ...