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Political commentator Pat Buchanan on potential tax increases and why they would unlikely happen before the Presidential election.
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Deficits and debt are not just a spending problem.
Revenues as a share of gross domestic product over the past few years are the lowest they have been since World War II.
We simply don't raise enough revenue.
Baucus is back of the -- and it is gang up on tax cuts again.
The Montana senator saying that type sites are unavoidable now and making them part of any budget deal this year is undeniable now.
Where is some Republicans might be sympathetic Pat Buchanan says they've been and -- And his latest best seller suicide of a superpower.
Pat warns that this is the kind of stuff from our leaders that's leading us -- straight.
And assuming -- as a way to words and that could have engines tonight Patrick -- in my time.
During -- congratulations -- do you notice Bill O'Reilly is shaking in his boots Benoit.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Ha -- revenues have got to be in the next last time -- checked out revenues weren't the problem what we're spending them on its.
-- -- -- -- -- I think senator baucus is coming to realize that there's a crisis of the Democratic Party in the public sector any desperately needs new revenues he's not gonna get him for this reason.
-- -- he gets a couple of Republicans to go along with the Republican House.
They're not gonna raise taxes on anybody before this election.
Mean they're not gonna drink that Kool Aid so it's not gonna happen so I think we're going into overtime in November on the bush tax cuts.
I think the president has got its feet on concrete it is got a lot of collapse if he doesn't get the rich taxed.
And I think we're gonna have a confrontation and now and November and December but he's not get new taxes before November.
What about -- the policy the president losing then it's a lame duck session amount what the presidents that it's it's a moot point.
-- do you expect action paddling duck session and would that lame ducks of the session -- -- Soledad.
Entertain revenues aren't if for no other reason than to give a clean slate.
To the new guy in the new team -- again.
Brought -- the lame duck session past.
It wouldn't pass new taxes.
Double lame duck session wrote Barack Obama means you may have a Republican senate and a Republican House -- you're not gonna raise taxes I'll tell you what might happen.
If Obama loses.
He could put his feet in concrete and -- I'm not gonna.
Give you I'm not gonna let the up -- and extend the bush tax cuts and -- -- give -- new taxes on the rich in which case we go to January 1.
And all the taxes.
Tax cuts disappear and we go off that fiscal -- Would Barack Obama do that.
I doubt it very seriously because I think give -- Romney won in Republicans gain seats in the senate people will say look.
You had your chance this is the new team extend them do like Bill Clinton shows us extend all those tax cuts temporarily.
And -- the new congress and the new president work on tax reform.
But another -- I think got.
You know if if Mitt Romney's not elected and Republicans don't get the US senate.
I think we're headed for gridlock and deadlock for four more years just like the last twelve months and we are talking about Italy Greece and Spain.
-- the United States.
I don't you leave my Italy.
-- but I won't say this this is one point I know a lot of mind.
Market and CEO friends always say they love gridlock has not to get stuck.
This is one of those occasions that's not good and that is not advisable and that is not recommended.
Because at four billion dollars a day added to our debt.
With a -- of these tax rates back it up like planes and LaGuardia.
By the end of the year there simply isn't enough time to address this -- this but I suspect we'll get a temporary extension.
Like you say.
And a sort of rob Peter to pay Paul.
Mentality.
That is the -- of the of the of the most CEOs existence and that's aren't gonna get them -- to arm or get them spending money so we delay.
And economic recovery as a result regardless.
I think look where you or -- or maybe drifting back under recession even John Maynard Keynes would raise taxes now.
I think what you do as you extending bush tax cuts you extend the payroll tax cuts you find some way to let the slice or not go into effect.
But you're exactly right we're running a deficit and here's where baucus is correct.
A deficit and the federal level.
-- eight or 9% of the entire gross national product and we're borrowing from Japan to defend Japan we borrow from Europe to defend Europe.
We borrow from the gulf to defend the gulf we've got public employees in the federal sector.
Who make twice in pay and benefits what the average American makes and they got a job security average American does not -- The public sector is in crisis and that is why -- The party of government which is -- Democratic Party.
Is in crisis by -- -- -- talk about great society programs Democrats are the beneficiaries.
You talk about public employees.
Democrats -- the beneficiaries.
Look what happened in Wisconsin.
Private sector union members voted against the public sector union members many plume basically got no dues -- -- and -- yeah.
That's amazing that's well put -- -- commodity futures to suspend.
Hong Pat -- -- can't have a pastor Neil I don't think maxim that Buchanan does someone want their political commentator in Washington.
