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That money would come in handy and Washington -- -- that's our top story the senate convened today for an emergency session to deal with the fiscal cliff.
And the house has announced plans to reconvene on Sunday both senate majority leader Harry Reid and Senate Minority Leader Mitch McConnell spoke a short time ago.
And neither sounds hopeful of fiscal cliff deal will be made before the deadline so at this point.
Is there any chance the United States can avoid taking a fiscal cliff -- Joining me for more Republican senator John hope and of North Dakota and very simply sir we appreciate your being here.
But is Harry Reid right are we buying off the cliff.
-- out of my hope is not right.
At this point President Obama is indicated that he is going to.
Call and talk to.
And make a proposal weren't very interested to see -- -- proposal whereas.
We put revenues on the table there needs to be some savings and I believe we can get a deal so let's go.
So what -- that he'll look like I know that the president at one point actually up to what he would be willing to taxi he wants taxes and he was originally saying on incomes have.
And not then even went to 400000.
What kind of compromise.
Do we need from both sides to get a deal done so that I don't have to keep boring people -- this term fiscal cliff.
Right -- really get the deal done right you need about four trillion dollars in savings to get his back on track that means pro growth tax reform that -- entitlement reform.
And better control of savings now the proposals at this point aren't at that level they're more in the two and a half trillion dollar range.
That's why were very anxious to see what the president will put forward in terms of savings and reform.
In roughly four days can all of you in Washington did this deal done or is it going to be some kinda catch.
We have some kind of delay and then we'll deal would -- the new congress deals that.
-- -- -- my I think you're kind of monetary if -- it be great if we can get it done if not let's at least get the framework set it up and finish it off right away either way.
We've got to get a deal done before this -- congress adjourns for.
Get to work and get it done right away in the new congress so let's get going I think there's been enough proposals put forward let's bring -- together get the kind of deal we need.
To get things on track.
Have we should point out I think -- senator Scott Brown out of Massachusetts actually leaking some of the details of what people are expecting.
The White House to be sending.
To both sides Democrats and Republicans on the hill.
Do you think that what the president's going to send it is something that John Boehner can -- to his caucus.
It needs to be -- -- there's got to be more savings.
What the president has talked about is more revenue but the concern is that if that revenue just goes to more spending you have -- solve the deficit.
And the debt and the real secret to getting this thing working as is getting economic growth -- generates revenue rather -- higher taxes so.
Vols -- the elements that that we need.
To get a deal that works and that's why we think there's a chance -- if the president will come back with some of those savings and it is proposal -- but here's we have economists on yesterday -- has no skin in this gain politically which actually I think has some credibility to what he had to say.
She said the the most dangerous thing we could do this economic recovery.
Is raise taxes the president clearly is not going to give on that point he's going to raise taxes.
If she's accurate that's the worst thing we could be doing right now why would Republicans.
-- -- that even if it's on the top 2%.
What Republicans want to do is close loopholes and limit deductions not raise rates but I believe the president one way -- the other.
The president he is gonna force rates higher.
On the upper -- I don't know that there's any way we can stop that.
I agree with you the real revenue comes from economic growth not raising rates -- with the economist that you -- But at this point we've offered revenues through closing loopholes limiting deductions that's the right way to do it the president seems determined to force some of those tax rates higher.
So it's a given we're going to have taxes going up on some folks in this country whether it's the worst case scenario going -- there over the cliff or a deal let's look at some of the cuts.
When you talk about closing loopholes.
I think people understand that may be some of the wealthier among us will lose their mortgage interest deduction -- that look like.
What about spending cuts is it defense cuts is it health care cuts where those cuts going to comes.
We've already made some cuts in defense obviously was sequestration there's a lot more I think -- -- sequestration is not the way to go we can do a better job prioritizing.
But sure there are gonna come out of a lot of areas whether it's defense another area of agriculture we've put together a farm bill.
That it cuts anywhere from 23 to 35.
Billion you put that in the next again we have to go through all aspects -- government figure out where we -- -- and at the same time.
We've got to reform entitlement programs to make sure that they're solvent for the long term.
Those ideas have been put forward we've got to come together on a package and do it.
So this is simply yes or no senator before -- -- ago -- -- here Monday night talking with us about how we're going over the -- for that we get a resolution -- and a -- Yes I think there's a chance we will -- you -- the house is coming back now that's a good sign let's get everybody here let's get after it.
Senator John -- and one of the most popular governors when -- governor of your state thank you very much for joining us the senator joining us from Washington DC --