Also in this playlist...
This transcript is automatically generated
A bipartisan policy center releasing -- report saying that the US will run headlong into the debt ceiling is early.
As February the fifteenth unless congress reaches an agreement.
-- joining us now from both sides of the -- Republican congressman Paul -- of Georgia.
Democratic congressman John yum if all -- Kentucky had done thank you both for joining us today on yes but who obviously -- -- contentious.
Let me begin with congressman -- -- -- bike and congressman Republicans say that they'll agree to raise the debt if there's some corresponding spending cuts otherwise they don't want to raise this debt ceiling com.
Those two -- really -- together so why wouldn't to agree to something like that.
Well because right now is not the time to cut spending dramatically and we're we -- faced with a very a struggling economy is struggling recovery.
And every bit as government spending you cut comes out of of the of the economy if if we actually hit the debt ceiling on February 15 at the same bipartisan policy its policy -- report.
So we would basically take and one months' time about a 165.
Billion dollars in out of the economy that's about 10% of GDP in one month.
I mean that would send this economy back into recession.
Unemployment would skyrocket again send would be far worse off okay what we need a ballot we need a balanced approach to deficit reduction we've started on that track.
We need to continue.
Congressman brown response -- it you can.
Well my good friend -- and John you are at this just totally wrong and fact is not government spending this goes stimulate the economy we need to leave those dollars in the hands of job produces -- family businesses in.
-- hands of of consumers instead -- into -- federal government in Washington DC.
And we have to cut spending the American people want us to deal with this issue right now.
Sixteen point four trillion dollars is debt is unsustainable.
Every man woman and child -- even that the newborn babies part of -- over 52000.
Dollars a person.
We have to cut spending we have to make major cuts in spending.
Across all of the whole but the government expenditures.
The non discretionary funds so call entitlements we have to get out financial.
House in order and this debates will be about doing just that congressman brown very quickly would you.
Op I you strongly enough do you feel strongly enough about this that you would let the US default on its bills because if you had a debt.
Ceiling raised but without the corresponding spending cuts would you not agree to that and let the country default.
Especially we don't need to let of country default we gonna default we going to be but well actually we -- by drop and as a country today we have to deal with it today that's what the American people expect.
Let me just give me a couple examples of what's going on and what the Democrats have done when this recession started.
In all of the US Department of Transportation.
There was one federal bureaucrat to made above -- 170000.
Miles a year eighteen months later.
This is unsustainable.
The average salary in the apartment education is a hundred in 2000 dollars a year that's about twice what teachers make.
Less congressman hello minister cut back on some -- we're almost out of time unfortunate congress oniyama public just want to you to respond to some of the comments made by.
A representative brown.
Well well first of all.
We've already -- a trillion dollars in spending and we did that in 2011 we just did 600 billion dollars worth of deficit.
We spent two campaigns being blasted by Republicans for finding 700 billion dollars in savings in Medicare.
We made some very significant.
Approaches on the spending side.
To dealing with the deficit there's still room on taxes we have to do more on the revenue side.
We're dealing now two -- three percentage points of GDP below historic lows.
Ourselves less than we ever have in the last sixty years.
And and it's again it's just about a balanced approach we have to deal with spending but we also have to deal with -- revenue side.
We are already have a balanced -- thought we could cocoa bath so sorry were already at a time and -- clearly.
It's -- -- big debate congress and thank you both for being here today we appreciate it thank you bank -- They thank you that that I mean clearly the different philosophies of fantasy.
Do we tax people more.
Filter by section