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Sen. Bailey Hutchison: Fed Policy Hurting Economy

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    Sen. Kay Bailey Hutchison (R-TX) on Federal Reserve policy and the fiscal cliff.

  • Duration 3:45
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He's got to deal with when you know what I'm -- say those two words he's meeting with congressional later -- 3 PM this afternoon and search for a last minute deal.

To avoid tax increases and spending cuts on everybody virtually in this country.

Them bring in senator Kay Bailey Hutchinson Republican from Texas given how both sides.

Of the hour act and senator are you proud of your bad right your fellow lawmakers and how -- handle in the nation's business -- you get ready to.

Exit.

Well the best part of what you just said is my exit I have been.

It looks pretty.

-- depressing honestly don't watch all the posturing however.

You know -- I continue to believe that.

Everybody understands that the fiscal -- would be too huge a burden on American families and their four.

I hope so much that.

When they meet this afternoon even though it's a photo op and probably not progress.

To be made right that minute.

That they will agree on a way forward.

For the next few days to come up with something that at least they can -- with the house that with the senate.

Trying to have something that both Republicans and Democrats can vote for.

Because that's the only way.

We will be able to pass anything through either house or what do you what would be -- -- your fellow Republicans in the senate willing to vote for what do you expect them to sign off on.

Well I think if there is some movement on a way forward on spending cuts.

Perhaps they -- CPI which the president has said he would certainly put on the table.

Those are the kinds of things it's that.

Deficit and the looming debt that we have been concerned about from the beginning.

That it would take for Republicans to vote for.

Then what the Democrats are asking for which is some kind of tax increase on some.

High income level people and then and the -- extension of the unemployment insurance.

We all want to do AMT relief we all want to do something that would help by thinking cap gains and dividends and in the estate tax.

I think there are places where we're together and then there are the fringes where we have to negotiate was a Federal Reserve.

Really -- some way giving all lawmakers in giving all these elected officials a free pass because they're out there buying treasury debt.

And we'll essentially give -- -- to allow you to.

Not do any -- -- almost gonna say something that might be mildly events have.

Not do it and not do anything in terms of writing the nation's financial troubles because it's way standing and ready and buying -- -- debt.

Then again eight disagree with what the Fed is doing.

IA I think that you are on the right track but it does sort of it.

One of those phantom number things that we've never really know what's really happening but I don't think the effects of that are good and it's not -- Finance policy.

We need to deal with the overspending.

And too much debt in this country and that's that's where.

We're having the tension between the two parties and certainly what the Fed is doing is not I think in the long term best interests.

Senator Hutchison it was great to talk to thank you so much for today and your service senator Kay Bailey -- protecting -- gave him.

Some good news for you homeowners out there are we've had we had good news all week we have home prices going up -- every year.

New home sales and pending home sales we got that this morning run its highest level into an happy.

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