Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Former Senator Simpson on Long-Term Debt Plan

Details

  • Description

    Former Senator Alan Simpson on launching the 'fix the debt' campaign.

  • Duration 3:49
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

It -- trading issues but right now it is a brand new effort and it's called.

The fix the debt campaign now key goals to get ten million signatures for an online petition.

-- call on congress to pass a comprehensive.

Long term plan on the debt by the fourth of July next year.

Former senator Alan Simpson one of the creators of this Republican from Wyoming and co chair of the president's deficit commission former senator joins us now by telephone does it.

Tell you something that even have to run a campaign like this that somehow Simpson bowls for whatever reason didn't get the momentum that was needed on Capitol Hill.

Well I don't take the name it is important it's the issue -- you have to do to to help your country and -- and -- -- most extraordinary thing -- emboldened by -- have found -- we traveled them did our work for about seven very emotional forget -- gotten five Democrats.

Ranging from Dick Durbin -- got five Republicans from Tom Coburn and one independent -- -- transit commission.

And it's very specifically -- -- gets torn to bits.

But -- the only thing -- which struggled this guy who walked up to missions page save us from ourselves speed for congress pursche.

It's extraordinary thing that they they worship the god of reelection.

There there hope to they're frightened of them mr.

cultural -- -- more I guess between breed them.

And cowardice shout -- -- -- what's gone on in the country people don't want any cuts.

Impressionist Medicare precious Medicaid Croatia shall security pressures defense tell you can't get there without -- around a little.

But let's talk a little bit about some of the specifics then and focus on the last that you mentioned there and that is defense.

These automatic cuts that -- go into place at the end of the year the so called sequestration.

That everybody is talking about including Senator John McCain it was on with Imus.

On Imus in the morning earlier today talking about why we cannot in his view let those cuts happen here's what he said.

We cannot let this happen.

And guess who is missing in action the -- United States.

He's saying well because congress -- -- they can solve it.

Well -- United States is commander in chief that's his first job and -- secretary of defense tells him.

If these cuts go through that it's gonna devastate our national security capabilities.

I think you think maybe the president would might be.

Would be inclined to get into it so far.

Nothing from the present these MIA.

And an indication.

Why it's been reluctant to didn't.

I'm not sure that he cares that much.

Your thoughts senator since an -- those comments by Senator McCain this morning on defense cuts in the president's role in all of us.

Well I -- Leon Panetta forty years' worth he's a very dear friend we work together when he was chief chef.

But it did when he's element present these things he's actually right this would be devastating showing John correct.

This is much.

Let actions approach come -- to this due to the department of detention centers doing that surgically.

If you leave -- loan.

He'll do some but don't forget -- When we talk about hauling out the defense.

Best -- just about 750.

Billion and big budget of the top fifteen countries on earth including Russia and China is 540 billion come by and rather that was through your head again.

Well hollowing out -- they think we have more stuff that we found in the Defense Department.

How many contractors -- have wealth between 1000000 and ten million -- that's quite -- range.

What do you do with tri care -- that premium is 470.

Production here at.

Cost 53 billion -- here this is not.

And you guys are talking about a long term plan that would replace.

These short term issues at the end of this year but senator Simpson will keep having gone into talking about this topic thanks for joining us today literary world.

The Dow Industrials --

Load More