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Constituents and they just want to be loved. jon: i misstated it last hour when i said that it raises spending, it actually raises revenues, taxes go up by $620 billion. what did they do on the spending side? >> they did virtually nothing. well to be fair they cut spending in the -- i can't remember the exact number. jon: 12 billion i think is the number. >> yeah thin they turned right around and added some 300 billion in new spending that completely offsets the minor, the modest cuts that they made. awful it is just goodies for people, goodies for constituencies back home and things like that...

Show leadership, that's different. he said, here is some ideas. here is things i'm willing to do and it wasn't just democrats who were running away from those ideas. again, let me emphasize, i'm concerned also as a democrat that we just took 90% of the bush tax cuts off the table. i'm concerned on revenue side being a democrat as much as i am on the long-term spending side. >> steve: for the cbo says that in the first year for every dollar cut, there will be $41 worth of tax increases. that number is jaw dropping. all right. congressman adam smith, democrat from washington who voted against it...

Congress has to look at the spending side. the bill does nothing for spendi spendispend. that matters to americans because it effects every sij american by having a higher interest rate. it's very important. both sides were together cooperating and finding a way to cut spending. thank you soichl. so much. >> thank you. happy new year. >> 48 after the hour with the new year come a slew of new laws including some that could surprise you such as a ban on letting pigs run wild. some lawmakers quenching their thirst for regulations with this plastic water bottle ban. we will have more on that. ri...

The bill deal tonight, they reached the deal to avert the so-called sequester, the spending cuts to begin in the first of the year. they reached that deal for two months. and what is important about that deal, it relies on tax increases and spending cuts. the tax increase is a little bit complicated and dodgy, regarding the roth ira accounts. it puts together the principle that after the deal further changes, needs to be half on the tax side and half on the spending side. what that holds open to them, going forward, when we have the sort of inevitable deal over medicare, possibly social securi...

Tax rates? >> that's right. ever since 2001 when we first passed this it was temporary. that's why we are having the cuts now and having it today. it is hard to grow and invest when you don't know what the income tax rate is going to be. you don't know what the debt tax is going to be. this is one positive thing on the bill the spending side is a different story. it's a step in the right direction on tax polil but in terms of spending it gets us nowhere in the right direction. which hit our debt ceiling we will be talking this the next few months. the bill doesn't have a lot of spending cuts i...