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Steve Bell of the Bipartisan Policy Center discusses whether Congress will be able to pass tax legislation before the end of the year.
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-- forget Europe's debt crisis we have our own problems here at home the deficit reduction super committee.
Was anything but they had a failure to compromise.
But still of course our government continues to spend and spend and spend Steve Bell from the bipartisan policy -- Joins us now stand and the aftermath of this major failure by the super committee everyone's wondering what now.
There's a whole bunch of things out there that.
Individual issues.
That people want addressed immediately and we'll start by asking you about the payroll tax cut.
Is -- -- way perhaps of getting that done this year.
I think everybody wants to get it done the question is and you guys have been on this story from the very beginning.
What do you use to pay for the payroll tax cut what do you use to pay for.
Unemployment insurance if you continue current law you couldn't let alone expanded.
What do you do about the AMT the Alternative Minimum Tax it will hit about twenty million people.
-- -- something is done to stop that starting in January and over night.
We -- this year.
Docs -- take care of Medicare patients will find a 27%.
Cut overnight and their reimbursement so.
A lot was left on the table and get fifteen working days left.
So let's go over them the I think the one that's probably has the most bipartisan support will be the payroll tax cut I can't see either party going on the campaign trail next year saying.
I wasn't for that do you think you'll find a way to Kabul that a deal together on that.
I think so I you know depending on how it looks it'll be a hundred -- hundred plus million.
In one year.
And what they're gonna have to do I think is what they've tried not to do all year -- that is a look at the CBO the Congressional Budget Office baseline.
And so you know there's some anomalies in there there's trillion dollars in there assuming we're going to continue spending defence -- the current wave.
-- to -- attention they -- -- cuts off 12 you start talking about the CBO baseline things like that it gets real crazy apology for the viewers are essentially talking about.
Fuzzy math -- just make and stuff -- moving decimal points over I mean is this legitimate savings or just another accounting trick.
-- no this is an accounting trick this is a gimmick.
And people of interest is so gimmicky but even the joint select committee didn't use it.
But look.
They don't have many very many places to find money in the next fifteen days to offset this.
And starting next year of course they're gonna have all sorts of tax issues so right now.
Congress is catching his -- -- Maybe they'll have an auction sale bill that passes in time so we'll have spectrum auction 25 billion dollars worth over year.
Maybe they'll be something talked about repatriation of funds overseas by companies.
May be in this is -- -- very unlikely thing -- -- another discussion next fifteen days about carried interest taxation.
So right now they're scrambling and of course the best thing they do when they scramble.
Is it look for a gimmick that's I think where we're gonna end up.
Alright Steve Bell thank you very much appreciate it.
