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The president wants to reduce that by raising taxes on rich people on cutting spending.
But cutting only a little.
He wants to spend more on some things.
And that's greats is rich Benjamin of the progress -- think tank he laughs no it's horrible says Stuart -- a host of this networks -- -- company.
So horrible lack.
If you took that budget of the family that you're talking about that I would call that irresponsible.
You look at the president's latest budget back to is -- response -- what countries are different from family somehow.
Okay when it runs up the -- doesn't it.
It enormously for the time this budget is through if it will -- you have 26 trillion dollars in debt for the United States and we'd be paying twenty billion a week in interest payments alone.
You coming up right on top of a debt crisis if you put this kind of budget into practice a widow won't Latin America now do.
You don't rich.
I'll tell you what we do want if you ask those folks on the street and if you asked them we had a form Americans say the priority is jobs jobs jobs and that's -- Obama's budget.
Pays attention to deficits will matter later but first we got to focus on jobs.
I mean how later.
You're not worried about these deficit well that's the good news is we've had five months of straight job growth.
And things aren't perfect but the dawn is breaking the president has momentum.
Because of his leadership.
And once John Kerry gave way what again what his second.
You cannot be paying a nine billion a week in interest as we are right now and heading towards a debt crisis I think that somehow -- -- that everything is going just fine.
We -- heading to a.
Drive us into a very nasty recession how do you see what was going on in Greece the irony -- and the irony WA the ironies is conservatives didn't point that -- when bush was spending like it's got nothing to tell everybody I'm very much about how to put that I win this recession nothing everything all -- rubbish.
Sorry but it's true it does bush and the Republicans under bush spend like crazy it's -- 'cause actually a book -- we discussing this -- which article irresponsible yet what do you call it.
This by running as currency bonds will you -- definitely economic circumstances the president finds himself if he's saying there was leadership.
Every economist agrees that after we spent on the first stimulus it add tens of millions of dollars both in the private sector.
And the public sector do you want America to look like Europe.
Do you know that's that's an irrelevant question.
Because no it's not what I saw -- -- -- -- is a continent not a country so that's drawn up well number what do you away corporate America -- -- this kind of debt which is European in these guys don't -- you I'm happy -- on our -- in the -- crisis here I think -- might have jobs and -- -- -- who -- eight months of job growth -- How Americans are unemployed laid off who want the president to focus on jobs would be do.
It's easy to say in a comfortable studio I don't think most Americans would be pleased about that -- -- -- -- let's move aren't relevant to the argument -- utterly irrelevant one another good point because people on.
Some guys back.
One other point.
That people on the progressive side made make is that -- interest rates are still low.
If this is a coming crisis how come rates as low.
But the problem does happen suddenly look at this graph of what happened in grease -- year after year the bonds sold for very little money.
And then suddenly in 2010.
The rate went up to almost 20%.
And then subtly 129%.
When it blows up it blows up quickly.
And I just spell things out here go -- time probably within two or three years.
When those people who lending us all of these trillions of dollars saying wait a minute not quite -- we're gonna get the money back.
So will lend it to you bought you got to -- a lot more interest that's the point we reach when interest rates kind.
Is the point when the economy pulls off a cliff.
-- implement goes through the roof and you've got a Greek style tragedy.
Okay what with absolute reality you -- if you wanna compared agrees we want Greek levels of unemployment also -- -- -- -- one of this what he's embarrass him.
I don't want that attack happened isn't going to happen -- -- -- Obama wants to do you know it's gonna happen if we don't do it Obama wants to do if we don't invest I -- I don't let him -- he's going to read that as Europe's relevant to where we're gonna have Europe's dial unemployment so thank goodness jobs get created when government spends a lot of money.
That has happened every economist across the political spectrum has rash that because of the -- really well and pretty easy time woke -- every economy.
Let's -- -- has added campaign.
-- -- -- -- is not tens of millions.
Just Johnson surely is it's liberals know it is true nonsense.
At all and reliable fact the first stimulus.
I I can't I don't know any -- and I can't argue with off so you don't want to argue conservatives don't want to argue with this nonsense.
And why if that's not the case to the conservative governors the conservative lawmakers not.
Reject that money begin work.
Pump won't you want to -- gonna give governors money -- got to take the money they can -- it won't hurt us.
If it didn't work the conservative why did the -- -- not mistaken you're happy even.
Even run off 26 trillion dollars in debt -- happy to do this yeah.
Everybody happy but what is the circumstances the president has some of the snowy doesn't put inside those -- -- You have to do -- -- bush squandered.
Our surplus that Clinton left him do little and this is the circumstance -- that Obama has find himself and.
You young then I'll -- to ruin the country that I came to looking for opportunities free deliberately.
These ideas are going to ruin America they -- Reading -- is why America already on -- -- -- main road and we are going down the wrong road would going towards -- his and you so would your ideas about the ruin this great country well say to you both so rich -- -- -- and Stuart Varney.
I obviously agree with you -- but we like to give the other side a chance to talk industrial.
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