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Treasury: Debt Has Reached 100% of GDP

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    Rep. Connie Mack, (R-Fl.), argues the current debt deal won’t fix the economy.

  • Duration 4:10
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The US treasury says -- debt has now reached 100%.

Of our economy GDP -- all the same.

Republican congressman Connie Mack is right Kia.

Comfortable.

Thanks very much -- to be that if you if the debt is now 100%.

Of the economy both a fourteen and a half trillion debt and the economy.

That tells me that this debt.

Plan this debt deal is essentially meaningless -- you know for me I never thought it was gonna solve the problem and that's why -- voted no I mean that.

The the bill that came forward.

What it did in in essence is said we're gonna now have over seventeen trillion dollars of debt.

From and what are we get for a we got small cuts over a ten year period which are really just a reduction in the rate of growth.

-- -- -- -- -- -- Well I've I don't know I guess I am you know sometimes I am sometimes I'm not a I don't know I'm just I'm just a guy that believes that we ought to spend.

We shouldn't spend more than we bring in -- now I'm going to have to bring this up.

-- congressman from Florida -- you voted no that's right you'll wind.

Is in congress from California that's right she voted yes that's -- is this a difficult subject point.

It's not when I'm here and she's not.

And said if you let this.

Okay.

-- it know you know what it we she makes -- a great quote two I think her local Paper she said something like you know we respect one another's opinion.

In any sleeps on the couch.

Let's and -- look yet you got a plan it's called the penny plan.

You would cut spending for the government by one penny want to sent.

Each year for the next.

-- -- six figures for six years after that would bring us back bring -- debt.

Back into how global ability right for -- that's a plan so what the plan does is it takes 1% a year for six years and what's important about this number is.

So we cut out all of that growth in spending that is just kind of an inherent in Washington -- so we spend roughly seven to 8% more each year.

In this would flat line that's a no we're not doing that anymore.

And then we cut 1% or one penny out of every federal dollar.

For six years -- it it's simple an -- sounds easy.

But it is not easy to -- 1% when you would have been growing six or 7% or 8%.

I mean that would -- that would be -- well here here's the thing.

Everyone watching your show today.

Has felt pain at home they've had to take more than one penny out of their home every dollar their home budget or one penny out of every dollar of their business budget.

So I'm not gonna you know Crimea river saying that over the federal government we.

We're not go to spend as much I mean I think the people through this last debate what the American people were saying.

They were saying so much we want a deal or a compromise.

They said we want a solution.

And they're disgusted with the process -- that at the end of it we gotta we passed a bill that was supposed to save everything.

But everybody knows all we did is allow for a debt of over seventeen trillion dollars.

Is your wife in favor of the -- -- she is she's cosponsor -- the bill I had work for it but this is good news is good news and I'm Steve makes to have a home.

But are there any Democrats that like -- -- -- part of that Atlanta's 18%.

Capping spending they can present -- GDP you know.

That the president will never support that because that means obamacare is long gone you'd never maintain it -- 18% can you get a single Democrat well.

In fact we have there was an op Ed written today by Lanny Davis and I think most people know who's in -- represented Atlanta -- Lanny Davis -- tonight god as threats on the left that's right and He supports the petty point wrote a very nice op -- saying it's a serious proposal it takes years that we've salt is serious look at.

So we will get Democrats on that would be great thing about this plan.

Is whether your Republican independent Democrat liberal moderate conservative.

It makes sense.

In it's something that you want the federal government to do to live within its means Ole -- he's coming back I think -- -- -- -- on board so congressman -- the program thanks for being with -- we appreciate it thank you so.

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