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Former U.S. Comptroller General David Walker on efforts to avoid the fiscal cliff.
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Possible and for the former US comptroller general David Walker -- gets to be very worries.
Because -- it looks to me like a -- showing at least some semblance of order has just gone out the -- the wind up what now.
Well there's a reason that it was called plan B -- what we need to be doing is pursuing plan -- and we can still have a chance to get a plan a vote in order to get a plan a quite frankly the president has going to be have to be a lot more fourth.
Coming with regard to spending reductions.
What needs to happen is we need to.
Be able to avoid the fiscal cliff have a meaningful down payment on revenues and spending reductions including mandatory spending.
And build a bridge to try to get a -- a grand bargain.
In 2013.
The conservatives are out of touch reality.
If they think that taxes aren't gonna go up.
For people over a million dollars.
But what the real problem is is that we've got to do more on the spending side and the president has to be more forthcoming in that regard.
I don't know that was very well put Dave and I -- -- you Harken back to something I've heard from even conservatives they could have swallowed.
That -- the taxes going up on millionaires.
You know it's it was against there.
Inner core.
But they saw no quid pro quality -- see.
Anything approaching real spending cuts it any measurable cuts so they just said -- that so how do you win those guys back who were entertaining I'm talking.
Among the Republican troops who were entertaining.
-- willing to swallow their pride if not their dogma and raise taxes -- -- -- on a very small group.
On.
If they see those spending cuts.
Well I think you have to have.
More spending reductions.
You shouldn't count interest as a spending reduction when most of when most of the interest savings comes from tax increases rather than for spending reductions.
-- in addition that we need to look at mandatory spending for example.
The premium subsidies for Medicare 95% of people who voluntarily sign up for Medicare.
Get a 75%.
Premium subsidy in respect to their income you know it's -- went -- Bristol and.
Medicare my friend and in fact there's you know the Congressional Black Caucus you have eighty other -- prominent Democrats.
Between house and the senators that don't touch it.
They don't even address it.
-- like their heads in the sand you know I think this election.
Running -- consequences.
And one of them as you stated that's that is for taxes -- nobody ever down.
But it's not as if Americans -- and asking for them to get spending under control including -- entitled.
Look the of the American people believe by a significant majority that the problem is primarily a spending problem but not exclusively a spending problem.
All the major bipartisan commissions and task forces.
Have come up with comprehensive plans -- rely much more on spending reductions -- tax increases over time.
And they achieve those been reductions -- comprehensive social insurance reforms defense -- been reductions as well as comprehensive tax reforms to get the revenues.
That's the pathway forward.
And but again I think what we have to be realistic as we don't have a whole lot of time left so let's focus on what we need to do.
We need to avoid the fiscal cliff.
We need a credible down payment with regard to revenues and spending.
It's gotta have much more -- -- spending element that we see right now.
And that we need to agree on some targets debt as a percent as the economy -- spending and revenues that we can achieve a grand bargain next year don't give up yet.
-- thank you very much --
