Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Carper: Pols Can Reach Agreement on Debt Talks

Details

  • Description

    Sen. Tom Carper, (D-Del.), discusses plans to create jobs and boost the economy.

  • Duration 5:17
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

So what -- Democrats want out of that deal democratic senator Tom Carper of Delaware is on the Senate Finance Committee and he joins us now senator carp -- just -- in front of in front a congressman Jordan Europe you're -- -- results oriented guy former navy far you got an MBA.

So how do we create jobs you want results how to we get the result that we all want which is more jobs and.

Private sector.

We're just back from parliament after -- than they've got it was a new flight -- for a lot of years -- was governor of Delaware for eight years.

For those eight years we balanced the budget figures in -- We want you -- after the states have no choice that states can't create modulated redskin actually states and -- -- -- -- -- -- -- on -- but didn't make -- not -- that.

But they're -- our taxes seven years heroic paydowns in that regard for -- credit rating for the first time state has its revision things -- around.

Those are things -- a good side of your ledger but frankly the other things at this added have been doing it not been so -- particularly as far as.

Creating jobs are creating an environment in which private jobs can be created how we do that.

Humor as you know I think -- the best thing we need to create jobs to come together on a broad comprehensive -- trillion dollar deficit reduction deal.

The -- toward the spending side has some revenues.

I think -- deficit commission that buyers -- an -- -- -- gives a pretty good roadmap.

And entitlements are part of it.

Domestic discretionary spending defense discretion when parliament.

They didn't pros are raising tax rates they proposed actually using my understanding about broadening their base and then we have a fifteen trillion dollars worth of tax expenditures for the next.

Ten years if we were.

Reduce that by even 10% we could come up with a -- half trillion dollar budget deal that would just -- again not raise tax rates are created.

One half trillion dollars worth of revenues and three billion dollars and three trillion dollars -- the -- side that would be a great down payment on deficit.

-- -- not only monopoly do I don't know what about it and it was expecting ask you about it -- hold in my hand a copy of the moment of truth which is is Simpson -- Paper a terrific paper and you know nobody is gonna get everything they want in this deal nobody's that's not just not gonna happen.

There's gonna have to be some conference and the best place to start for compromise I think -- this particular suggests let's just put up for those not familiar with it.

List of that it did top rates that we now we have currently.

The rates today income tax rates individual income tax rates.

Our 15% up to 35% since -- bulls would lower that from 8% down to 23% the top rate would be 23%.

But without any deductions that here okay without -- Well we're gonna -- who have some disagreement about what the deductions to keep which ones make make sense.

But can we bring the the corporate rate down below 30% I think we can we bring -- visually you know what we're gonna have to do is as Bowles Simpson suggested.

-- not all but a number of our deductions and and -- special tax breaks some of which -- worth keeping frankly some of us were.

So do you think that in the course of this said discussion up to -- the August 2 date at which point the debt ceiling will -- will not be raised.

Do you think as part of the whole deal we could have a total revamping -- tax -- I don't think that's realistic but I think what we can have as a broad agreement on on a deficit plan that says we're gonna have put everything on the table defense domestic.

Entitlement programs tax expenditures.

That we're gonna lean toward the spending side on that will be some revenues that are -- and involved.

The other thing that we needed to write and work with the prime -- program alive then we and -- democratic and Republican colleagues in.

And what we have done is we focus and work with -- -- with the GAO we work with the inspector -- all the different departments we work with -- -- against government waste and while we do was we focus on looking at every government program.

Across the board and ask my question can we get a better result for less money.

Right -- but we've been trying every until we have been trying for years senator in Iraq frankly it has -- -- succeed but the key is I don't think that is why yacht and doesn't and I can't think OK but the reason why I'm against any kind of revenue enhancements because I could never I can't think of one example in history.

Where congress has used new revenues to pay down the debt we've we've had balanced budgets before.

But that's because expenses have gone down like the peace dividend for Clinton.

The last guy we'll.

Last I that there was involved is likely had a deficit reduction package passed in 93 injury caused some revenue some explanation other than 97.

That are receivables.

-- -- we're talking about here is composed negotiated on behalf of President Clinton with Republican House and senate.

And we actually have balanced budget for I think.

Three for -- government -- that came from one trillion dollars in saving in the peace dividend also tremendous savings because of deals to lower the expenses of welfare expenditures because of deals between Clinton and the Republicans.

So I mean debt -- and that was some real cut back on expenses which is exactly what we have to do now.

It wasn't money that came in that was devoted to lowering the death.

Why -- there I think four ways to reduce deficits number one cut spending number to raise revenues.

Number three grow back on the economy number four find ways to get better results for -- -- we need to do -- four.

Well and I think I think you've got it right though in terms of the placed one of the places to begin was with Simpson Bowles I think Republican should throw this down the president -- say let's start here.

President and I you know things -- -- that I think the president should -- as we send our -- medium.

Seems that that currencies today senator carper great to see a thank you very much for computer.

Load More