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Former U.S. Comptroller General David Walker on efforts to rein in government spending and avoid a debt crisis.
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David very good to have you need to be back from let's talk a little bit opt out this right now might -- -- -- right.
Gotta put the -- -- perspectives he has biggest news cut its cars they are really cuts in the world could spend.
And we would still have a 110 -- and more spending that we do now.
I talked to Ron Paul about that -- to look guys of -- this -- -- have a problem with his ticket if this is vigilance yeah and we need to work on more vigilant.
The fact is is that the economy jobs and fiscal responsibility.
We have top three parties in this campaigns.
You also have to be realistic about what can get accomplished without question -- back into recession.
And what can get accomplished do you like getting support in congress she ultimately have to pass the house and senate.
In my -- what we have to focus on New Year's meeting with a fiscal left having a grand bargain next year.
GDP.
Down to about 60% five point eight point here if we can do that we can avoid a debt crisis and we can make sure their futures their -- and we need to make -- progress.
-- -- only -- but are we even near that if you think about it you look at what we've been doing it.
-- if we're if we're fighting over just slowly increase in let's say entitlements will be increased.
In general spending.
-- how we ever gonna cut it.
Well we we have -- and renegotiate the social insurance promise.
What what one of these a lot of people say that's a kid that just -- -- here's what I'm disappointed with us.
There's been a lot of rhetoric.
In and a lot of sustaining and mudslinging with regard to Medicare.
The truth this is the -- Romney Ryan's hand Obama.
What to significantly reduce Medicare spending.
In the coming -- -- almost the same amount of money but they have a very different view about how to accomplish that in addition.
-- -- -- -- -- the tax code but they have a very bit different idea about how to reform the tax code and what level taxes on -- -- what we need to do is to make sure.
That we understand we've got to significantly reduce spending we have to renegotiate the social insurance promise while.
While protecting sound secure social safety net pleaded engaging -- -- of tax reform to make it simpler fairer more competitive.
-- and also generate more revenues and we've got to do it 2013 it can be done -- people understand it.
If other countries can do we can do and you know evolution but OK David I -- not look at this units -- the as the head.
Through the -- embarks on that -- And aggressively deals -- its intent on.
Potential that it even if you wanna talk about let's -- -- access to -- -- -- -- say more than just tinkering.
Aren't they guaranteed when farmers and other not I actually believe that the people far ahead of the politicians they can handle the truth.
They're looking for leadership and they and they -- willing to accept tough choices if they're part of a comprehensive package that they can defeat there.
And that's the -- and I'm embarking on a five week national fiscal responsibility bus to a swing states starting next.
Friday.
That we're gonna talk about truth leadership and solutions and we're gonna proof.
That the American people.
Can you be aware -- but what they've got to have his leadership.
Not having to deal with the Indiana I think -- stayed true right thing that I think could New Jersey governor Chris Christie talks I got a raise in.
You know a teachers' unions even though I love teachers -- 888 the music -- -- -- states I think for that.
Here's where I wonder whether the same -- prize.
On the federal level that.
People linearity yet we got -- -- Medicare or you can kind of raided the security we got to address but wait a minute not -- -- security up my Medicare not my.
Benefits and the Connecticut cities stickier as you -- you have -- -- -- -- people would be a.
And a lot have confidence once they understand how bad the problem is -- -- responses could destroy our country to our children drive -- -- have been here in the off this debt clock.
-- play understates the problem it's about sixteen trillion.
We're gonna have they had US financial burden barometer the only one that exists in the world on our tour it's gonna started 700000000004101000000400.
Million.
And it's more like didn't -- a minute because what -- include is not just a debt.
The unfunded pensions retiree health care -- unfunded Social Security Medicare promises a range of other commitments contingencies.
That our deficits and debt today but they will be deficit -- -- and -- children out of money for so much else but your big 250 billion dollars here.
-- finance stars is on that debt.
You use -- -- yankees -- -- there's a line item waste in the federal budget it's called interest.
The calls would he get -- nothing and right now we have.
Historically low interest rates even by president Obama's budget was supposed to pay 900 billion and -- -- Continues.
Not a hundred billion for which we would get nothing amazing just amazing and well spoken.
-- thank you my friend I'll see you next would absolutely be strong lobby there up well -- --
