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Sen. Coats on Why Debt Deal Didn’t Go Far Enough

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    Sen. Dan Coats, (R-Ind.), on why he voted against the debt-ceiling bill.

  • Duration 6:02
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With just hours to go before -- threatened -- the debt ceiling has been raised the president's signing it into law after the senate voted 7426.

Now one of those against the bill with us now Republican senator Dan Coats from Indiana senator welcome.

Thank you are a tell us why you voted no on this bill.

Didn't go nearly far enough in -- address the underlying issues that we all know are there have to be addressed I think they saw this is far too little was.

And I think the markets are reflecting that of their underlying financial issues here that's putting United States and in the position of the real serious.

Credit on worthiness in the needs to be addressed the congress took a pass on it I'd I'd I thought we that should've done much more.

Much more deeper cuts but you know we've got 2.4 trillion dollars in spending cuts over ten years baked in here what would be the right number.

Well listen most people -- -- ought to be about four trillion to really make a difference out -- -- the -- but in addition to that.

They said we have to address the entitlement reforms in the tax -- reforms.

None of that was mandated or even addressed in this particular bill and -- -- -- special committee comes forward and recommends that and I doubt that they will.

We still are not dealing with the root problem.

All right the you know it there's been a lot of conversation.

About whether taxes should be increased and if they could be increased under this plan left and right.

You know at odds over this.

I was listening to Neil Cavuto show just before this one and on that show you said -- the president proposed new tax hikes.

That the stock market could fall as much as a thousand to 2000 points.

Now that's happened senator that would be a break as big as a break right after Lehman -- September 20 ninth 2000 in a when stocks fell 777.

Point to be bigger than that.

Why do you think there would be such a big sell off wind we haven't seen that much of a sell off in the past -- -- were much more catastrophic.

Well first of all know we should take it make it stock investment on the basis of my advice because I.

Just a layman here but.

My belief is is that when the president United States comes out and everybody knows the problems spending.

It simply says well no the reason they are having problems that we don't have enough taxes coming to Washington.

This guy blew the lid off -- spending for two and a half years.

Output is more it made things much worse than what He inherited and comes along -- -- I want you to pay for my spending.

And then -- the torturous process of getting to this.

Program that cut some spending.

Comes right back out and says now we gotta go after the revenues.

And hike the taxes.

At a time when unemployment is rising nine point 2% and holding at least and -- rising.

In the stock market is indicating that the economy is worse shape.

You come along -- in and raise taxes on people just exactly the wrong thing to do I think the markets reflecting the president's words.

Diet you know.

We've had a massive sell off already.

And the market's saying that they're focusing on the economy and there's nothing being done to help the economy what should be done.

Well I mentioned two things we need to comprehensive tax reform because their companies are not competitive worldwide.

And we need to export more and that will put more people back to work secondly we need tax code reform because we're spending a lot of money and special interest breaks it should be spent there.

You don't have the growth positions have moved.

In place to move this economy forward get more people back to work that's two things -- the third thing -- and we've just have to continue its.

Eliminating the excess of that implication that is.

Spending -- spending in Washington and finally I think ultimately we have to put in place a balanced budget -- them so we never get in this position again.

Well I wouldn't you respond to something Tim Geithner had to say today I believe.

It's talking about the possibility that the economy could -- into recession again.

Here's Tim Geithner.

-- sorry it's not.

It -- to quotes which I'll read to you not that video.

He says I think confidence here it was absolutely very damaged by the spectacle they've seen in Washington.

Of a significant number of elected officials in this tightening country threatening defaults.

Knowing where it.

Pardon me serve.

To the point where composite double -- the Treasury Secretary is -- Geithner says I don't think that risk right now is very significant.

You know the United States is a very strong very resilient economy -- do you agree with that or are we see another recession here.

I think we risk another recession and I think we risk that because the markets and those who analyze this have understood that we have not done enough.

We have not taken this significant step forward that everybody was calling for.

It's interesting that the White House kept telling us you know if we avoid this of default by the markets were cheered sore.

And so we end up a passing something in the points -- -- called and they drop.

People better get a grasp of reality here we've run our country deeply into debt.

It's causing major negative consequences.

And we need to address the root cause of that if we're gonna get out.

This a long way to go that's for darn sure about -- prescriptions here is a super congress in this bill.

And you know -- -- big questions about that can now work -- we just gonna be in another big shouting match come October.

I'm afraid we're gonna just -- down the same road we've been going down the last few months you take -- few select members of congress and say you guys solvent.

We've had all year to solve but I have a distinct and it's the same kind of standoff.

And probably will take place going forward and less people grasp the reality of where we are and start rising about the politics of this forget about 2012.

Roll up our sleeves get to work do what's necessary put our careers at risk if that's what's necessary but do it for the future of the country.

And long way to go and a lot to do and Senator Obama I hope you'll come back and talk to us about it we really appreciate your time thank you so much.

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