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Steve Bell of the Bipartisan Policy Center on the importance of the Super Committee and how it can reduce spending while increasing revenue.
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Running out for the debt super committee the deadline next week.
I think the newest Republican proposal to raise tax revenue by cutting tax rates on eliminating some deductions.
-- all morning I've said this is a breakthrough may be completely wrong about that but it is a matter notes Steve Bell from the bipartisan.
Policy percent to a -- first of -- Steve let's get to that reels of standard issue -- and that is the possible downgrade.
Do you think that a downgrade another one is coming for America.
I think if the joint select committee doesn't do its work Stewart.
That within the next year we will have the other two agencies.
Fitch and Moody's join in a down greatly and now Qaeda back.
That that's qualify that you said if this just this super committee the joint committee.
If it doesn't do -- -- it doesn't cut the trillion dollars and then the automatic cuts if they don't go into effect -- saying yes that will be a downgrade but only under those circumstances.
In my judgment yes and it will take those circumstances it'll take a kind of finality.
These guys really aren't going to do any thing and they even overturn the sequestering year from now.
Okay now all I'm saying.
That this Republican idea that they will accept.
-- -- tax revenue maybe 300 billion dollars by lowering rates and admit eliminating some deductions I'm saying that's a breakthrough.
I'm -- that makes a deal -- likely a new site.
Oh absolutely I think Republicans whether it was senator to me or Jeb had -- who's the co chair from taxes.
They did something that they're caucus by and large didn't want to -- do they offered.
Net new taxes.
And I think what's happened is no one on the democratic side expected this kind of offer.
And they don't know how to respond they.
They know they have to do something entitlements but they don't want to give up this political club.
Called Medicare.
They want to use that in the close elections they expect to occur in the house.
And the senate in 2012 so now they don't know really how to respond.
Other -- we want more taxes than senator to me.
-- -- state what we've got Richardson with us here in New York today -- is out regular guy in Washington DC.
I think would would both in agreement -- that this is really have a big switch for the Republicans.
To accept the idea of more tax revenue coming into the treasury.
In the state I'm saying that.
Not saying is a revolution I'm saying -- a switch I'm saying it's a breakthrough.
Although it is a breakthrough I I don't think anyone who's watched this.
Was anything but surprised when Pat Toomey the senator from Pennsylvania of all people.
Former head of Club for Growth came out and said I'm willing to accept tax increases.
More taxes than we otherwise would have in other words and I offer that on the table and I think it took a lot of people by surprise.
Including perhaps some members of his own caucus.
In the senate and the Republican caucus -- house I think -- -- a lot of credit.
To -- -- -- showing for taking their caucuses kind of kicking and screaming and saying look we're gonna make an offer and see if these folks or serious or not.
And I think right now the Democrats are saying -- how do we get out of this -- Yes I think Jeb counseling kind of walked it back a little bit last night on another TV network I think kind of walked it back but that's just because of the enormous Russia.
And maybe some hostility.
That he and -- to to me -- getting because the whole idea of bringing in more tax revenues.
Yeah I agree with that Stuart you know I was fortunate enough to meet with three or four these folks.
Over the last week.
And there's no doubt in my mind that people like Mitch McConnell who is a minority leader in the senate.
And speaker Boehner and people like that really want to deal for a number of reasons bonus not all.
You know kind of thing that we want to do because we're good folks as a political aspect to it too but they do want to deal.
OK well looks I'd say it's a breakthrough and I think -- some people agree with me.
They Steve Bell you know we talked about we appreciate it witnessed today thanks very much -- thank you very much to our next.
