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Are right we are moments away from house Republicans voting on legislation that would raise the debt ceiling in exchange for a balanced budget and then that.
It has no hope of -- and -- -- becoming a lot but it's still hot button issue in congress and for you at home.
But what about our next guest Karl Rove is a former senior advisor to president George W.
Bush and now Fox News contributor.
What do you make of the balance budget amendment Carl.
-- -- -- which -- which amendment there are wide variety of them.
-- I'm income I'm in general consent agreement with the idea that the government over the long haul -- run its budget in balance.
I worry a little bit about some of the proposals have been made for example one of -- -- in essence allow in a time of war it would allow a third of the congress.
In essence to.
Not allow us to run in debt therefore not fight the war inside I worry about it I'm I'm much more of a Jack camp.
Supply side let's let's focus on the policies and grow the economy we do need to restrain spending I'm not sure now.
-- -- a balanced budget amendment was defeated in 95 it you know it's not gonna get.
Pass this time -- is gonna give political cover to our enemies are and but it's.
You know I've I understand why a lot of Republicans feel strongly about it and more Khartoum and let's see -- taking get a strong vote tonight.
But it's trickier than it looks at things like it kind of obvious logic but he never know how it's actually gonna work out in the real world.
We're talking about Italy ST when the CEO of Wynn Resorts -- some pretty dramatic things to say.
About the business climate in this country and what should respond -- -- went.
To do anything.
In the current political environment in the United States I'm saying it bluntly.
That this administration.
Is the greatest wet blanket.
And progress in job creation in my lifetime.
Now as you probably know he's a Democrat.
And he's making these comments about Obama being a wet blanket on business what do you make of that.
Well look he's been an outspoken advocate for pro business policies and like the president -- between Obama care in the stimulus bill and the failed.
You know the the the failed attempts to put a cap and trade on the regulatory policies on the environment -- financial institutions.
It is a damper on our economic growth.
And it's not just -- policies the rhetoric and administration has been anti business.
And basically demonizing sectors and American private sector in private sector the knowledge this is the Wall Street Journal the study this administration as the smallest number of people.
At the high levels of the government who have private sector experiences are basically a bunch of you know liberal against.
And finally the out -- not been reassuring -- -- Valerie Jarrett doesn't wear well we'll a lot of business people I've met with.
Who have met with her over a number of months and and between the bad policies the terrible rhetoric the lack of knowledge and how the private sector -- you know he he prides himself and having been a community organizer.
And in the outreach -- just it's all bundled together and you see here now mr.
-- probably feels particularly strong about this because remember President Obama pulled Vegas out of the out of the background and belittled -- and said companies ought not to be taken their conventions and their meetings to Las Vegas and this is resulted in a in a lot of blue collar jobs being lost people who wait tables and washed dishes and you know work in the casinos in the in the hospitality industry.
A lost lost their jobs and has resulted in the that is of a place where one out of every six workers and is unemployed.
Well -- -- -- it makes sense I guess what -- what went had to say that I was shocked that his language and it amazed me.
I need to -- you to respond to a Gallup poll -- which I found surprising Americans by 42 to 22% margin are more likely to vote against an increase.
In the federal debt ceiling what do you make of that especially given the Republicans stand on this issue.
-- outlook well let's be honest this this this is very much up for grabs people don't wanna raise a debt -- there was a war should post.
Pew poll this week that said that 78% of Americans.
We're very or somewhat concerned that if we raise today at Citi it would lead to more federal spending and add to our national debt.
At the same time 74% of Americans said they were very or somewhat concerned that if we didn't raise the debt ceiling to hurt the US economy.
People are fully capable of holding two different contradictory opinions and their mind at the same time.
People are worried if we do it is gonna allow spending to get out of control and they worry if we don't do -- it's gonna have it.
A huge impact our economy by.
Undermining international and national confidence and in our government.
I in -- in -- -- column an op Ed piece in the Wall Street Journal -- -- by the way.
You don't you cited some information from the bipartisan policy center.
Saying hey look it's not like there's not money coming in the door after August 3 some 172 billion dollars in revenues will come through between August 3 and August 31.
Do we have a number of the money to pay our bills.
Yeah now look I did say this in order to refuse to president's a statement that he couldn't pay -- security.
A checks but but we do have a 172 billion dollars in revenue we also though have 306 billion dollars in program expenditures.
Which leaves a deficit of a 134 billion dollars in the month of August.
Which we don't raise and debts and we're not going to be able to spend that 134 billion dollars and we got enough money to pay the interest on the debt 29 billion dollars.
We got enough to pay -- security 49 billion dollars.
Enough to pay Medicare and Medicaid fifty billion dollars.
Active duty military nearly three billion dollars all the costs of a cut of combat operations thirty the -- 31 billion dollars.
IRS refunds nearly four billion dollars -- -- -- about a 168 billion dollars.
And that means we can send out four billion dollars of the nearly twelve billion dollars in unemployment checks.
But we can't pay for the rest of the government -- -- we resolve this in one way shape or form.
And I -- I think we ought to resolve by.
Cutting spending in the years to come by more than were raising the debt ceiling in the short haul but let's not kid ourselves who got a real problem in.
In in August if we can pay -- 172 on priorities but we run out of money for the other 134.
We can always get a debt downgrade that would be a disaster is well Karl Rove thanks for helping us out today.
Always great to see -- comebacks in.
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