Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Is U.S. Better After Debt Deal?

Details

  • Description

    Rep. Steve King, (R-Iowa), breaks down whether the debt deal will benefit Americans.

  • Duration 8:27
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Let's bring in representative Steve King from Iowa congressman.

You voted against the -- -- you're gonna do that on Friday India -- went ahead needed.

The deal passes anyway.

Is America better off right now -- 1006 eastern time on Monday then we were on Friday.

I don't know if we have -- really know that but I I'm gonna say I think we're probably marginally better off because.

Whatever this manufactured crisis is about the word default being expanded which I think we talked about.

It really -- -- the United States had willfully refuse to service its debt.

That's the first -- on each dollar coming in.

We -- that we won't -- defining that anymore at least for a while but what it does take off of the table is the leverage right now to push a balanced budget.

And hands it over to a commission of a dozen legislators who will give us something that is.

That that requires cuts that cannot be amended or perfected on the floor it's up or down I think we have responsibilities also to make these cuts in the short term.

We only cut seven billion dollars out of next year out of 2012.

That's that's they're the Ryan budget is 31 billion so we give up 24 billion in cuts in the process of doing this.

And the bottom line answer becomes this if we did nothing ten years from now our national that's 28 trillion.

If we adopt this proposal today which we did the projection is 26 trillion and national debt if we've stuck with Ryan it would have been 23 trillion.

So that's kind of the ratio short term not enough.

Long term not enough mid term we give -- some authority and we give we did not step up to their responsibilities.

And I think we need to was elected representatives.

Meanwhile I'm.

I am appreciative of the efforts that everybody pulled together here in the collective wisdom says.

Let's go forward congressman did -- but I think the big thing that people are wondering right now this twelve members six on the left six on the right panel.

Is gonna have a lot of weight it's gonna wield a lot of influence in DC.

Who are these people who's gonna pick these the this panel of twelve and and it you know it -- -- you up to you know who would be your six choices.

In I had a really put that list together but I'm pretty sure that I'm not the top ten of the speakers choices for that.

But that would what I would be it but the toughest meanest or various fiscally responsible conservatives out there -- possibly could if I were John Boehner.

Was it just a Charles and that is that it's gonna come down this because gonna get to -- You know five and himself -- guess maybe pick himself with five himself is that how how they're already doing handle it.

It'll be it'll be three Republicans from my house three Democrats from the house and then three Republicans three Democrats from the senate so John Boehner well -- -- -- Who picks up those two they -- they will decide -- on the big gavel.

They have got to pick all Tea Party years because you know the Democrats are gonna pay -- most left wing Democrats you cannot have one moderate Republican.

On that panel this is just what happened with the 9/11 commission the Democrats are sending in these -- polls.

People who were in part responsible for the attack of 9/11 we have these weak -- Republicans on our side -- McConnell and Boehner Tea Party yours you betters are putting pressure on the right now we want all Tea Party.

Republicans starting with Steve King.

On that's.

National command.

I probably add to that Michelle Bachmann really go over that -- -- three right there -- weekly stick together pretty well I think but by and makes a very good point to it than the consensus is that the far left.

Was left completely out of this deal.

And may be is -- make up to the to the left to the base that the Obama left.

Far left they may say here here's three or four seats it is very very influential panel by the -- that could hurt Republicans on the road.

Well and I've been through these panels before they it's hard to get answers back out of -- they seem to think now -- -- gifted with a super wisdom is super confidentiality.

So -- have to lobby of the you never know if they're actually listening are not.

And so they go behind closed doors and they have their discussions.

And I make sure that there's a lid on it when they roll it out here it is and it has all the momentum of the commission.

And you're supposed to -- accept the idea what about the 9/11 commission and it wasn't all in secret.

But there is an -- government body that washed over us and -- we tend to think we have to accept those kind of things.

And this will be one that will be hiked up for months so I am concerned about losing responsibility about the way access to.

All the -- of America it's our job to take our seven hunters so a thousand the wisdom of our constituents.

Bring that here to congress apply our best judgment to that and moving forward a lot of that's blocked out in this kind of a scenario.

And the -- part.

Congressman Ryan came mind.

Eric Cantor came on right after the state or as -- thing was going to devote the bill is going to vote they said you know what the the Tea Party changed directed in in DC yes they -- -- Very small groups and -- congressman what sixty -- so long congress a handful and in the senate.

Having such a huge influence -- in the way politics are going forward and in America must be pretty -- -- -- you sign of the tea parties that rights are.

-- -- And end.

You know what what I look across here I do a fair number Tea Party events around the country I'd love it just walk around the -- talk to people if I could be anonymous and in areas not so easy anymore.

It's like being at my own church picnic only there's an extra red white and blue in the Gadsden flags a great great love for this country.

These are the people that are rising up then -- -- I think envisioned by the founding fathers this is a real grassroots effort -- bolstering those that want fiscal responsibility.

And constitutional full spectrum conservatism.

And what we saw them surrounding this capital in the fight to put an end obamacare.

Fell short that day but they're not gonna give up and I'm not gonna give up we're gonna do obamacare into before the.

Is overall it but let's hope this comment from a congressman earlier today democratic congressmen senators said I'm sorry senator said we're watching President Obama turn into Jimmy Carter.

Right before our eyes do it another full screen I think then we have a congressional comment as well are we heading back into the seventies here and we've said on the show that this is actually looking like a second term of Jimmy Carter or -- insulting to Jimmy Carter.

Well I'm waiting to see if President Obama gets attacked by a giant killer rabbit and then we will now this is the second term of Jimmy Carter.

But I know that's really something to pull off double digit inflame and don't -- -- and they got the double digit inflation but that the employment numbers are bad.

The energy prices are bad right I mean I -- the one thing then that.

I think Obama's gonna try to do with this deal now is to position himself as the deficit hawk and he's mr.

austerity so don't you Republicans let him get away without -- wanted to raise taxes and He still wants -- I also wanna raise taxes but only on a 50% of Americans -- not paying any taxes.

-- I'm so He can jump on that but on.

I can't back points of that video I think is where most of us -- surely you -- your bring -- very important point.

About an hour and then two hours ago one of our colleagues Papa bear Bill O'Reilly suggests is a national sales tax.

That would bring those 50% who don't pay taxes into the next if they -- eliminate the end on tax but they won't do that what you'll do is get both the income tax -- the national sales I kind of I like a national sales tax because it's progressive which is even better than a flat tax we're gonna get a good congressman.

-- Eric -- I and I've been for a national sales tax which became the phrase fair tax every sense I was audited one too many times by the IRS.

And for me that was 1980.

Back now I shut my business down not they beat you handily audit because -- didn't wanna go through what they've done to me in the past in past audits.

And so I went out -- of the -- one of my bulldozers in a smoke went out of my exhaust stack and my years.

As a parent but I wanna be rid of the IRS I don't need them in my office I don't need them -- every business decision that I'm a and in a matter of oh just hours I had thought through and gotten to this point work.

I wanna go to a national sales tax abolish the IRS those things have to happen simultaneously.

-- if we do that people get 56% more of their paycheck.

It fixes everything that can be fixed by attacks -- it doesn't mall that doesn't mall better and now is -- time we need to raise this dialogue up and get -- to that point.

Ten you know what else does it hookers pimps and drug dealers have to pay -- up as.

At -- that's what I benefits of Manassas fashion fair tax congress we we talked for attacks a lot of Michelle may do bring you back another -- to maybe have that discussion they are.

Load More