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Wilbur Ross on Fiscal Cliff Negotiations

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    WL Ross & Co. CEO Wilbur Ross on efforts to negotiate a deal to avoid the fiscal cliff.

  • Duration 6:10
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This transcript is automatically generated

We should be raising taxes on.

The wealthiest few our plan -- would protect American taxpayers who make a million dollars or less.

We want to unnecessary tax breaks for the richest of the rich always heard from them is that they don't -- -- tax the rich -- a lot of people who make.

Above 250 born rich just left after taxes expire like they're supposed to on those millionaires.

Well if you're gonna -- -- as well join the club the rich are getting a lot of attention from politicians even though delegates -- agree on and who the rich are.

And what it well.

What makes you rich billionaire.

Wilbur Ross and it's there's -- billionaire they're that your rich -- that we move on from that one.

But -- the definition -- wilders costly change and we moved it up now.

From the 250000.

That the president wanted with couples maybe Ford 2000.

John Boehner today looking at a vote tomorrow on a separate measure.

That would uploaded and over million current bottom line.

-- EC Disco but seems to -- the argument is really about how much redistribution.

The president's going to extract.

Because whether it's one exacts ceiling or another isn't gonna move the dial -- much.

In terms of the total tax revenues that are collected.

So I think these are not economic issues -- a political question.

-- will resume data will mean you know gotten bids and again I accept as a consequence of this election of Richard gonna have to pay more.

And flip over don't like it I don't think it's necessary I think it's counterproductive.

It is what it is one of the consequences the president reelected is that.

Portion on the rich that define them however -- -- What worries me is we're spending a lot more time -- defining.

Look kind of tax hikes we get than any kind of spending cuts you might -- Well that's the real issue because the problem isn't so much that were under taxing the population problem moves were overspending.

And he -- we all know sending us Greg it's not even initiative.

Well I think it is an even -- -- -- on one side of the house -- clearly is an issue when Republican side of the house.

But do you worry though that ultimately Republicans are feeling like they're getting hosed here.

We're making these concessions left and right -- revenues were closer to where you are Mr.

President you are nowhere close to -- -- spent.

Well.

I think that the presence gonna have to move some of his going to have -- negotiated settlement and I think they enter.

Does take you very big political risk himself.

By endorsing the package that it is proposing to take on the floor just.

Part -- right to vote on on an extended taxes or 99 point whatever 8% of Americans accept the world you the government's thumb.

-- -- -- -- -- I think it gets -- I think they'll be a lot of grumbling.

I think they may even be a few Democrats who vote for it.

Because member anybody who votes against it -- this still blows is going to be voting to increase the taxes on everybody.

Do you worry the way the president's posited this particularly today using the shooting in Connecticut.

To talk about the nation's discourse and certainly the mood and attitude is such that we shouldn't be snipe you know -- is.

Republicans just go with -- quit fighting.

Well I don't know that the Republicans who -- -- more than the Democrats.

You saw the arm -- and stuff of Nancy Pelosi and Harry Reid do little bit earlier today.

They didn't see many less excitable than some of the Republicans.

But the media covers it hasn't.

Well media is -- -- thank god for fox.

Do you get a sense that you know Fitch investors and sort of rattling some cages today.

Saying you know you keep acting like this -- -- -- we could downgrade to entire prison but.

Moving on of that statement to say and -- that a bad the isn't going to say do you.

From a credit downgrade much like when S&P downgraded.

-- little over a year ago and they downgraded it was even after the deal was scored it didn't matter Brodeur was a lousy deal didn't really address the debt the cuts weren't there.

And they punish -- could that same happen here.

It could wouldn't surprise me if Warner another of the agencies.

-- the did downgrade.

But it also wouldn't surprise me if the effective interest rate paid on the treasury debt didn't change as a result.

And that the -- of value our people knowing number.

Yeah let them think people know the situation and I don't think the rating agencies.

At this level determine interest rates the market determines the interest -- on the markets how do you think they're gonna do.

Well I think markets will be okay if there's a reasonable resolution of this I don't economy reasonable then one.

Well then it depends on how -- the people interpret it.

I think if we're -- still have runaway deficits it's not going to be good for business conference what about possible recession.

If we went over the big cliff -- remember we are gonna go over clip of some kind of is going to be some spending cut.

There is going to be some tax increase.

So it's not a question of no -- it's a question of -- Steve.

Is the cliff and exactly how does it interact with the rest of the economy.

I think protect these people making in the hundreds of thousands is a very good idea.

-- -- -- -- bullseye and inspect you seem very calm very.

-- Well I just got -- first and may be best Christmas -- Richard Branson.

Gave me this shirt off his back the virgin money sponsors.

Of these soccer team where they -- football team in England.

And the it was they've been kind enough to exaggerated and put on the back.

My name and one of them would the -- sports team before and so -- Very talented and I would have never in his view when Richard Branson would pick -- stranger things can happen.

Well it was instead of coal could see it's the New Castle.

-- -- -- They're unaudited diluted gather the GDP is at the -- are gonna sit com well thank you very much we -- yes.

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