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On track to have its fifth straight trillion dollar deficit -- this fiscal year 2013.
The Congressional Budget Office reports that we ran up a 293 billion dollar deficit in just the first three months of the fiscal year it took -- three billion.
Speaker John Boehner says President Obama admitted during a closed door meeting that quote we do not have a spending problem.
Joining us now with a man who got -- Steve mall from the Wall Street Journal Steve I think that was the most important interview so far this year.
You've got -- Al that that the president says no spending cuts even as we approach this debt ceiling debate.
I think that really sets the tone for the rest of the year and the rest of the administration doesn't know.
Yeah they really does Stewart and -- you know what I.
When speaker Boehner told me that which was last week it just a few hours after they had passed that fiscal -- deal.
My job dropped I think you're -- -- probably when he heard -- because you know if the president says we don't have a spending problem.
You know what what's the first stage of recovery from an addiction -- have to acknowledge you've got a problem right at and so I think that tells a lot about why they didn't reach a deal but you know I'll make this point Stuart I think that Republicans now that that tax deal is done.
I think there are they are now negotiating from higher ground.
Now as you've -- John Boehner and Mitch McConnell say now it's all going to be about spending.
And you know what that they don't reach a deal you've got is you know you mention the debt ceiling -- for don't forget the other clip that that that.
That we -- which starts on that march 1 now which is those automatic across the board spending cuts which Republicans say we're willing to go through what dollars and -- we get a deal with the Democrats.
Those big entitlement program.
Wasn't gonna stand phone maybe -- got that that's right on the ground to stand up all that I like give -- that's right but they've got former speaker Pelosi saying okay we still need more revenue.
How -- time will get it not by raising tax rates on the rich but just by reducing and restricting the deduction that's available to them.
That's another tactic so that means that the policy is clear -- -- they get its in this debate it that's it you know it's not a story but the polls -- clip.
Raise taxes on the rich and Amanda -- do not cut spending do not reform entitlements and ignore the debt that's the -- You're exactly right sort of basically the bottom line there that has the two sides the Republicans and the Democrats are as far apart today as they weren't three months ago before this all -- -- -- -- I've talked to a lot of the Republican leaders not just John Boehner but others and they tell me unequivocally.
That they will not raise any more taxes in fact I think if they did try to another tax increase -- -- -- third party movement in this country so I would Nancy Pelosi is saying is talking out of La La land that isn't going to happen I just don't believe.
-- -- tax increase now what Republicans will agree -- is closing some of those loopholes.
That -- Nancy Pelosi is identified and using that money tell lower tax rates that's called tax reform that it is just believe that that would be taking more money.
Off relatively wealthy people if you restrict deductions.
Those deductions available primarily to people -- -- 250 K or more gas and Yahoo! on it -- effect it is a tax increase on wealthier people on them -- not -- a agreed to let.
Well Stuart depends on how your devise and I'm a big fan of what we did in 1986.
That Republicans and Democrats allow one of the last great bipartisan achievements they didn't get -- a lot of the pollution and all the loopholes and carve outs in the tax system and they cut tax rates for everyone and it was good for the economy it was good for.
For -- more sane and rational tax system.
That's the goal that Republicans are trying to market what Nancy Pelosi and Chuck Schumer want -- deal -- as they wanna get rid of those loopholes and use that money is spent on other programs and what I'm saying is that's not gonna cut it that's it today you know I have -- saying now the Republicans are are from.
Abydos and Democrats are from -- they're just talking past each other -- like a different planets at the end results is the the end result is not surely it's not going to be.
That the president will agree to lower tax rates well you'll see you leave -- About this thing you know -- possibility -- really.
Well you know why do I actually think that that's one of the things that John Boehner told me when he had those negotiations with the president was at the beginning of the negotiations the president didn't realize look we can't go forward you know this -- I think most rational Americans know we can't go forward with the highest corporate tax rate in the world it just doesn't work anymore our personal income tax rates which small businesses pay.
Those are too high as well so yeah I think there's a sliver of a chance here.
We could get a tax reform I'm Shaw gets rid of all I guess I -- -- -- because there are shot at lowers rates now maybe you could say I've just been pollyannish here.
But -- all about hope we can do that's just I just can Pepsi.
How on January the first we raise tax rates on the rich.
And on March the flows we lower on the again I mean volume maybe even may be right it's you know those loopholes look at what we did in this last tax Bill Stewart I mean look at all about that junk and garbage we put that tax system LG subsidies when subsidies -- -- -- have heard you talking about -- -- that's a lot of money you could -- by get rid of those loopholes.
Well Steve -- and it like this congratulations.
You've got the most important in view of -- yet so far.
You'll the man who pointed out the president's on the administration's policy for the rest of his four years congratulations.
We're gonna leave it right that because there's no way all golf green that they got to cut the tax -- now got a I don't garage -- -- that's -- we'll be talking later in the year about value would have loved to -- wrong -- I helped launch on May dinner on -- if I'm wrong got it.
-- people lasers out of -- heard it national TV yeah in the gulf get -- state great stuff thank you very much negative see if there.
Right now I wanted to.
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