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FBN’s Charlie Gasparino on Obama’s plans to address the fiscal cliff and reduce the government’s debt.
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Suisse first to report this morning White House aides are telling banking executives that President Obama -- fixing the nation's mounting debt.
As a legacy issue but how much will he really compromise with congressional Republicans to get it done.
Sure you've been talking to people yes -- in his seat.
What you I don't don't reveal the thought I I don't know that these these are CEO's of major financial companies over the list -- -- -- -- the financial cut its -- doubt because what happened.
Obama wins reelection.
Here's outreach between the White House between the between banks has of these banks as you point out that I cover the bank's.
I believe it's probably a wider sort of a rate of people -- -- not to go corporate executives.
What did would have a major aids.
Pres Obama aides from the White House aides were saying simply this -- -- about deal with the deficit and and the fiscal cliff.
He's willing to compromise Hussein he views -- getting his hands -- getting the country's debt crisis you know dealing with that is a quote unquote legacy issue now.
We should point out -- -- is in the details you saw his his little speech today.
He seemed pretty easy -- I don't know you can interpret that a lot different ways I thought he was -- kind of -- kind of would come -- on here's what he says.
-- -- that's but yet the middle class tax cuts now the wealthiest must pay more -- gonna say perhaps a fairly read my right if you talk it might not wedded to every -- -- of my previous plan OK so that that's that's that could be a good start and I would that.
Is that we reported this first this morning.
That is what his aides are telling people obviously that -- and the toast here's the key thing and you know I don't -- people took about.
What this with this I -- -- with these two issues here OK just a fiscal cliff issue.
It has to be dealt with that means automatic tax increases spending cuts immediately the first a year if they don't do something.
Then -- the bigger issue of how do you get your hands around.
The debt and do you do it through -- out.
Reforming the tax code which is insane by bringing maybe down more generates -- all the loopholes mean that's what Simpson Bowles is -- about Alan Simpson.
Erskine Bowles their tax plan that was from the -- president's bipartisan deficit committee.
That's what they're -- right now here is what how they do this.
Is that is -- is really what who is the devil's in the details and I will tell you this -- I would tell people they.
And this is what the Wall Street guys are telling me to CEOs and tell me look who we appoints as Treasury Secretary as you know Tim Geithner is gonna work to the end of the year he's finished.
Right but I think as well if Erskine Bowles gets it and I'm hearing that you write a paper he said he didn't want -- but I hear he still in the running if he gets it.
This will be a compromise this will be done through tax reform.
I think Erskine Bowles will not take I don't think you'll take that job unless the president endorses Simpson Bowles and as you know sensible was lowering rates -- loopholes.
Entitlement reform to some extent.
If he goes would Jack Lew who I -- -- people think it is in the lead position -- lose the current.
When asked you to -- perishables you know businessman long time -- -- senator from.
North Carolina he goes -- Jack Lou much more -- much more partisan.
That means you gonna do well he's going to be really hard line on taxes what is a -- -- effect as well sort of makes 250000 dollars a year.
And you have five -- with a Long Island guess what -- millionaire billionaire.
Well that's what ECB you're gonna get gonna pay the same tax rates.
Excuse -- same income tax rates as someone like Warren Buffett so that's the hard life.
We'll see I will say this one thing about -- Obama.
Listen I I.
I reported as I came out here on your shows last week after the until he's gonna win every I don't care of -- I cover this like baseball.
Personally I will tell you that people who know pres Obama.
We'll tell you he was -- least economically interest in president in in the facing a long time when he had those you know he had that that that that that growth commission that.
Immelt Jeff Immelt the GE CEO headed.
You know to those meetings weren't exactly like you know him.
Great and he knew there was there were that's what I'm hearing here you listen to their perfunctory affair as -- -- off the teleprompter and no offence by the way.
Back up up up up up.
I'm offended.
Anyway bad debt that's what I so who knows yesterday didn't present Obama's brain cells I mean you know.
For the guide on our objective dealers then again he's a small -- please see -- Charlie I'll read it wrong.
And that you didn't -- -- he he may have seen going legacy issues -- who -- chart with thank you very much.
