This transcript is automatically generated
-- -- Oil William around -- death match for this debt watch you hear about this reports today that the country's national that.
Has had -- not so proud milestone it is now is big.
As our economy itself the amount of money the government -- now tops anything and everything that we make.
-- trillion dollars in IOUs Rick Santorum sees it on that number today promising -- dollars in cuts Republicans in general going after Democrats are -- That -- topping wake up call that we got today Missouri Republican congressman Todd -- -- bottom line we need to start cutting and cutting now.
The congressman even it -- separate santorum's cuts today 53 -- over the next five years or so.
You don't spit and change.
Where you gotta start somewhere deal that's for sure and I think -- is correct in that we have to -- immediately deal with the problem it is a very very big economic problem more than most Americans realize.
His proposal I think was five trillion over five.
Marriage record lows shell off for -- I mean he was a big believer in your remarks he was not exactly aside spender.
In his days in the senate I mean -- you know that would sort of be like me telling you you know our congress and you might want -- eat your vegetables.
Well I I don't know his economic voting record is much in the senate but does the proposal that I voted for was six point two to.
Trillion in cuts over ten years and that was the Ryan plan that came out of the house.
So that in and that was a pretty balanced but still aggressive five toward trying to drive that huge job multi trillion dollar deficit down.
So what what Santorum is proposing is a very very aggressive if it's -- five trillion -- -- I don't know I would also respects I don't know -- that aggressive when I look at the fact that we.
You know we keep piling on this -- that the rate of four billion bucks or so would -- and that even though we will not with a lot of -- we came to about.
May -- -- one point three to one point four trillion dollars over the next ten years right far from a done deal right now -- even with these automatic cuts.
That still leaves us in ten years as you know better than most -- 92 billion dollars more in debt.
Ten years from now so until we have to do something even more dramatic that it's not enough to step in the right direction but to -- rip up the Paper and really deep -- Well first of -- -- that one of the things it's that you really have to do -- a category of spending which is Medicare Medicaid Social Security.
SCHIP food stamps -- interest on debt.
That category must be dealt with and I think Rick was being honest and -- and that's of course like the political third rail which you do have to deal with that.
And you also have to deal with the waste that's in the other side but there's just not enough if you cut all of basic functions of government to zero you couldn't balance.
Find out about it right around eleven ever wants -- we just -- to deal of these entitlements and then someone like -- him along.
You know not even a year ago said all right here's my plan for the entitlement Medicare.
Newt Gingrich is the first to jump bottoms work and and that's the thank you get that huge tick in the -- forward trying to -- some resolved.
Well you know there are some little difference between -- people who feel like they have to score political points and people wanna actually solve a problem.
What was proposed with the combination of Medicare -- Medicaid Social Security.
Was a very reasonable proposal.
And -- It is what -- -- is suspended and I did was do it we're gonna be joining -- -- an orphanage.
And -- and -- I mean Camara.
Well -- the proposal first of all was to take Medicaid and block grant it to the states that -- some money that's not a very radical thing to do let the states manage some of the federal government.
Cannot manage properly.
And then of course the Medicare component was the idea that we're gonna use some free enterprise solutions to improve.
Medicare and also reduce cost that's also very logical thing to do.
But in all of these programs we have to realize -- -- ballots are people we made promises to.
People that are dependent on the programs and so we have to somehow cover them and at the same time for people that are not yet on the programs adjusted.
So -- we don't kill -- programs entirely.
Found therein lies the rub my guests are congressman thank you very Vermont's Goodson.
Meet -- good to see you -- thank you.
All right so all eyes on their -- let's say admit is not it does Asia throw us that watch us -- -- though first because.
As the Asian markets open as our futures markets Begin to take -- We are open for business tomorrow night the first -- -- around the world.
Looking at the cast a vote the impact we kick off with -- answered coverage live beginning at 7:55.
PM eastern dime.
Because some insist that as soon as the top of the hour we might even have a winner.
Then again we might not then again we might be here as long as we were.