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Can Congress Come Up With A Balanced Agreement?

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    Rep. John Carney, (D-Del.), weighs in on fiscal cliff negotiations.

  • Duration 3:49
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That's the level -- -- for more of the living fiscal Clinton proposals bouncing around Washington let's bring congressman John Carney of Delaware he joins us from Capitol Hill.

I'm sure -- conversation that came before you congressman how close do you think we're getting to really solving this problem.

Well first of all I think -- was a good characterization of where we are.

And the the analogy with.

With the peanuts character is some ways appropriate I think this is really what you can expect.

With both sides talking about what they want what they're willing to do.

As opening positions and then maybe moving a little bit more deliberately -- slowly.

Frankly to look to an agreement.

But what.

Everyone sort of sticking to their guns and -- we aren't getting closer to resolution meanwhile -- the clocks ticking.

Yeah I think that's right but I think -- there's been tremendous movement if you just consider the difference from -- two or three months ago.

To where we are today where the Republican side as has been considerable amount of revenue on the table the issue really there is the increase.

In the rates vs a tax reform which is an important.

Important item and then on the other side.

A concern about specificity with respect to spending cuts and both need to happen -- I'm among the number of members who -- very interested in seeing.

And every year presented to us are going to be a defensive if it's going to be an agreement that's gonna work they're going to be things and if there were not gonna like.

Right okay so -- secretary of finance in Delaware you're known for reducing the State's debt cutting taxes.

And you -- the first triple A bond rating in Delaware history so that's an incredible accomplishment.

You've also written extensively on how to rein in deficit spending but where do you stand -- just reference this on the president's call for one point four trillion in revenue and should.

The tax rates go up for the wealthiest Americans.

Yeah I think it should I mean that's the -- -- basically own all the responsible plans to address this fiscal situation look and if we do this if we come together on an agreement I.

I'm very optimistic about what the economy will do what the markets will do.

In the future a lot of good things on the horizon for -- but we've got to do our business here in Washington.

Gotta come up with -- -- got to be balance the markets have to interpreted as being real we don't really have to.

-- get frustrated that Democrats are.

Agreeing to deeper spending cuts would you be amenable to more spending cuts.

What I think we have to have spending cuts was no question about their and we have to be specific about it.

I think the only way that that's gonna happen is to identify a target both on spending cuts and for frankly.

Tax reform and move into next year and let the committees of jurisdiction.

Go to address -- spending cuts and and -- reform targets.

But if you look at the revenue that's generated by raising those marginal tax rates if he conceded that he would run the government for a week and a half.

I mean do you feel pressure to really reform.

And slow the growth -- -- cut the size of government to something that taxpayers can actually support because it seems like what's coming out of both sides.

Is still a government that can't be supported.

By taxpayers.

Yeah I think that's exactly right we have to have spending cuts if you look at.

The framework that the Simpson Bowles plan put together.

It's three dollars of cuts for every dollar revenue I think something on that order needs to be part of the framework we -- the most important thing.

Is that we have two.

-- the spending curve the cost curve down with health care.

Across the board.

For Medicaid Medicare of course -- the -- the government programs but you could talk to any business person as I do in my state.

And they'll tell you that health care costs -- inflation is just killing.

Yeah absolutely congressman thanks for joining us we appreciate your time as always thanks.

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