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Tonight on the docket deal making and government shutdowns.
Over the past weekend Texas Republican senator John Cornyn said.
Some of the GOP are floating the idea of making a -- debt deal with Democrats.
Many that's an ironic term since any concessions Republicans are making in the ongoing deficit reduction talks -- have greater than many FX.
If Republicans who have so readily jumped on the Tea Party fiscal conservative bandwagon suddenly jump off.
Then they risk pushing our nation's fiscal security off a -- and closer to the brink of permanent destruction.
What happens if there is -- debt deal by August 2 could we face a government shutdown similar to what's happening in the state of Minnesota even as we speak.
And what a government -- be that bad an idea let's say the Minnesota zoo the steps State's Medicaid program and the State's prisons.
They're all working.
Bad -- isn't taking place and people there are seeing how much they don't need the government to run their daily lives.
Here to discuss our government's future and our nation's fiscal future.
-- Pennsylvania Republican senator Pat Toomey senator -- -- it's always a pleasure to welcome back to freedom watch.
Thanks Dramamine judge.
The president earlier today through senator reed and later threw himself.
Said the people earning more than a million dollars a year I don't know if they mean that in an adjusted gross income -- how they measure it.
But people earning more than a million dollars a year should pay higher taxes senator.
Won't raising taxes actually interfere.
With economic recovery.
Well of course who will judge we know that time this is not a serious effort look this is this is just a traditional ploy.
To engage in class warfare see if they can gin up some resentment.
Toward successful prosperous people and try to.
Getting a government to live within its means cutting the egregiously.
Excessive spending that's been occurring.
So as long as I see.
Proposals like this which are totally on serious I know that they're not yet ready to to tackle the real.
Would that be just a little bit of borrowing for -- fighting a period of time.
Basically -- into a further day that debate that ought to be taking place now.
-- whether or not the government can dig us deeper into debt or whether it has to live on the 250 billion dollars a month it collects isn't it collects in tax revenues.
I know this idea has been bouncing around.
Frankly I think it's a bad idea and the reason is it's not as though.
This debt limit.
Didn't come with a lot of warning.
Some of us like you and I and many others have been talking about this for at least six months there is no surprise here.
And if we don't have the political will to address this -- solve this overspending problem now.
Why should we think we're gonna have that will in a month or two months or three months we need to solve this problem now for once and for -- Senator you wrote one of the most important pieces in this entire debate.
Which -- siren call was about a half page op Ed in the Wall Street Journal a few months ago.
In which you articulated dollar by dollar how the government.
Can pay its debts -- its creditors meet its obligations.
Without borrowing more money.
Do you say that you stand to day on the words you articulated a few months ago and that piece.
-- everyone of a judge nothing has changed the fundamental reality remains that if we don't raise the debt ceiling that the the date designated by the Treasury Secretary.
That does not need to result in a default on our debt.
The ongoing tax revenue is more than ten times what the treasury needs to pay the interest on our debt and continue to roll over principle.
They know that -- what they've tried to do is to intimidate Republicans and -- for -- debt limit increase with no conditions attached.
Because they just want to continue borrowing and spending.
-- -- acknowledged that.
-- you know shutting off all borrowing cold Turkey and requiring the government to live on the tax revenue alone is very disruptive it's very sudden.
I think frankly ought to have a a more gradual transition to a balanced budget which is what I'm for.
But the administration has -- very very misleading and suggesting that we're gonna have a default on our debt.
Isn't gonna happen doesn't need to happen and if it were to happen it would be they're doing.
Senator have you heard some of the arguments made today.
By journalists on the left and fairness to the White House I have not heard this from the White House yet.
That because of a couple of phrases in the fourteenth amendment basically saying.
That the obligations of the United States government shall not be called into question.
The president alone.
Could borrow money without lawful authority from the congress.
Did today well he really believe that or do you think that congress would let him do that's.
The judge judge I mean this probably made your head -- -- explode the way it innovative with the way it did to me.
I'm as you and I both know very well article two of the constitution delegates to congress exclusively.
The power to authorize the creation of debt.
The borrowing of money.
The fourteenth amendment is about the obligation to honor those commitments right there's no way that the administration has the authority to go out and borrow money.
Unless congress grants them that authority.
So I certainly hope that there's no one in the administration is even thinking about.
Flagrantly violating the law and circumventing congress.
Us senator to me -- in the thick of this and I'm happy you're sticking to your guns thanks for joining us some freedom watch thanks for having me judge.
America is drowning in debt --
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