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Hello and welcome everyone I'm Tracy -- in for David Asman President Obama meeting with senate leaders today does it -- show.
Wall Street expects Republicans to -- at the eleventh hour by that August 2 deadline.
-- Tea -- Republicans certainly sounds serious but nobody expects the president to agree to their call for huge cuts like.
Eliminating entire government agencies.
But he might company GOP's cap cut -- bounce plan.
Besides calling for major spending cuts starting next year and enforceable spending caps.
The Republicans want a balanced budget amendment which would require a super majority vote -- hiking taxes.
Party years we've heard from worry that that it sounds a lake to party cover for tax hikes similar to the two -- support for the bailouts.
So let's -- -- Jeff Duncan South Carolina if tax hikes are inevitable to avoid default sir thanks for being with us.
Thank you for amateurs and the question everyone wants to know can you hold out and avoid tax hikes.
Well I think tax cuts are out of the question I think America has a we don't have a revenue problem we have a spending problem.
-- fourteen trillion dollars in debt we didn't get here from taxing Americans to literally got here because we spend too much money.
But what does that mean -- tonight's late tax cuts are definitely out of the question.
But -- an impasse are mean and the Democrats put something out them -- -- talking about.
Cutting entitlements of corporate America they're talking about getting rid of the coveted itemized deduction for those.
People out there that make 250000 or more I mean they are talking about taking things away which essentially is -- tax -- Well America spends too much money we raised the -- -- in ten times over the last ten years we've added over ten trillion dollars to the debt and so -- CA.
A very concerning pattern here of raising the debt ceiling and spend and all the money we've got to focus on what I call revolutionary reforms the way government operates in Washington.
And that comes with cutting spending capping spending can and balanced budget amendment to -- the hands of future congresses from been able to spend so much money.
-- we're hearing too that there's.
Talk of that you know eliminating the Department of Education the Department of Energy all -- good but cannot possibly happen in the next few weeks.
Well that's some of those agencies if you look back they're not mentioned in the constitution as a role the federal government so we haven't a very.
I think an interesting discussion about what the federal government should be and -- -- should spend taxpayer dollars on.
-- what should be left for the states and local government.
Interesting part those -- the administration doesn't really even seem to want to hear this kind of separate they're kind of very much focused on.
Getting rid of subsidies for oil companies getting rid of subsidies for manufacturing companies again taking away some coveted deductions.
It seems like it's all you know the notion of getting rid of the department of any energy education it's -- nonstarter.
But they wanna come.
Basically raise taxes and anyone who thinks that we can raise taxes and keep American manufacturing here in and grow the economy about that Americans back to work is just wrong.
The problem we have in Washington as we've got too many people that have just signed the back of a paycheck and have never signed the front of the paycheck they never created jobs are had to -- a budget.
-- run a company and but the more that we see business leaders like myself in Washington we see that we get -- we can't spend money we don't have.
Yeah and unfortunately that's what's happening you know and that's why.
You know changing the depreciation formula for.
There -- inventory accounting practices -- this stuff can really hurt our small businesses.
What's really interesting though is that Wall Street seems to think -- deals coming down the pike because it's not really taking this all that seriously.
So we are gonna get some sort of deal by August 2 whats it gonna look like.
Well I don't notice gonna look like that the work's been done right now -- the gas for getting together also called.
Eric Cantor for walking away from the table one the other side said raising taxes is part of the equation he Sonoma draw -- right there and so.
The debates going on and we'll see I hope we don't get to the August 2 deadline but if we -- I don't believe the nation.
We'll have an actual to -- there may be a technical default while we work on this probably the market will respond positively to that.
Local Republican and -- raising the debt ceiling I think at this point everybody understands that but -- the hope is that we're raising it with.
Some sort of limitations some sort of ending cuts hopefully no tax hikes the problem I think though that most people are feeling right now is.
It's just seems inevitable that the Democrats are gonna push through tax hikes and the American family is gonna get squeezed that much more.
What about as long as the Republicans and and -- that came in on this last election 87 remember.
Members of our freshman class we don't wanna raise taxes we're not gonna raise taxes and -- to find other ways to do -- we've proposed to cut cap and balance cut spending.
This -- spending so that this congress and the next congress won't continue to spend taxpayer dollars recklessly.
And then must pass a balanced budget amendment send it to the states and let the states ratified 49 of the fifty states have a balance special requirement.
In their state constitution they understand that government has operate really the way we operate our homes and our business is a mess with the remains we cannot spend money we don't have.
-- it's interesting to me that there's never any talk of stopping that cost of living adjustment increases stopping the notion that things need to be inflation adjusted quite frankly.
Washington doesn't mean we have inflation anyway maybe those are better ways to come up with some money as opposed to throwing tax hikes on the table consistently.
Weather started to cut out of government there's even plan to cut out the department of sensors play to cut.
In in government -- the congressional.
Accounting office came up with.
An idea this year that it pointed to bill hundreds of billions of dollars it could be -- -- off the bat.
Congress needs to get to work that's something we're pushing his -- -- continue to cut spending.
And and -- in government spending and get that under control before it ever consider raising the nation's debt -- go back to the point that we've raised it ten times we spent.
All the money every time we've added over ten trillion dollars -- nation that we can't continue this.
-- can somehow guarantee the American people they're not gonna see tax hikes.
I'm -- Can you guarantee that there's going to be no tax hikes.
Well I can't make any guarantee this is they were above that Obama we do have two chambers a house and senate but.
I cannot guarantee that I'll never -- for a tax increase and definitely not a tax increase.
-- repression and that that's -- an increase -- senator Jeff Duncan of Greenville, South Carolina thank you sir for being with us.
Thank you operation.
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