You're watching...
Former House Speaker Dennis Hastert, (R-Ill.), and former UBS Chairman Joe Grano on the need to rein in government spending.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Well and you're -- -- that might have been UN incident budgets and everything announcements are you didn't do it like that.
The night before Obama could -- -- -- solve -- and you won't be able when he putting us.
When he appoints its one party's got to look like they weren't as well I think that's the Genesis of the problem it -- about the parties it's about the American people.
And they've lost their perspective it's more about their reelection more about their posture.
More apt you know not a ideology and kicking the other guy down the Republicans in my opinion blue.
Blew their position they don't want.
You've gone and that would -- sit at a conference just let's just tax bill up and retain its I would've I would've put on the table immediately get a yes I would have said at probably 500 -- the former delighted to four.
I -- said we have to raise taxes because you have to increase spending as well now I would've turned around because the president had the high ground after the election.
So yeah I'd done that nobody gonna value magic price you Matthew -- speaker that's what they didn't do we.
Right away they come out ads that are much of -- -- surprises we don't agree with that on the Garza's but we're gonna sign on to decide actually we're it's we're opposed to -- But we great soloists and they don't look like obstructionist anymore.
Our loan they they didn't do that.
A look at that they'll they went to pass -- that the twelfth hour.
And do it can't go that far what we're gonna do they have today -- Lazard limited evidence and no today we're gonna do that with.
With -- two month extension we've gotten these you know these automatic spending cuts and we're gonna do that again at the -- right.
Loaded up the -- leverage they have a debt ceiling is so that they can get the spending cuts.
Over the debt of those that say who's going to be there you -- have that just that somehow let's get this spending cuts let's talk about real work gross.
Domestic product -- -- But the president says we don't know how how how much your -- -- literally spending brown.
That the Congressional Black Caucus says leave entitlements alone.
-- no fewer than I think 81 Democrats separately said.
Leave Medicare along so with so much being left off the table and obviously feeling emboldened by polls that say.
Keep sticking it to the rich when -- able.
To do it.
While that's exactly the problem the problem is we got to cut you gotta cut -- -- some entitlements you gotta cut and program I don't you're right about but they're Democrats -- the wind is that -- are back.
And the winds at your face.
Now autos and -- listen -- Nancy Pelosi have alerted her like Bernie Saunders had to say.
That's -- -- but -- the problem that the issue is any spending increase and any tax cut -- the start and house representatives when you give up that ability did do an add on to move out of control.
Game over jokes now.
You've talked about the balances tax -- been would you -- -- more tax hikes and a fugitive Nancy Pelosi says they've got to be part of a fugitive what would -- ground.
-- in terms of tax -- yeah well.
My friends aren't -- -- like this on Wall Street but I think if you don't have paid in capital.
And hedge fund you should not get capital -- If you don't have capital at risk.
But you would -- -- about it how did you candidate I would be surgical at this point we've already but you -- tax -- tax hikes and I would take away.
Certain subsidies taxes including this one like that are leveraged sit as -- -- you would tell them what volatility -- go to hell.
The truth of the matter is you can't send somebody in the government -- signed.
In blood that I'll never race a dollar in taxes how do you govern -- is sunny for them even accept that premise.
Real quickly Dennis would you tell your resisted numbers don't know.
No I would that it was all of a sudden you don't have members have to work left that it was just didn't think we should get rid of the members of our data go to neck and everybody -- -- -- manner guys they'll let -- go -- -- That's why he is an elected -- all right.
From guys -- -- -- but they're gonna follow.
