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White House Debt Panel member Alice Rivlin on the continued efforts reach a deal on debt negotiations.
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House Republicans are set to release their own proposal for extending the payroll tax cut tomorrow but while the president and members of congress are busy.
Bickering over somebody that both sides admit won't do much to create jobs they seem to be sweeping the bigger problem of our looming debt right under the -- The president's own debt commission headed by Alan Simpson and Erskine Bowles came up with -- trillion dollar debt reduction plan a year ago.
The president ignored it now some members of congress want to revive it is -- -- chance.
Alice Rivlin was one of the people appointed by the president to that commission she joins us now.
From the Brookings institute reported a lot of commissions but Simpson vols first of do you do you see any progress of of members from both sides of the -- trying to push it again.
Oh I hope so but that they had such a big chance.
And that must.
Of the joint select committee the so called super committee had all the powers that were needed they had all the information they have the Simpson -- report.
They have the de Medici Rivlin report they have the gang of six they had all of the proposals.
Which are all about the same as you know.
Ads.
They had power and they just didn't do it so I am really disappointed I'm glad there's still hope alive.
But I think it was an enormous opportunity exists.
Well ought to be honestly I never put much credence in the super committee idea I -- I don't put a lot of credence in super committees generally speaking and I didn't think they -- it would it would come out to a deal but now.
After that committee is is is history we have people like Kent Conrad a Democrat.
And some Republicans coming in saying look let's get together in a bipartisan way present essentially -- Simpson -- type of idea.
And put it on the desk of the president what do you think would -- -- Well they have to.
Get it on the desk of the president by getting it passed of their own know two bodies.
And that of course has always been the sticking point.
I hope they can do it I'm a great admirer of up.
Senator Conrad and the bipartisan groups in the senate but also in the house.
All of that have worked so hard to get this big deal.
Together.
And they did miss an opportunity in the joint select committee if they can get another one just fine I'd be in their cheering him.
Helping in any way I could.
Now what what happens if the president directly gets involved -- he wasn't.
Involved he did ignore the Simpson -- report even though he empowered the commission including herself that must've been a disappointment to you wasn't it.
Well it was a disappointment to me that he didn't.
A year ago in his state of the union say.
I've got this committee report he didn't have to endorse all of it but I have pointed this committee they've worked hard.
Here is a bipartisan solution and I'm going to work with the congress is two to get it done.
I think that was an opportunity invests but.
Now I think the president and the other of the leadership of congress has another chance if they want to take it -- the president has.
Indicated and was working with this joint select committee behind the scenes.
That he wants such a deal really came close to it was speaker Boehner in the summer.
Console.
I think there's hope that something might come together you don't.
Saying -- -- -- harder now -- you don't see the kind of big move that year old boss President Clinton used to make a when he would reach across party lines whether it was welfare reform -- was budget issues.
Our Ronald Reagan of course -- that famously would Tip O'Neill a Democrat.
That kind of of cooperation between the president and and and congress has been absent.
It has been absent and I think the fault.
Lives on both sides the leadership of the congress.
And the the president.
But you remember when Harry Truman said Harry -- German says the buck stops here and the president still is the Chief Executive Officer he's the guy.
They can make a deal happen as we saw with Clinton as we saw what -- Well we have not seen it.
Very clearly here because now the president is facing.
A Republican controlled house.
That doesn't.
Want to deal or it's not not clear when.
Speaker Boehner and the present and the word negotiating a deal.
And I think they came close it fell apart because Boehner didn't have the votes now of that and that's the basic problem.
Well it it it.
You can go back and forth -- a lot of Republicans say the president doesn't wanna deal because it's easier for him to run for reelection.
Against a quote do nothing congress than it is otherwise that's why he wasn't quick so whatever the truth is it's not gonna come together but won't.
Economics for some kind of deal won't we be faced.
Maybe not with a Greek situation but at least at least a -- -- -- a situation where we just have to face the music.
Well I think we're faced with that now.
The thing that makes it different for us.
Is that.
For some reason of the world has a lot of faith in the United States government.
We've never defaulted.
We have a very strong economy now in recession but basically strong.
And they think it's -- unthinkable for the US to default on its debts so.
We can go on borrowing very large amounts at very low rates of interest.
The the Europeans particularly the weaker Europeans can no longer do that.
And even France and Germany are threatened with higher rate.
We have got to realize that could happen to us.
It could indeed Alice Rivlin wonderful to see again thank you very much for coming in appreciate it.
Nice to see you.
