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-- us now for more on the debt negotiations congressman.
Colin -- Republican of Florida and congressman Peter Welch Democrat -- Vermont gentlemen thanks for being here.
It leisure analyst -- we have just heard as you.
Just I heard that president walked out of a meeting.
The house majority leader Eric -- saying that he did so for the White House confirming the president was somewhat frustrated.
First congressman Walsh what do you make of that.
But kind of accident and negotiation of this import.
Well you know I I don't know what the circumstances here's what I know I take defaulting.
Very things that America has -- -- else you know Ronald Reagan was an iconic figure -- for the Republicans and revered by many Democrats.
Was committed to raising the debt -- when that was required to guarantee the full faith competitive in this country also you know the -- budget.
Is passed unanimously by the Republicans.
Requires that exact galapico's from fourteen point three trillion.
To 23 trillion over ten years how we support that I didn't want him another chance that we won't let us congress -- Let's ask congressman -- about that.
Congressman -- is exactly Ryan congressman.
-- with the passage of that is that not you de facto area and approval of a -- -- -- Well I can understand that went on my colleagues here are saying and I can agree with -- you do see a race but the important thing is we have to get beyond the short term fix and I think that when you look at the spending probably here in Washington DC.
And I think that this is something that Peter can agree with me on.
We've got to put in place of spending control measures -- not that that's the most important thing.
As we go forward to make sure that possibly we don't have to come back a year from now -- two years from now.
They continue to talk about race in the debt -- And that's why I believe that we have to have those requisite cuts in spending.
We have to cut cap the federal government spending and we need to have a balanced budget amendment because America's don't run their households but we're run in the federal government right now.
Our congressman -- congress and what happened to be making perfect sense right.
Here's the problem -- and I think we both have to analysis and talents got a point we've got to have a long term fiscal.
-- cancers from where we are aware we need to make.
And that's gonna require in my views the balance expense amounts revenues in the -- and I would come into the about -- -- -- -- but here's the bottom line.
Are we gonna risk involved in standard practice in politics these celebrities and help the leverage and only.
But -- hostage is the American economy because it leads to fall in interest rates -- by 1%.
Allen gets hurt and -- give -- a 160 billion dollars in additional debt service -- sometimes you separate the two issues.
We tried to negotiate he didn't get here.
Let's go to plan B can pay our bill.
I solve that also makes sense but let me ask you what does -- do at least to me make sense.
Throughout this debate from into the political.
Left or right than Republicans or Democrats.
Have I heard this president or this congress and talk about what is the appropriate level of debt for this nation.
It's -- fourteen and a half trillion right now.
To what levels should we permitted to go at what point should it be in parity with our with our economy should be 50% of the size of our economy.
Also the issue of one point 65 trillion and in deficit.
My -- the entire federal government was wrong on that amount of money fifteen years ago.
At what point is there is some agreement at least about the standards to which you gentlemen -- and your colleagues.
Will repair when it comes to indebtedness and deficits and -- -- let me say this out loud perhaps a balanced budget.
Well I think cumulatively break and we'll -- and one of the things you have to look at.
And economic factors simply.
Is that we're getting to -- -- were about to red line our economy and we have great debt that is about 65 almost 70%.
Of our GDP.
We have a federal government spending is about 25% of our GDP and is looking to go upwards toward thirty to 32%.
So those are the type of things that we have to give -- control.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The Republican position Sanderson an -- you know revenues.
I don't think we get there without revenues I don't think that's realistic.
There's a lot of protection of the Pentagon would spend way too much money here than I think we need to for national security the Democrats have to come allens lane that.
And some of the spending programs.
That we 54 for many years we've both got indebtedness and we're gonna -- to us -- we -- put ourselves.
Thankfully we we appreciate your both being here thank you various -- first.
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