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Former Speaker of the House Dennis Hastert, (R-Ill.), and former Rep. Dick Gephardt, (D-Mo.), on the spending cuts and tax reform needed to reduce the...
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And -- neither party seems to have an answer maybe it's time we hear from each party their ideas.
Because each party has some very good ideas unfortunately they don't have -- -- folks like these next two gentlemen to express them.
Fair and balanced for Republicans we've got former house speaker Dennis -- and for Democrats the former majority leader.
Richard Gephardt former presidential candidate as well speaker pastor beginning -- view.
How real is this you know train wrecked talk how much do you worry about.
The -- I think it really Israel.
And all of a sudden if if we see our credit ratings.
Hit the hit the -- as if all our our our ability to blow money if you see the interest rates going up.
All -- -- and happen and plus taxes go up.
And spending really doesn't change very much I think we're headed for a real disaster -- there's some real.
Positive things that we can do -- we did do it on a bipartisan basis all right Dick Gephardt's view on on on.
What got a positive things can be done at least a pushes back.
From the clip on both parties part.
Well I think the main thing is that we all accept a gold together and when I say all I mean not only policy makers but the American people.
That we want to have a strong growing economy that's the goal the goal is not just deficit reduction or just reducing taxes are.
Just doing tax reform is.
Get this economy to lead in the world which is what we need and so there are a lot of things that can be done.
We can have tax reform -- that closes loopholes and lowers rates for.
Companies and individuals.
We can cut spending in a wave that we help with growth.
And help.
With job then -- issues should should should be -- -- -- -- It's is spending girl that is that I know it isn't -- scandalous sixty Ford yeah that's the 64 dollar question and only the policy makers can decide that in the passports that are not different not -- I know -- in past in different times it was 5050.
I doubt that you should do that now.
It during the budget talks in the last year they talked about three to one.
You know spending cuts over tax.
Increases tend to one -- and no one you can put it anywhere you want but.
I think in the condition were in first of all you can't do this over night you need a ten year plan.
Because right now the economy is not -- We're looking at December 31 step and and I guess that's what a lot of reason you down as well one of the things that -- -- -- -- earlier it it is interview is.
He does not they got like some of maybe the more concerned terrorists in the Republican Party might disagree.
That when you close loopholes are and special credits.
While -- tackling might be -- tax increase disarm he says it's a way to.
Get into that visited the taxpaying.
Room.
Group those who have -- now been avoiding indexes all together so he's for that he says Mitt Romney is for that.
-- -- -- a little bit more that the Romney Ryan position would be lower and all those tax rates.
But but getting rid of some of the exemptions allowances credits and breaks that that have have been enjoyed but by many for some dot.
Would that be a palatable do you think absolutely Republicans.
Yeah I -- absolutely what you have to do is it was sitting here doing it wasn't a year -- that's my -- to -- well I about it yeah at all the notion.
There's all part of semantics if you broaden the tax base that needs sorting out some of the our egregious tax cuts that there are.
And what you do is about breaking the the tax a responsibility.
To to more people they have put every.
Have more people have a little bit of skin in the game.
-- have to really set where your revenues are going to be in.
You know the last that we balanced the budget we're about 18% of gross national product they could be 90% that's what the rejectionist but right now hours spent 24%.
-- -- -- 48 cents of every.
Dollar that we spend we borrow.
And we just can't continue to do that we also need to -- to you know the lower our our our rates but we can do that if you broaden the base.
Yeah that's it easiest to read -- amazing pick -- -- I'll I'll flip it around and talk about another pet -- of Democrats -- address.
And that is that any attempt even reign in the growth of entitlements.
Has has.
Been met with -- -- its -- part of of of Democrats not all but -- and added and it led to this sequestration.
Deal because they couldn't under a deal.
Stood and do you expect Democrats.
Regardless of the outcome of the election.
Will be more inclined to do that if for no other reason than they're relieved that the damn -- over.
Look the trick here as always.
Getting everybody to be part of the sacrifice and you know all of us.
Need to say to one another in this country and need to say to the American people we can't solve this problem.
With just one group doing something and others not doing anything so there's got to be.
Spending cuts across the board there's got to be tax increases of some kind of bring in some more revenue.
If you get everybody to sacrifice like we have many times in the past on a bipartisan bailout -- -- like we -- back to some of those of the debt commission that it uses.
Everyone holding their breath holding their hands and and jump and altogether -- that yes.
-- -- and and getting to a specific plan that both sides can accept an -- compromise means every body.
Takes -- very good bad but that's you think that's likely that.
There are a lot of folks who say that after the heated election some there is going to be the sort of collective relief.
It's it's it's sort of cobble together a deal any sort of a deal look and that I -- it initially start with pushing all this back six months so that they can deal would have next year what -- -- They might push Abaxis six buses to sorted out but.
The only time that the Iraq -- have what congress really does some bipartisan issue is that we face a disaster may yet at this -- eleven -- really came together in different types of issues that we came together did things that.
Nobody thought we'd ever be able to do and a bipartisan basis I think you could do the same thing.
And -- -- of fiscal crisis and you know what do it better.
Leader Gephardt said he you have to.
Broaden the base you have to go through and and readjust what the tax cuts are doesn't mean that everybody's gonna get a tax increase but you could change some of those tax cuts that are out there.
And -- but if you do that you could start to to target.
What you're spending instead of being you really probably need to do that first marriage and -- Then then you need you start to -- Grow the economy and then pay down the debt.
The one minute to process pieces of legislation and I read a pass -- speaker.
Was a Deficit Reduction Act.
And it is -- that was 450 billion dollars or pass out I was there that we got it back -- I was 45 billion dollars invite them.
The conference it was forty billion dollars that was a huge left.
Was he actually help you guys did it I mean it will put and you guys are proof that you know that kind of stuff can get done you both it it -- serve your country.
Admirably which means you've both got to go back to Washington.
And and and and fix this guys thank you very very much they love we will we will have more reticence.
