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bear cubs are filed flight
present all bother met with harry this morning on the budget
in elementary khana where that unknown
well final rounds although i did talk
and remember within the last series piece of business their demand for a
twenty twelve election
after that it's all
all politics in my introduced bills but anger me where the dead because the only
has an impact okay
so which way are they going to go
well we've got a couple close today the white house press secretary party talk
about shared sacrifice and a balanced approach
now's the time to make these tough choices and
uh... that's why we have to have a balanced approach that is not knows
sector of society no at the middle class not seniors not many you know one
segment of the business community has to bear any disproportionate burden
it was their share certain westward
i think about how freezing backwards this is right
first this summer with the two trillion spending cuts
so the poor the seniors et cetera saturday take up first
and then eagle asterisk three please pretty please don't want to get a little
revenue increase from you guys
that's how it's supposed to work
but under our current perversions and that's exactly how it is
and or the bears protectors of that system
while courts are republicans
and they are refusing
to budge on taxes
forces to raise taxes including mountain job selling tax hikes would be a poison
pill
pickup trucks
didn't get that these guys are low
worse
dancing all of the sacrifice
should cover the middle class and the poor
when he gets the corporations of the reg
hello no tax increases
nothing not even for may go up in fact our partners are kind of a tough spot
now positioning between big oil on the big banks y
because if you do any kind of compromise with the democrats
while subsidies on the first things that go
oil companies don't want that he said no i don't know compromise
don't worry about the debt ceiling
where is it what she says we've got to raise that debt ceiling okay we don't
want our interest rates going up becca jeopardize our business so one of her
poems in a new well-being to try to get everything n_s_a_ alright no tax
increases whatsoever for in
coverage bodies and we step into the middle class
now the question is
are the democrats gonna let him get it get away with it
we've got another clue here and it's a good one
is vice president joe biden he said all the right things about facing a and he's
phrasing it as a moral issue which i get out
managers some order from a free asked only those
were struggling in this economy to bear the burden of the most fortune monus off
the hook not because women now she's not populism missus jones
done responds there to do with colonizing the lives of the morning
sources say
offer some course we shouldn't justin is on the back of the middle class
we should have a conversation about the ranks in the wild that means in the
banks
on the first day not after when they wait two trillion dollars
look if they actually follow what job i'm missing there
amid the first i come out here and give them all the credit the world
say hey guess of the realtor
and it was real shared sacrifice but if they came into the republic's egtab
under the last thing that they're really good at
discuss in obama's term
it will be
there are oval
kahe textbook it's a good drama
i don't know which way they're going to go
fair history is any judgeship with a little bit of trouble let's talk about
it
joining me now jabra c former chief economist for vice president
joe biden that we just showed you a force and now a senior fellow with the
center on budget paul budget
and policy priorities
also was as recline washing clothes columnists
and m_s_n_b_c_ policy analyst alright
uh... let's start with the white house that
unit on the show before you because there are going here
while he was looking at least are without his questionnaire lays out his
in my mind
why did we start with the conversation about hey let's look at revenue at the
same time as we're doing
spending cuts why don't we give her some advice
on a middle class the poor first and then the hull briefly when you give us
some
taxing greases jay and i i think we're going to be all right here and in fact
we did start uh... without around
the democrats voted into the democrats from the beginning
uh... the negotiators from the beginning talked about a plan that had balance now
it's absolutely true
that the progress that was made in the by the side of the talks focused on
spending cuts but not ones in any public statement i work for you heard i've
heard you guys do correct me if i'm wrong
the democrats waiver
on this balance including what you just played from jay carney and the reason we
can't forget the rationale for this because it's exactly as you said the
peace out
if you try do everything on the spending side you will have to cut so deeply into
the most vulnerable an already economically insecure folks in this
economy that you're going to do far more harm than good and that's why by the
ballots is so important and at least nine years i have not heard
uh... and the
wavering on that point
by yeah methods of my ears i mean
let as a let me ask you hadn't heard wherever
yet no i have been on sale at first of all
by aditi heard the big relief usually make cuts and but we have another dime
in in revenue increases at all yet
so that's that's a big problem at one oh one other point eight two billion
before this even started president obama gave a speech in april at george
washington university
where he
calculated a balanced plant with a trillion dollars of revenue
two trillion of cuts and one trillion of lower interest payments four trillion
going into the cuts so i thought he set the table on that
butler went and that's a problem rhetorically seven family
and i came on sale dialogue that's these except for one line in it right
but then when we started the negotiations what happen within the to
join before we got to the
one trillion admit is knowing where is it is an important but it's a bit
the the ideally solution to the principles always nothing is agreed
until everything is
we don't have a deal
there's no deal on the table there's nothing the white house republicans
shook hands on
there's two trillion speak in spending because they began their we don't know
it's not spending a lot of it from what we know carley christie warren
defense-related wichita that would make it through unhappy but until they
actually cut a deal we take you to make a deal that revenues as a so far as we
know right now it just blew up because of the white house said if you don't
give us revenues there is no deal
so how does this is all the stuff that's what i want to ask you this right so
the republics saying we just show you the question under no circumstances
there is a dime in taxes
we have to correct that protect our bodies in the world cup is if in fact
the banks
went to protect the rich in the powerful
where the richie rich their party
and we will look after them no matter what right usually what happens
it so it depends on on how you interpret what's going on now
if the republicans
are truly crazy and want to take this economy over a cliff
protect us all if this is about political leverage trying to position
yourself to get the best deal you can which in their mind means this lawless
amount of revenues uh...
as part of the public
that's where i think that if you are worried jane's that's what you should
worry about not that there won't be revenues is part of the deal but the
revenues will be fractal relative to the spending cuts and that's something we
have to fight very hard to prevent live as right here are some other clues that
i have been it concerned right
don't want one that i did not like nancy singer was referring to for president
obama was
he said hey if we take away some loopholes in center we might actually
lower taxes
and i was like glow
why are we talking about lowering taxes at the craziest thing ever
op is it possible that they don't take away these things you know corporate
jets oil subsidies hedge fund manager
rates we looked at me great start
but then
lower corporate taxes and maybe even the top income bracket
first elected to congress could cities makes me feel like sherlock holmes and
that's very exciting
but going beyond that i think we should lower rates i don't think it's a bad
thing ought to bring some that money in the deficit off
but we are well backpacks cosmetic why do you think one why do you possibly
think it's good
for people in middle the passcode if a high rate so we have regressive morgan
already know that we aren't as originally planned as a normal on your
friend it all wrong but when it is it really it to other people's home or
deductions right
well that hurts the middle class like the idea is not available on civil
rights are located well for full nato getting a lot of all well and i would
like to know how i want to just about us and as i wonder at what you're saying
what we did a huge i think that middle class president
how not then then i don't know how does this aggressive deduction inkjet
entitlement also guys i can help you guys no wait a minute now blood pilots
and i let me tell you where
all these investors in the middle class
nice to have something to happen fall when i get out of there was nothing i
would recommend that you take away all these deductions
and they say but as a reward
warrant i will or the top bracket for the rich
you know i don't know if any of that is a trade-off
okay i think there is something you first of all
everest got a point in the south in the following says sixty seven percent of
the benefits of the home interest mortgage deduction go to the top twenty
percent so it's not exactly middle-class thing but don't worry about a check
because nobody's talking about that when you're talking about broadening the base
in lowering rates they're talking about on the corporate side and here are not
sure i agree with my friend has written the following sense
it when republicans talk about broadening the base and lowering the
rates at that's they're talking about revenue-neutral at means giving up any
deficit reduction you're getting from the base broadening
on lowering the rates on long island
on eastern long island revenue-neutral guidance the whole point was we were
supposed to have a trillion dollars from revenue so now i'm not that unusual
and arizona have discretion for mcdonough ga transfer his question
why don't we plan on republican ground from about one
i thought we were sort of balance the budget do if you get it there were
problems don't ever want to balance the budget they don't give a damn about the
budget all i want to do is lower taxes for the rich in for corporations while
we helping them
when they say we should lower corporate taxes
president publishes set
circumstances
we don't take away those deductions working away the oil subsidies
because we need shared sacrifice
i'm not good news on the back in the middle class alot of the new on the back
of the poor
wanna do jensen
no talk of lord corporate taxes instead i hear laughing but lower taxes
from washington in the eighties i think i think part of the answer though is
that the hopefulness isn't deficit reduction it can't be if you want to
talk about a republican friend republican friends of the only thing
government that matters now
his deficit-reduction it isn't growth matters policy matters
we should have more seamlessly should have a better tax-cut figure that
the idea that whatever therefore
progress it should be against
that's not how you get a good policy i don't think now are you're right when
you say that
we can balance the budget on the backs of the poor or the middle class or the
working class or seniors
that is and how you do it either that's a bad policy but in all things i think
the lone star here should be good policy can just be
well this is how we brigade is illegal reduce the deficit passively or this is
more puppies importance to us and as such progresses or desert nobody's
saying that when you think i think my cues from of the republicans wanted down
what the republicans do
i think i have class finance minister of the middle class
by saying although you had a particular coming together for decorating level or
corporate taxes
we should say
hello so no i wasn't leadership to jerry today here is my view on this book
it everybody is back at both of you are barking up the right tree in the
following sense
if there's going to be some revenues in in the near term in this bill you're
gonna start hearing a lot about
different kinds of loopholes were talking about now
vijay out with you on the following point don't start letting these folks
talk about a trade-off for at lower tax rates for a broader base because they
will give away the store vimal or lower the rates far enough to offset any
benefits of that pays broadly and after i hope you agree with that point because
i think we can't
allow any
dept of revenue we collect from base broadly to disappear on a rate cut at
this point in time that the other guys are you guys are talking about they
sprouting on the corporate site i i ate mainly greasy but the
time there's no chance is happening anytime soon in a serious way don't have
anywhere near the political capital right now due to corporate tax reform
and the corporations can agree on one of the landing area and there you are not
ready or not
thirty four republicans voted for a third and that also is it is just the
a week or so and i don't know exactly right that we only right that if we get
real revenue increases i would be ecstatic
uh... i don't think we're going to get it and then it's going to be it's going
to be
not only bad policy got it you've been a run on that and twenty twelve off
bible if you have
explicit or not
many interesting business at interesting times
jabber are seen as a client
thank you both for your time tonight we do appreciate