You're watching...
FBN’s Lou Dobbs on the potential impact on America’s fiscal future of the different plans to avoid the fiscal cliff.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- everybody's getting pretty excited about that that fiscal -- negotiation are impasse -- one us pilot.
But I want to show if I may tonight very quickly.
What really is at stake and how it's gonna change the fiscal future of the country.
Our our our destiny.
As a nation.
Because this is a big deal and we're talking about a fiscal cliff and great drama and if we stay on the same spending cap.
I thought I show you what happens if we change it to the Boehner plan the Obama plan.
-- and -- let's start with the do nothing plan because that's the plan we've got right now.
The Congressional Budget Office estimates our fiscal year 2013 deficit will be well -- -- A 104.
Trillion dollars.
For fiscal -- thirteen.
Okay.
And here's what happens to our national debt as a result of this baseline.
It's -- a surge from sixteen point three trillion dollars.
To seventeen point 500000000012013.
That -- -- -- here about 2014.
It's going to be well it's going to be about nineteen point four.
Twenty point three trillion.
Twenty.
Point three trillion.
If we -- not that.
In 2016.
In by 20/20 two out here it's gonna be.
Twin the five point eight Truman and -- dollars that's if we do nothing about this spending this runaway spending this irresponsible government.
Now let's take a look at what happens if President Obama gets top and he gets it done.
The president calling for one point six trillion dollars in higher taxes you what's 82 billion a year from that top 2%.
-- -- That's the same amount from that net tax hikes in the president's -- thirteen budget that the senate rejected unanimously backing away.
So let's assume that things can happen differently but let's get in this.
-- full board a load okay.
The Republican staff in the Senate Budget Committee looked at those numbers the president's budget and here's what that would -- us.
All of those new tax hikes that he's demanding so top -- sternly and I think rather marcher.
A national debt.
By Tony trying to instead of 25 point eight all -- that's gonna get cut down.
It'll amount to 25.
Point four trillion dollars if -- -- but.
Obama.
And winds.
-- national media waiting for that one.
That's what's gonna be it's going to be a really -- that we're you know how to just Trace that -- the change -- show you exactly how changes.
This is how that line changes.
Over the course of the next ten years if the president -- unfortunately neither party is offering a serious proposal to -- either our deficit or debt.
The Obama plan has two trillion dollars in deficit reduction over the next ten years that Boehner plan goes for.
-- is true.
Trillion dollars in deficit reduction Boehner wants our he's gonna.
He's got a kick tail practice.
We're gonna get two point true billion dollars in the spending of this country -- me rephrase that.
That'll be a two point -- trillion dollar reduction in the total planned spending the growth of our spending will Alter.
It'll be just about that line right there.
We're potentially looking at the Republican plan.
Well and twenty trying -- the best way to say -- just how tough -- is and what happens.
We'll all I have a deficit.
And a debt.
A national debt under the banner plan remember this is the all planned this is the B planned.
25 point two trillion by twenty -- -- The only difference is how we get there.
Mr.
Obama wants just 350 billion dollars an entitlement cuts over the next ten years mr.
Boehner once 800 billion in entitlement cuts.
And we're gonna see a knock down drag out fight about big dramatic negotiation.
And what you -- nine and all of our fellow Americans are looking at.
Is the prospect of a recession next year if the president and mr.
Boehner can't come to our agreement.
As much as -- 10%.
Unemployment rate because what this president and the Republican parties as you can see here are playing at the margin.
And the national media is not focusing on what the reality it is.
They're just playing games right along with the folks in office in Washington.
And this president is guilty of class warfare.
But walked.
For -- -- are you kidding me.
President Obama seems more of the -- upon he didn't want drama.
But the reality is there will be so little impact on our fiscal future.
And as a nation.
After all of the drop.
And whatever they outcome.
We remain in great jeopardy because this isn't a fiscal future.
India us any of this wants.
