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Steve Moore, WSJ senior economic writer and editorial board member, weighs in on the federal budget debate and Sen. Schumer’s comments on the fiscal...
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-- been almost four years but senator Chuck Schumer warns taxes are coming.
We're gonna do budget this year and it's gonna have revenues in it and our Republican colleagues better get used to that fact.
So would Republicans be receptive to this -- Steve Moore of the Wall Street Journal senior economic writer joins me on the phone what do you think about that Steve.
Hi -- -- great to be -- you know the problem for Chuck Schumer isn't so much getting Republicans get used to it but what about all those red state.
Democrats -- the -- those are the people are probably hyperventilating.
Right now over what -- Chuck Schumer just sad.
You know if you look at them -- collect twirl -- out there are 67 or eight.
Red state Democrats that -- reelection in 2014 -- Melissa.
I don't think -- -- they've come out a relishing the idea of voting for another tax increase -- I don't I wonder whether -- Chuck Schumer Harry Reid budget could pass the senate.
Even with just democratic -- because you've got so many people.
That are up for reelection that are going to be very reluctant to expect -- stick their necks out and vote them by the way.
-- you know we just out.
8600.
Billion dollar tax increase in the fiscal cliff negotiations plots as you know we have 520.
Billion dollars of new taxes from obamacare so this would be that.
Third tax increase and in light my.
She you know I really hope you're right because I feel like there is that tied up higher taxes that are just really -- it's rolling our way and it's gonna -- all of us out to see no matter what our income bracket is.
Because it seems like before this last deal.
There was this notion that if Republicans just gave in and went ahead with some higher taxes.
-- then we can get down to the business of spending cuts that that was the idea that was out there and just take your medicine now.
And they will be down in the business -- cutting spending once we got this out of the way but instead.
It's been quite the opposite that this was sort of you know date being just the first step it was big -- nose in the 10% SP.
And now there's many more higher taxes coming story you are you sure that there are -- Democrats out there that would stand in the way at -- because.
I don't well we'll see about that I mean you may be right that some of these Democrats maybe you know all unite behind the Schumer Obama budget would cost per.
Somewhere in the neighborhood of another trillion dollar tax increase the point hours make more says yeah it is real politically hazardous for a lot of those senators.
But what's striking about the statement that up.
Chuck Schumer made that you just up played.
Was the fact that that the Democrats really seem to be on the march right now with the very liberal agenda and I agree with that they analysis that -- just gave about the inauguration speech it was a very liberal.
-- -- speech talking about collective action and the need debt.
If preserve all of these entitlement programs so you're seeing the Democrats -- -- a little bit about Loftier -- And the question will be really what will the response be from the Republicans -- -- space that.
They're kind of flat on their back right now they keep retreating they just retreated last week.
Whether to extend the gut feeling that several may be will expand it for three months without.
Spending cuts so I think the Democrats are below the -- right now -- that was reflected by that statement by by chuck sure.
Are without question all right Steve -- thanks so much let -- in fact thank you wanted to.
Do want to bring you breaking.
