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The Weekly Standard Senior Writer Steve Hayes and American Banker Columnist Susan Ochs debate whether there will be a push for further tax hikes.
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All right turning out attacks is right -- We're just two -- -- -- -- new tax hikes might remind you the biggest tax hikes in twenty years.
And President Obama and congressional Democrats -- -- take -- listen this.
By -- Some additional loopholes through tax reform.
We're speaker Boehner has acknowledged.
Can raise money and a sensible way.
And by doing some additional cuts we can arrival of -- -- this thing done.
-- -- Could we actually be looking at more is if Whitney now Stephen Hayes from the weekly standard is also Fox News contributor and Susan Knox American banker columnists and president Obama's former Treasury Department senior advisor.
Welcome to both of you.
Susan it sounds like there are more taxes on their way.
You know what President Obama has been speaking the entire time about balanced -- -- he's talked about a four trillion dollar target we've got two and a half killing -- that in the bank right now through -- looking another one and a half trillion.
But it's not to be intact as part of it being cuts part of -- -- taxes.
But we can't be a place -- -- -- completely neglecting some the investments that we have to make right now in terms of infrastructure there's a report out today saying we could lose.
Three trillion dollars over the next eight years yeah -- and I -- sure -- chomping at the bits response that.
Yeah.
Well look at -- the one thing I will say about president -- he came to office in 2008 saying that he was gonna raise taxes.
And he's done it in this is that this is what the president does this is the way that he's conducted himself -- office.
If you look back to after he lost and I think was -- -- very strongly in the 2010 midterm elections.
He came back and gave his state of the union a couple months later and said.
-- justice -- did we need to save more because we need more money for investments and this is the way the president.
-- he is a tax and spend liberal of the old school and I think it's it's entirely clear that he can ask for more tax.
I I am going insane here because I feel like there was some sort of conversation about.
This rebounds approach we're gonna raise taxes -- if Republicans will give on that we're gonna go ahead and cut spending.
I feel -- we've raise taxes and now we're gonna raise even more taxes.
And we're still spending like drunken sailors Susan there -- You know we're not spending like drunken -- not real sixteen trillion dollar debt.
We have forget LME's -- out about it he inherited friend that -- not everyone -- at fault everyone contributed to this I mean we are in dire straits we are broke everyone's at fault.
No one's -- Well and he's trying to fix and that's part of why this four trillion dollar.
Total reduction if they get to that number -- will then stabilize it will be able to start making investments -- here -- grabbed the one silver bullet deficit reduction is economic growth.
And we really need to get out of this kind of circle that -- right now and start talking about growth how do we start moving the economy forward.
-- -- never gonna get out this whole other Stephen that is a great point did you move the economy forward and grow by raising our taxes thank.
While the president President Obama at one point believe that we did not do that I -- he argued in 2009 again in 2010.
That you would hurt economic growth -- -- at a time when the economy was struggling and -- that was what he argued at the time.
What do you think Steven do you think that -- raising taxes it grows the economy -- -- -- -- of course not no it doesn't it does not grow the economy and -- we have to be serious about.
How much the president contributed to our overall debt pictures six trillion dollars -- -- since he came to office nearly 20000.
Dollars per United States citizen has been added since President Obama came -- office so it's it's just.
And contributed.
That -- -- that's a mistresses know they're because everybody has contributed to this and god it is a -- and we have to fix it when you hear people like it to Pelosi saying.
The fiscal clip was not an -- on the revenue side you hear.
You know -- many politicians Chiming in Howard Dean for example saying in December that the truth is everybody needs to pay more taxes.
We're not gonna get out of the -- is a problem unless we raise taxes across the board.
The rich can't solve the problem and I guess that's where I'm going with this is.
It seems like -- -- from what you're saying Susan that everyone's gonna have to pay more taxes to get out of that snow I don't.
Actually don't agree with that point and I think that I don't agree with Howard Dean either I think.
We are not looking at more middle class tax increases I think the president has actually been pretty firm on that I think we're gonna be looking at closing corporate loopholes you know -- -- are starting to talk about a half.
High frequency.
Financial transaction tax for -- of people that are trading for less than a minute in a position and.
None of that is gonna get us there know that -- -- actually 350 billion dollars.
Which if you add that -- -- tax cuts could get to the one point two the president talking about so there actually are some of the measures that could -- get up close we're adding trillions every year to what to our deficit what do you think.
Stephen is that yeah.
There will -- 11 point two trillion is it is this year's deficit is this year's deficit and it just doesn't solve the long term problem in this thing that we haven't had from this president.
In my view is a serious proposal for structural entitlement reform.
On the order of something like the Ryan budget that Republicans offered took a lot of grief for something that would change the trajectory of -- -- -- things that we had from this president.
Wouldn't do that they might take and take a chart here take a -- there but they don't change the overall debt fiction they certainly don't change the trajectory -- as it does stick around stay where.
