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Sen. Richard Shelby, (R-Ala.), on efforts to reach a deal to avoid the fiscal cliff.
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Respondent thank you read first our -- tonight does not support raising anyone's taxes joining us as -- ranking Republican on.
Senate banking committee -- -- Richard Shelby and he's also housing and urban affairs.
I wanted to start by saying.
Right now.
This president has -- it seems is a negotiator decided to insult speaker Boehner.
And the Republicans on Capitol Hill with the statement that he wants stimulus spending on top of higher taxes and he wants one point six trillion in taxes.
Am -- wrong -- that.
-- interpretation.
I think you're reading the tea leaves right there it seems one that president -- You know he's just been elected.
To another term -- he's feeling that.
On the other hand.
He's absent from these real talks here -- Geithner up to the deal today.
It's been -- going on in the staff level but I can tell you have been here a few years.
If we do if we don't do some cuts and we only raise revenues.
We're gonna -- became and a big can down the road we're gonna have problems we're headed down the road that Greece is facing.
Right now but -- just don't be faster.
The senator let me show our audience we've got a full screen here and I think we can put this fiscal -- issue in these negotiations and very simple.
First grade math terms and we got that full screen please.
And here is the result of the increase on taxes.
Per year if you'll see they're on the right.
82 billion dollars a year would result.
Up from taxing the top 2% 82.
Billion dollars a year.
On the -- the number is the projected deficit for this fiscal year 2013.
The projection.
One trillion.
Point 04.
Dollar one point 04 trillion dollars.
Senator this is a joke this is 8% of the projected deficit and people are willing to.
With absolute certainty.
Send this country and a recession and destroyed millions of jobs.
I mean this president is is frankly.
He is being intractable.
-- he's about to deliver a disaster to the American people.
Well the president.
Lou has got an opportunity.
To be a president follow all America to be a real leader are he can be a politician.
He's just come off election we'll have to see in the next few weeks if he's going to be -- involved.
Most of the jobs in America beat by small business the tax hikes will go to small business people most -- -- professional.
You're gonna choke -- job recovery in the future everybody knows that.
I think the president needs to get real this it's Agassi's field campaign visited camp later but this is real.
Economics now we gotta put the campaigns aside.
And see what's Best -- America.
More taxes without cuts as not that but where.
-- good for American point of fact the Republicans can win this negotiation by letting this president as he is threatened to do.
Take this country over that plus one point two trillion dollars in automatic budget cuts but the first of the year.
The expiration the president will win his he -- his.
You're victory but it will be a punishing one for half of the small businesses in the country you'll get is automatic tax increases.
Letting those -- bush tax cuts expire.
It looks right now like that's the preferred solution here.
Well I hope the Republican majority.
Of the majority off the Republicans that we will not the house.
Anderson the 45 I was will not bleak this will not be bluff will not be intimidated by the president here.
I hope the president will not meet its leader so that -- -- If he does he might win the battle but he'll certainly lose the war.
-- America lose the war two of job creation and economic -- house.
Let me ask you this because you are are keenly aware of the what is the impact of public policy on our markets and our economy.
-- based on what we are reporting here tonight.
The demeanor of this president.
The insult that there's no other way I can think to construe what -- Timothy Geithner carried over to.
Speaker Boehner today I don't know why bothered to -- to make the trip frankly.
Of that that was an insult.
The markets tonight and tomorrow and I'm part about in Asia and Europe.
And in this country.
Are going to be an extremely volatile.
In reaction do you not agree.
I agree with -- I think the market's up worldwide.
Don't watch in this individuals -- watching this this is real drama is serious we've got -- Saturdays -- -- of the first.
We could get a substantive deal.
We could lower people's rates and we could bring in some revenue with their immediate things out there.
But we could have of an economy with a lot of vitality create jobs or we could go into contraction.
And it looks like the president trying to -- -- hopefully will not believe.
Thank you very much senator Richard -- -- good to have you thank -- much more on the.
