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Combination of Taxes, Spending Cuts Needed to Reduce Debt?

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    Former Sen. Alan Simpson, (R-Wyo.), on the government’s rising debt.

  • Duration 4:39
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-- national debt continues to spiral out of control having hit the sixteen trillion mark yesterday.

And Republican vice presidential nominee Paul Ryan using on the campaign trail in Iowa today.

We hit sixteen trillion dollars of debt that was announced yesterday.

It's a country in decline.

We have a clear choice.

Are we gonna stay -- the path that President Obama is places on or we gonna turn this thing around win this election and get the country back on the right track.

That's we're gonna -- Joining me now by phone former debt commission co chair senator Alan Simpson.

Of Wyoming welcome back to the show -- You know Gloria I'm very get and I hope you as saying today.

Oh we are out here beautiful day -- -- five -- guys will host.

-- going on all around but other.

Well I'm Sherry has not escaped your notice.

That the national debt is now over sixteen trillion dollars what do you make -- -- I think it's tragic that the country just ships.

And the congress should ships and and labor Russian -- you know.

The mountain labor and gave forth the mulch I mean it's unbelievable that won't do a thing they won't do -- lift.

Every -- spent would borrow 41 shelves.

Every day leave.

Every day with borrowed -- billions 600 million bucks I mean who is -- who in this country is as well as all of Chevy's it's been decline you can't.

You can't labor under they can't do it your.

Yeah.

Do you agree what are we a nation in decline because of all this debt we have.

Well we have a trajectory of debt definition of interest which would -- anyone of the big countries Portugal Ireland and -- -- and it would match Italy.

But of course were much bigger in the economy much bigger but the trajectory of debt definition of interest is the same as those countries that are -- in Europe.

You know we we did -- little work today and we found out that when you wrote.

You -- treatise on how to get rid of this debt our national federal that was at something like.

Almost 141000000000013.

And change now -- it's sixteen and grows -- like topsy.

You know the president says that he wants to do something about it but it seems that everything he suggests.

Runs in the opposite direction running up debt not getting rid of it.

Well you can't you can't cut spending your way out of this hole if can't capture way out of this -- you have to use a bland and here's the key.

You don't have to quote raise taxes shall live Grover Norquist will -- and shame and what wandering the country and his wife broke you don't have.

You don't have to do that you just go -- does that tax code.

And -- ripping out 1000000000100.

Billion in tax expenditures which are nothing more that earmarks.

And spending by another name we wish done one urged and I and the commission got into that that's -- -- start.

Well okay so is so you that -- analysts at the feet to -- that our friend from Washington but what about Bill Clinton tonight.

He's gonna -- of the GOP -- the national debt do you agree with that.

Well when he left office -- Erskine Bowles my co chair of the commission Russia is -- -- they have and that was the last balanced budget but.

The Clinton I mean to see what he's doing -- with Obama.

Clinton -- -- his arm around the package that we presented without question.

Clinton would look -- does -- avoided getting an executive order he went he went they have that they coming up.

-- five damage I have been republic and one in the -- that are wrapped my arms around and taken the credit.

He didn't share that but of course is political -- economic outlook like they're bound at the hip then of course they will.

Well at that Wall Street Journal today reference GO on an op Ed article.

-- up the nothing and and accordingly article here nothing would appeal more to independents and swing voters more than if the president were to embrace the findings of the 2010 Simpson Bowles deficit.

Reduction committee commission that is.

What's your take on that.

Well -- -- all over the country and we'll speak Citigroup Brady's -- you know companies didn't matter we give us an hour and we just say look pull up the chair we don't do BS short -- And we'll tell you or your country is that you give us that our would get a standing ovation people are first thing -- somebody.

Everybody that gets from got.

And do -- about this but they won't -- -- between now and November 6 nobody will.

If you can avoid the BS and much you're way ahead of me sir thanks for coming on tonight appreciate -- -- the bank Tokyo you've had ever.

OK Bob by.

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