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THE EVE OF TOMORROW'S VOTE.
>>> LATER TODAY, PRESIDENT OBAMA
WILL SEND CONGRESS HIS
LONG-AWAITED BUDGET.
IT'S EXPECTED TO INCLUDE A MIX
OF TAX INCREASES AND CUTS TO
PROGRAMS LIKE SOCIAL SECURITY
AND MEDICARE.
>> JOINING US THIS MORNING TO
DISCUSS IN-DEPTH IS MONEY MAN
LANCE ROBERTS, HOST OF STREET
TALK ADVISORS.
JUST BECAUSE HE PROPOSES A
BUDGET DOESN'T MEAN IT GETS
APPROVED.
YOU DON'T THINK IT HAS A CHANCE?
>> YEAH.
FIRST OF ALL, THIS BUDGET LIKE
LAST YEAR'S WILL BE DEAD ON
ARRIVAL.
THE CUTS OF SOCIAL SECURITY AND
MEDICARE HAD ANGERED THE
DEMOCRATS.
THE REPUBLICANS ARE OPPOSED TO
HIGHER TAXES.
IT'S NOT GOING ANYWHERE.
JUST BECAUSE THE PRESIDENT
PROPOSES A BUDGET, IT'S CONGRESS
THAT IS ULTIMATELY THE ONES THAT
APPROPRIATE THE MONEY FOR
SPENDING DOWN THE ROAD.
IT'S GOING TO COME DOWN TO
CONGRESS GETTING SOMETHING
TOGETHER THAT THEY CAN WORK
WITH.
>> LANCE, EXPLAIN TO US WHAT
THESE BUDGET CUTS WOULD MEAN TO
THE AVERAGE JOE.
>> THE PROBLEM IS IS THAT OUR
ECONOMY IS BUILT UPON RIGHT NOW
A LOT OF FEDERAL STIMULUS.
OUR ECONOMY IS BASICALLY LIMPING
ALONG AT THIS MOMENT, ABOUT
1-1/2 PERCENT GROWTH OVER THE
LAST FOUR YEARS.
IF WE BEGIN TO CUT GOVERNMENT
SPENDING, WHICH IS A KEY
COMPONENT OF THE OVERALL ECONOMY
AND RAISE TAXES WHICH REDUCES
THE ABILITY OF CONSUMERS TO
SPEND, YOU'RE LOOKING AT SLOWER
GROWTH.
FOR THE AVERAGE JOE, IT WILL
MEAN HIGHER UNEMPLOYMENT.
>> YOU MENTIONED TAX INCREASES.
IT STIFLES THE ECONOMY.
WHEN PEOPLE START SPENDING,
THEY'RE NOT HAVING AS MUCH MONEY
IN THEIR PAYCHECK.
THE PRESIDENT HAS BEEN FIGHTING
THIS BATTLE TRYING TO RAISE
TAXES ON THE WEALTHIEST
AMERICANS.
IT HASN'T GONE ANYWHERE BECAUSE
REPUBLICANS WON'T HAVE IT.
>> THAT'S RIGHT.
ONE OF THE PROPOSALS IN HIS
BUDGET IS THE BUFFET TAX, WHICH
IS A 30 PERCENT TAX RATE ON THE
TOP 2% OF PEOPLE IN THE COUNTRY
ALONG WITH NO CHARITABLE GIVING.
CHARITIES DEPEND ONN CHARITABLE
GIVING FROM THE WEALTHY, SINCE
THEY'RE THE ONES THAT HAVE THE
MONEY TO BE CHARITABLE WITH.
IT WILL REALLY HURT CHARITIES.
SECONDLY, THE TOP 3 PERCENT OF
THE COMPANY EMPLOY 50 PERCENT OF
THE POPULATION.
RAISE TAXES ON THEM, SMALL
BUSINESSES WHO REPORTED
YESTERDAY A ZERO INTENTION OF
INCREASING EMPLOYMENT IN THE
NEXT SIX MONTHS, THAT WILL GET
WOW■E.
>> LANCE YOU DO SUCH A GOOD JOB
OF BREAKING THIS DOWN.
HOW ARE THE QUESTIONS GOING
ONLINE?
>> IT'S BEEN VERY INTERESTING
THIS MORNING.
WE'RE GETTING A LOT OF TALK
ABOUT CREDIT, SAVINGS,
RETIREMENT PLANNING.
A LOT OF TALK ABOUT THE ECONOMY.
IT'S BEEN REALLY, REALLY GOOD.
THEY'RE VERY INTELLIGENT PEOPLE
ONLINE.
>> GOOD TO HEAR.