You're watching...
Gang of 6 member Sen. Mike Crapo, (R-ID), on the debt debate and their plan to solve the debt crisis.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
And with the Green -- plants falling short is it time to revisit that bipartisan gang of six plan.
Which President Obama actually -- last week -- joining us now is a member of the gang of six I don't know Mike Craig well Republican from Idaho senator -- -- here's a thing.
The president endorsed the plan without reading it but from my point of view and I'd like you to be this share with those of you fill.
That somehow the gang of six is being used in this process that know what really take your plans serious both sides of cherry picking items from -- that they like because apparently.
They haven't did all this like to beginning at 61 point five trillion and the president got a little Grady in that we're back to square one.
Well I think everybody's looking for scapegoats right now but the bottom line is that our plan is getting increasing bipartisan support as we move forward.
We need to remember though that our plan was put forward not as a solution to the debt ceiling problem.
But as a solution or a big step in changing our fiscal policy toward the solutions that we need for our debt crisis.
And whether our plan becomes a part of the ultimate solution for the debt ceiling battle.
I'm confident that it holds the key.
To the approach that we must take to solve our debt crisis and once we have passed the debt -- fight we will still have a debt crisis that we're going to have to face.
Senator Craig -- Before we -- even talk about began in gain of six -- we know that that we have to weather plants have potentially could be on the table ahead of that first.
Does it GOP in that house have the unity to get that Boehner -- proposals.
We don't know the answer to that yet in fact speculation early today was that they did not have the votes to get it through.
Now as the day has moved on the speaker has moved the -- to tomorrow to give them more time to get the votes.
It is starting to look like from the reports we hear that they are going to have the votes to get it through.
I'm guessing it'll be a close vote.
But I believe that -- Speaker Boehner will ultimately be able to get the votes necessary to pass that plan.
This will be the second time then if that happens that the house has sent a plan forward that would enable us to move.
To a an extension of the debt ceiling with a process to help start dealing with our national debt.
-- There were -- -- -- saying and you made a great point that this once is that silly things -- with our problems we've just begun.
The -- gang of six has put together to me.
Reignite its America's greatness you're talking about lower taxes you're talking about.
Not a bunker mentality but a mentality that we'll take this court.
What the opposition to this flag and what were you funny -- -- you said earlier that you getting more bipartisan support.
But why hasn't everyone -- and if they you know what this is the real bill.
Well part of the reason is because we put everything on the table.
We reform the tax code as you've indicated is the most powerful pro growth approach to our engine of our economy.
That is out there.
But we put everything else on the table as well and every special interest group in America who does not want to see their part of the current status -- changed.
Is up in arms and -- One of the ways I put it is once we put our -- out the knives came out and all of the traditional political attacks against change are in full force.
Well speaking of arms and -- and and enforce.
You're actually saying that this August 2 deadline is not only a financial.
Issue that we should pay attention to but also -- be a security -- as well could you explain that.
Yes as a matter of fact I believe that the debt crisis we face right now is so so big.
And such a danger to our country that it could be I think it is probably the greatest threat our country has ever faced.
But when the chairman of our Joint Chiefs of Staff was asked just a month or two ago what He thought.
That the greatest national security threat to our nation is.
He said it is than the national debt you know we could have mentioned Iran or weapons of mass destruction or the al-Qaeda.
Terrorism.
-- our national debt is the greatest threat to our national security that we face now -- America.
Senator Craig 01 of the things I know you're strong proponent out its tax reform and reform that's something that you're -- in year gang of six from.
Why is now -- time to tackle such a difficult issue when there's so many big issues on the table to deal with in the first place.
Well that's an excellent question because one of the things we are focused on so heavily here in Washington is controlling.
The unbelievable spending appetite of our government and that must be done it must be a major high priority of our approach.
But we also must focus on growth.
We've got to get our economy moving again and grow it back to the point where the powerful economic engine that we should have in America.
Will be the revenue part of the solution to our debt prices you know just a 1% growth.
In our economy.
Can generate about two point six trillion dollars of revenue to pay down the national debt went over a ten year period.
So -- you look at these other plans that are talking about one point two trillion or one point eight trillion dollars in cuts we need that.
But we could get two point six trillion dollars in revenue just by boosting aren't that big economic strength by 1%.
That's why we need need to focus on tax reform we need to cut rates we need to reform -- the code and get a huge shot in the arm to our economy.
Senator -- -- one of the things I think no matter what happens here the legacy of Washington DC is gonna actually be worse -- that's in the possible.
Because it feels like there's not a lot of leadership on either side.
What do you make of the -- announcements that you know the market's gonna fall apart we're gonna go to Great Depression.
And that we will actually default and seven days when in fact that's not true.
Well I believe there is a tremendous amount of scapegoating going on and there is also what I call the politics of fear.
Those who want to try to force their position.
Into the ultimate winners box here in Washington DC for what happens are trying to scare people into.
Thinking that they have to make wrong choices in order to move forward.
And the use of the politics of fear here is completely out of hand we are not going to have a default next week and I'm not saying that.
It's not going to be a huge problem if we don't extend the debt ceiling.
What I'm saying is we will still pay the interest on our debt and we will still service our debt.
And and there will be other problems in in terms of government spending but we will not the United States government will not default.
You know sir I'm really rooting for the gang of six -- a proposal for not to be used by either side to promote their ideology.
But you've got to put together plan that I think -- -- the economy and the greatness of America so I thank you senator Mike grateful and appreciate your time mr.
today.
Thank you thanks -- stocks.
