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Paul O’Neill on the Fiscal Cliff

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    Former Treasury Secretary Paul O’Neill on potential tax hikes and efforts to rein in the deficit.

  • Duration 3:42
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The US is on track to face huge tax hikes across support starting January 1 if congress doesn't take action but we have someone who has a plan.

That he says would reduce the deficit and get the economy back on track.

Paul -- was the former United States Treasury Secretary joining us now -- Fox Business exclusive.

What -- plant and a minute but of course everybody's talking about this fiscal cliff and -- going to fall off that capital gains.

Taxes will reset to new -- higher levels -- -- we haven't seen before.

But they could either be scare tactics -- the real deal that it could hurt us how do you view that.

You know it's almost incomprehensible.

We could be in a position where we could do devastation to ourselves.

By having a huge tax increase.

And and crazed -- cuts in spending that we cancel contracts and send people home and that you know.

Hopefully we're not gonna actually do that to ourselves.

But in some ways I I think.

You know if we don't have the will to do the right thing then maybe we ought to take the bitter medicine and -- -- the people up.

That they need to be paying attention to what's going on in Washington because.

What's going on Washington is not in the interest of our society.

Well it's an election year in and now more than ever rhetoric trumps facts and and particularly with regard to it tax plans because we have.

Both Republicans and a lot of Democrats agreed that the Simpson Bowles idea of lowering tax rates and getting rid of a lot of deductions like we did in 1986 we -- it before and it worked before in terms of bringing in more revenue.

Revving up the economy a little.

Both sides seem to agree that that's good that's essentially what Romney's plan kids -- 20% across the board tax rate cut while getting rid of deductions for the wealthy.

-- can't they agree on what ostensibly they do agree -- But I say it's a mystery to me.

-- I was actually asked to comment on the economic program.

Governor Romney talks will tend not and so I said if -- send me but it is I'll comment on it.

And what they offered.

Was sent an empty bag you know I don't think.

You can under -- -- has said it 20% across the board tax rate cut but tapped by itself is not enough to know.

What it is he plans to do and whether it makes any sense on the other hand I think it's not at all clear.

That what President Obama.

Would have us into this clear either and so I go back to what you said David.

We have a paucity of tax you know I believe -- the American people are entitled to facts.

What specifically would you do so that.

If they're gonna make cuts and defense I thought I'd like to note that I'd actually like to do that if I'd like -- state of the presidential candidates.

Do you know how many how many -- there are in -- carrier.

Battle fleet.

And you know -- their types.

11 which cost you know how many total.

Capabilities we have do you have a view that they -- substance of how many we -- to have going forward.

Because you know what when I look at these conversations that are going on and they be television and people like.

-- -- -- -- People are talking about percentage of the GDP.

So much GDP for defense and so -- for other things I'd -- you know.

That's not the way you get to.

A structured society you'll need to start with some facts about where we are quarter threats what are we actually need to do.

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