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'Gang of Six' Senator Mike Crapo argues we need major changes in our fiscal policy before the debt ceiling is increased.
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All the bipartisan gang of six paving the way for what they hope will be a debt deal and we're joined now by one of the key members of that group.
Senator Mike Credo of Idaho from Capitol Hill senator Craig -- thank you very very much for coming out and you're about to go window.
Important meeting of your group behind closed doors on Capitol Hill what -- you talk about there what's the role you're.
Groups still plays in all of this given that the president and the speaker are talking to each other given that senator McConnell senator Reid might have -- a fallback plan.
What -- -- the gang of six still play.
Well the focus of the gang of six plant has always been on solving our debt crisis.
Rather than simply trying to find a pathway through this current impasse over the debt ceiling.
We have a much more comprehensive approach and frankly one that involves every aspect of our fiscal policy.
From tax policy all the way to Social Security entitlements and discretionary spending and enforcement.
I believe.
That what can be done now is that all or part of our proposal could be used in any negotiations to find a pathway through.
There that ceiling impasse but that's the kind of thing will be discussing as we go into these meetings.
How much of it are they using us editor and this is mitigated though -- the numbers this makes people's.
Highs kind of glaze over a little bit but it's very very important because it's trillions of dollars on the line here -- -- Peter Barnes is about to come on and report.
But the discussions between the president and the speaker which -- supposed to be three trillion dollars or really too because they're counting a trillion dollars.
They that is that is dedicated the winding down the war in Afghanistan that already would have been cut.
But as being counted in this three trillion dollar plan when you guys are at three point seven trillion do you count that Afghanistan money -- are now.
No we don't the three point seven trillion dollars of reduction in our plan is absolutely solid.
And it's backed up with an enforcement mechanism that will -- it happens.
It's one of the most powerful enforcement mechanisms that congress has ever seen.
I agree if you have not hired I don't know the details of what the White House is discussing with our leadership right now.
But if it is a large number like three trillion dollars that is put together with -- smoke and mirrors or without adequate enforcement.
Then we've got to look past the numbers and see what's really there we need at least three in fact frankly we need a four to five trillion dollar plan as a first step.
If you're talking about the debt crisis.
If you're talking about getting past the debt ceiling.
You could probably do something less than that as long as there were some procedures put into place.
To assure that we came forward with more process and more solutions as we move forward.
Alright that you just told -- a key.
Number -- event there because if you're three point seven trillion is really three point seven and there are three trillion is really too.
Your -- your guys.
Proposals much bigger than what may be talked about over at the White House today which is a different point of view on these.
On these discussions now here's the other question I wanna ask you as a Republican.
Europe agreement there is a balanced approach to use a chart that the president has kind of pop realized -- -- however many days it's there's a -- cuts and there are.
Revenue increases as part of that how do you convince fellow Republicans including -- leader Mitch McConnell the senate how do you convince them that revenue has to be part of this.
Well it's a very very important distinction that must be made.
We have agreed to move past the age old battle over whether to raise taxes on the rich people or whether to cut taxes or are cut benefits or what have you.
We've moved into a completely new dynamic on the revenue side and that is to reduce tax rates.
Grow the economy.
And use the growth in the economy in the revenue that will come from from increasing the size of the economy for the revenue piece of the equation.
That's the kind of sound fiscal policy and revenue policy reform that we needs.
We we can't write talking about increasing taxes we've got to talk about reforming the code.
And growing the economy growth is the focus here.
Then tell me finally senator -- because your key member this gang of six that is playing a role in all this how Willie and this was -- one of the deadlines the president set July 22 the real deadlines the second of August.
How is this all going to end.
Well I wish I had the answer to that question I don't think anybody knows right now not even the president or the congressional leadership who are negotiating with yes.
I believe that ultimately we must have major changes in our fiscal policy before the debt ceiling can be increased.
And that is something that's achievable I hope that they are able to come up with something in the neighborhood of two or three trillion dollars that's real.
And then create the process for us to move forward with a stronger and more comprehensive proposals.
Like the gang of six if they don't use the gang of six type ideas in their ultimate solution for the debt -- All right that is us editor a might creep all of Idaho from my Capital One of the gang of six that's right.
