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The deduction on state and income tax? is that an open debate right now right? >> this is in the hands of the tax writers both in the house and the senate. we are confident that we're going to get a tax bill done in this calendar year, to do that we've got to get out of the house relatively soon to get out of the house we're going to have to have real details. this will has to be in markup, hopefully in october. >> maria: real quick before you go, there's a lot of speculation about changes in the white house some people think you'll get this tax reform done and then you'll leave. is there any ...

Expire. we're not going down a tax path that we've never been before. >> the obama white house does have a list of prudent cuts that could be made. >> elizabeth warren has prudent cuts. but the kind of cuts, we should be cutting subsidies to big oil. >> totally agree. >> big pharma. we should be increasing "robin hood" financial speculation taxes on the corporations. we should be closing loopholes and deducts for the very rich. the frame of our debate in this country is not a reality-based discussion. as michael grunwald said, you look across the ocean, the bleeding, the generational loss as s...

Investing in infrastructure and jobs. >> i'm in total agreement with that. we have a cold war defense budget. >> higher than the cold. >> but there are also some prudent cuts that can be made. >> like what? >> on the domestic side. well, are you telling me, ed, that some of these programs -- i'm not talking about the ones that hurt the poor. i don't want those touched. but some of these other government programs couldn't sustain a 5% cut, that some of these agencies? >> but why begin with cuts? there are -- >> you don't begin with cuts. what the president wants which is a balanced approach. yo...

Expire. we're not going down a tax path that we've never been before. >> the obama white house does have a list of prudent cuts that could be made. >> elizabeth warren has prudent cuts. but the kind of cuts, we should be cutting subsidies to big oil. >> totally agree. >> big pharma. we should be increasing "robin hood" financial speculation taxes on the corporations. we should be closing loopholes and deducts for the very rich. the frame of our debate in this country is not a reality-based discussion. as michael grunwald said, you look across the ocean, the bleeding, the generational loss as s...