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What a Deal Could Look Like

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    Former Gephardt campaign manager Steve Murphy on fiscal cliff negotiations.

  • Duration 3:19
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This transcript is automatically generated

And with all this back and forth -- you have.

Actually decent about of speculation that a deal is starting to take shape you look at the reporting from Politico and they put numbers to at -- their framework.

Looks like this taxes -- revenue would rise by one point two trillion.

Families making more than two -- 50000 undoubtedly would see higher taxes which we've been expecting.

That entitlement programs would be cut by at least 400 billion may be more most coming from Medicare.

And in the quote end of war savings which Peter Barnes and others have reported many times as being dubious because they're already counted in previous budget should have off another trillion plus one point two trillion.

It cuts so.

That according to Politico is the deal Steve -- is a former -- campaign manager for congressman Dick Gephardt he's also in DC today.

From the democratic point of view it is anything that I just say our just said sound.

And reasonable.

No I don't think it sounds unreasonable except for -- don't think it's enough.

I don't think either party is being realistic about the enormity of the debt and deficit issue.

What you just described as a very easy deal yeah it's sitting right on the table most of it is automatic if a deal isn't reached in any case which -- which is gonna prompt something getting worked out.

But we need it got a lot more than that I mean we've got.

23 we're spending.

23% of our GDP federal government is in one fashion or another bright and we're taking in 18%.

And that's not really gonna change all that much would the outlines of this deal with the Democrats are realistic about how much has to be cut.

And the Republicans are realistic about how much taxes need to go take.

Democratic side of its and so we're speaking with you today and just stick kind of delve into that a little bit more -- right by the way about certain aspect of this -- -- that.

David and if you come in as we did the day after the the president said he wanted one point trillion.

One point six trillion in revenue and say he really wants one point two trillion because you know Boehner had 800 billion on the table last time see just what the difference.

-- -- we're not exactly political geniuses so all due respect to Politico but you know anybody probably could've written that story come up with that number but.

How about on the spending side how do you get war.

And maybe 400 billion as they did say there articles to -- -- kind of a start here you think it needs to be a lot more than that what's the number.

I do ultimately think that -- I also think -- on taxes.

We need to have fundamental tax reform tied into.

The fiscal cliff negotiations.

Or we're never gonna get anywhere on that front and that's dragging the economy down.

Yet look it I think taxes and that they and they have to be higher 400 billion.

Out of Medicare is about what gets cut every year anyway.

Medicare -- been cut from the baseline.

Every year and budgets for as long as I can remember what's -- here now -- like not helping matters something that the Democrats who would sign until you know what number could you get if you if 400 -- only a start.

Some think that addresses the fact that there are forty trillion dollars in unfunded Medicare liabilities over the rest of this century.

Well I mean I'm adding it up 400 billion over ten years doesn't get it's not.

You're -- -- parallels -- of what has to be done -- have to remember that these things are stretched out over ten years or in one case last time around it was twelve years and we thought it was tendency -- -- really -- and I -- -- -- Bob as is Steve Murphy good stuff thanks for coming on tonight.

My pleasure.

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