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Senator Mark Warner, (D-Va.), weighs in on the jobs report in November and fiscal cliff negotiations.
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We continue our coverage of this morning's better than expected jobs report also check in on the fiscal cliff negotiations.
Were joined not now by democratic senator Mark Warner.
The state of Virginia he's up on Capitol Hill for us senator good to see we just -- from the speaker no problem.
Raises a few questions that we can talk about it just a moment but give -- your impressions of this as I said better than expected jobs report although we did see 350000 people leaving the workforce so.
I guess mixed if you look at it that way what was your view.
Well I think we're seeing an economy that wants to recover.
You.
Americans -- I think we still have a lot of capital sitting on the sidelines it's -- drives me crazy that the fingers holding back the economy more than anything.
Is it.
Frankly those of us -- in congress for a political leadership not getting rid of the uncertainty.
Around that the fiscal cliff think about the fact of what we're doing just with retail sales right now.
During the Christmas season the most important part of the whole retail season for the whole year people are holding back they don't know what's gonna happen with their tax rates so.
The sooner we can get a deal done.
I think frankly.
They four trillion dollar plus balance deal over ten years would do more for job growth quite honestly than anything either governor Romney -- President Obama talked about.
And it individually during the campaign.
Yet you it's interesting because you've been a part of this from the beginning.
You you really the leader of the what the started as the gang of six and then morphed into a bigger group and all of that.
Do you feel is involved now or or use somehow kind of saying to yourself well I don't really have much of the sale at all anymore it's up to Boehner and then and the president and I -- -- -- -- the sideline must be frustrating.
It isn't -- -- on my face.
Yeah -- it's.
Pretty darned frustrating -- spent two and a half years.
We've rallied the business community there's a large overwhelming majority in the senate Democrats Republicans.
Ready to do their part now we you know I've been a lot of negotiations over my.
-- my business career too many cooks.
You know in the kitchen make a mess but I can tell you this much and there's an awful lot of us who were willing to both give ideas and -- -- work.
To a deal that big and broad.
-- let me talk about that a little bit because you have the idea out there you -- last year in terms of big and broad.
On -- so we heard from the speaker a moment ago and that you know I didn't sound very encouraging but that's the way these things go in the terms of -- negotiations had nothing changed their phone conversation.
But -- -- gravity you guys were aware on this day it just in terms of numbers on revenue what was your number again.
-- -- it here's where you kind of listeners eyes glaze over because it depends on what baseline.
-- assume that the top rates would go back up and then we were able to capture -- to bring them back down -- we started.
With a top line -- had -- -- number of 39%.
We had about two trillion dollars in net new revenue that also drove what drove us to a much larger number.
Our entitlement reforms and spending cuts than anything else that's been propose -- so there is a relationship here.
Is there any way in this current you know environment to get anywhere close to what you guys -- talking about.
Without raising rates in the rates are gonna go up right is that is that is that how to happen what does that have to happen.
Well it doesn't have to but I think it's the easiest way to guarantee.
That you're gonna get some additional revenues that doesn't mean that once you drive the rates back up.
And again we don't talk to Simpson Bowles report since -- all started with a 39% top rate.
But then -- dramatic elimination of tax expenditures were actually able to bring those top rates down.
To the high twenties I think that's probably more aggressive -- won't go down something in the mid thirties but it's it all depends upon where you start your baseline.
One of the things it's also important as you and I say this for those of us who want a bigger deal.
The more revenues weekend in particular is worth thinking about revenues -- year.
89 and ten is where most of these revenues take place yeah it also means that means more entitlement cuts in spending.
Which means the bigger the deal the better to me is in terms of try to net debt to GDP ratio.
Back into real reality are we have to got -- senator just cannot see you pretty optimistic and you still think.
At the end this gets credit for the -- I think it's an 80% chance we -- the cliff.
But do we avoid the cliff with a real deal or something that's so slim down.
It's frankly it's just that postponing the inevitable right that's the bigger -- senator Warner thanks I appreciate it.
Thanks coming -- -- net.
