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FBN’s Stuart Varney discusses the difference between large corporations’ reactions to the looming fiscal cliff versus small businesses.
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They're -- it incident there's lots of problems up there I I wanna do something though -- you've been busy in the morning -- -- your television show.
But CBS this morning Nancy Pelosi was on and CBS won't give his permission to run the clip I can't do Nancy Pelosi as well as she does.
But this is what she told.
Norah O'Donnell unlikely to do this with the British acts not a good idea -- -- She said.
A Norah O'Donnell laughter hey what about the Democrats cuts Nancy and she said.
We have over 700 billion in savings from Medicare which -- plowed right back into Medicare to extend its life into increased benefits now.
The president in his initiatives in his budget to be specific has over 400 billion additional revenue not revenue.
Entitlement changes that's over a trillion dollars.
Over a trillion dollars in reforms in Medicare just it's a down payment so we've already done that in addition to one point six trillion in cuts which we've already voted on.
Were almost one point 62 point 62 point seven trillion in cuts in spending and entitlements as a down payment Stuart Varney do you have.
Any idea would -- all you have to read that statement to find out what's in it you have to.
-- -- -- sort of I can't do justice she was tripping all over herself and I'm I'd just presume.
That they're making this stuff up or they would have specific -- you know where -- cuts are there is absolutely no intention on the part of this administration all the Democrats all the White House actually no intention.
What have a to make serious cuts in spending I will try to explain what Nancy Pelosi is getting good she says we've made -- of a trillion dollars.
-- -- not.
Actual couples they all reductions in future increases in spend.
So spending was gonna go -- by 20% all out cuts make it go -- Only by 18% something like that.
It's exactly the same as the president he says I am going to cost four trillion dollars from the deficit going forward.
Not so.
What he's going to do according to his plan is the deficit will be twenty trillion after four years instead -- of 24.
Trillion.
Only in Washington.
Only in this administration is -- caught.
A -- increase debt it it is Washington speak but my -- my fear is that it's Washington speak for Democrats and Republicans are you worried about that yes I am because that that both employing.
The same gobbledygook if -- component like that is just is dishonest.
If you'll really gonna cut spending you cut spending.
You say his the cops his how it works this is an absolute decline in spending.
Neither party is saying that to my knowledge except -- military spending.
That's different.
Well yes -- -- sequestering that may be another whole show and that's why I think a lot of people are starting to say was school over the cliff because it would force their hand they would have to.
They created this thing where they would actually have spending cuts but I remember back in the summer of 2011.
John Boehner President Obama back and forth big.
You -- debt ceiling talks and they came out with some sort of some sort of announcement about thirty some billion dollars in cuts last time I checked our deficit and our debts are still going.
Higher where where those cuts okay October and November all of this year this last couple of months.
The total deficit was 292.
Billion dollars in just those two month to 92 billion to have insight.
Spending in those two months compared the same two months last year up 16%.
Where the cuts but I know what nowhere to be found house historian and AM this story ends with a debt crisis.
Because -- printed up a storm.
-- continuing to spend money at a very fast rate.
We don't care about the debt now we don't worried about it we're ignoring it but sooner or later the markets would -- -- chain a will have a debt front it.
Is the Federal Reserve this past week came out and said in addition to the forty billion -- mortgage securities -- -- every month.
We're gonna buy 45 billion dollars worth of treasuries every month on top of that.
-- we're gonna do so until the first I'd probably 2015.
When they meet some some numbers.
It does that is that -- way for them to keep to the political fingerprints off of it basically -- Ben Bernanke take the heat I supposed so now but he's been doing this before you know printing opposite to hell and -- -- -- -- don't or -- we are not prosperous without the widening in the central why would you do the same thing if you were the Federal Reserve chief.
If it hasn't work.
Because he can't do anything else and he's scared to death to stop.
What happens when you stop money printing yeah this economy column well he hasn't -- in defense of him.
Kind of -- he said look at.
It is not monetary policy problems its fiscal month as the problems and that's.
You guys under the dome over -- so but -- -- in the position of essentially financing the overspending of this administration that's what he's doing.
All right -- Google headline Wall Street Journal Google's Bermuda.
Billions a routed nine point eight billion in revenues were subsidiary in Bermuda.
The tax there is half what they would pay for -- here.
Eric Schmidt came out and just said on Friday.
We pay lots of taxes we pay them and legally prescribed ways we are probably capitalistic.
I've not confused about this but -- watchdog group.
Is demanding that congress -- Google in two yell at them embarrass them and they think somehow there.
Defrauding in the US.
Government what what rightfully so they should do exactly that if -- Eric -- You very close ally -- President Obama.
You on his transition team in 2008.
You financed his campaign you -- major supporter -- -- that publicly saying pres Obama he's our guy.
Then in his private life so to speak with Google he pumps money in Bermuda.
Deliberately in order to avoid the 35%.
High tax rate that we have in America you bring it back here you put 35% on that money.
So he is saying.
I support the president and his tax regime but -- Google he is saying.
John not gonna pay those taxes that is hypocrisy.
That's wrong.
It is but both sides of the aisle have said -- it looks like it's low hanging fruit.
That they want or lower the court the corporate tax rate.
The problem I -- with its new orders if they lower the corporate tax rate it'll be one more sign to Joseph and Jane American.
They're given a break to the to the fat cats are given a break to big corporations where's my break what don't the Republicans down the lowering tax rates as individuals and corporations so -- they're both agree on the corporate tax rate coming down for this purpose is because of the fact.
That company starts to our our.
JPMorgan to one point seven trillion dollar.
That -- -- that is the amount of money yes so what he's saying he'll be used saying that both -- is all gonna end up screwing the middle class so much to get looked like at the expense of in the middle class across physical Russians I don't think the lower the corporate tax rate because they don't wanna look like they're doing I don't think President Obama wants to -- any tax -- of any content you won't hear it.
Doesn't want.
But you did you disagree -- you think he wouldn't health.
I know showed me attack but I -- that this president does not know that I know that about the left I'm worried about the rights also kind of in that same boat.
Someone -- with -- to some degree I don't Stuart -- thank you so much good decision not -- on thank you.
