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Fiscal Cliff Feud

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    Rep. Jim Garamendi weighs in on the fiscal cliff debate.

  • Duration 5:07
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-- Just one point it looked like both sides were close to a deal as we know but now that the White House has rejected a house speaker John Boehner as latest proposal Kevin it'll -- -- Come together to get a deal done in time as we know we just -- it so it was so close.

But it will discuss is democratic congressman now from California John Garamendi we -- supposed to also be joined by Republican.

Congresswoman Marsha Blackburn from Tennessee she couldn't make it I'm sure there's all sorts of things going on.

Behind closed also when it comes to getting something done congressman Garamendi thanks for being with us you have sent -- you are willing.

To make sacrifices does that include reforms to entitlement programs.

Was certainly there's room for -- Reforms but you don't need to throw seniors off the fiscal cliff to achieve those there are very very significant savings available in Medicare.

From for example the drug prescription issues the issues of how you pay for medical services fraud and abuse on and on and on.

All of which the president is put on the table and we ought to take those.

But you don't throw seniors off the cliff by for example changing the age to 67 that is just bad public policy bad for seniors doesn't save much money.

Okay but we -- secured bonds drifted up our existing seniors and I think at some point was that you know -- for people like me.

You could raise it easily -- even seventy at this point and save the country a lot of money.

No actually wouldn't save much money because your cost when you get -- 65 is going to be part of the health care system.

Where the when you get to be 65 because as healthy as you are today Tracy.

When you -- to be 65 you begin to get health problems.

And so it just doesn't make any sense in the in the nature of insurance itself you don't want to limit.

The pool of any insurance program to very risky people and you certainly do that if you change age to 67.

Or even the seventy not a good thing to do in any insurance program.

So don't go there you don't save much money but you can save a lot of money in the Medicare program by providing.

Well patient visits so that you keep the medical issues under control and one other thing that's out there and that is trying to bring Social Security into this issue.

It's not necessary it is not part of the deficit.

It is an issue that we'll have to deal with over the next eight years but right now it's not a deficit issue at all it's not part of the fiscal cliff so don't throw seniors off the cliff.

To solve a nonexistent problem in Social Security.

I would let's get on to the other side the revenue side and king congressman -- -- President Obama has been quoted many times saying it's times of millionaires and billionaires.

Pay their share.

Now all of a sudden its 250000.

-- up then maybe up to 400000.

What's wrong with a proposal and plan B from speaker -- that says look OK a million.

An op -- -- that more in taxes what's wrong with.

Whether several problems you don't solve the revenue side of the equation that's about 13 of the amount of money that Boehner offered.

About four days ago.

To put on the table here really down to some 300 -- billion dollars of money that you would collect -- that.

So you're not dealing with either a balanced approach of what would ultimately be necessary.

To solve the deficit problem.

The president's proposal 400 billion accuse me 400000.

And -- -- low.

We continue to have a tax cut even there you're giving away a lot of revenue but nonetheless you still have enough.

To be able to provide for the revenue side of -- balanced deal.

But I think the problems are is that it's all broke.

The securities broke the tax code is broke everything if nothing is working the way it's supposed to be working these days nothing is being.

Ended the way it's supposed to be funded two -- of everything that comes into this country goes right out the door we had too many to many obligations.

That is what needs to be addressed and it just seems that we're we're working on the surface here.

Well like your -- your correct at least in part the reform of the corporate and the personal tax codes.

Really hasn't been discussed in this issue and it needs to be discussed there are loopholes tax giveaways.

Various kinds of deductions that make no sense in the modern world in which we left and there are others that are absolutely essential for example research.

R&D.

Tax credit which.

Gives the future economy the opportunity there are others that have been with this first century that you go why are we continue to subsidize the oil industry.

The wealthiest industry in the entire world.

Why would we do that.

When there -- other things that we must do for example moving towards clean energy shift those subsidies around but none of that seems to be discussed right now and you're quite correct -- it's a problem we ought to be dealing with that.

It's not going to happen in the next ten days twelve days unfortunately.

Congressman John Garamendi California I -- you so much for joining us they appreciate a good luck in getting something done.

Thank you.

Right.

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