Also in this playlist...
This transcript is automatically generated
OK the other big story the -- -- are in and the House of Representatives has agreed to work for free.
The final vote tally was 285.
It is all part of the GOP's grand plan to raise the debt limit.
Until -- that is the most important part if there is no budget by April 15.
Their paychecks will be held back.
But feel the pain if this happens I don't know -- -- seven by former democratic senator from Indiana Fox News contributor.
Senator welcome back to our show we're always so happy to have you on.
-- -- it's great to be back with you again.
So think about all this I mean -- this say it it sounds very tantalizing to people -- the audience to say you know your doctor get paid much to come up with a budget.
Most people you don't they don't do their work they don't get paid but isn't really -- impact do you think.
Well it can't have an impact was such kind of sad we have to resort to these sorts -- gimmicks but my my initial reaction when I was listening to us that if congress doesn't get paid.
The American people may think we've got what we paid for.
Because there's too much gridlock and dysfunction right now but -- we've got to get the budget under control we can't continue to spend.
The kind of money we're spending and run up the deficit were spending it's not right for the economy it's not good for our children.
It's sad that we have to have a gimmick like that's some of the members who -- quite wealthy and there are few of them.
I won't care but they're good many members -- believe me after a month or through the spouses are gonna send him what are you knuckle heads doing we gotta put answers on the table so it -- have an impact.
Would think about the solution that was reached today because you know it's another time that the American public looks -- says buyout -- like you just put off.
Doing the work that you need to do you know so we said that we're gonna raise the debt ceiling for a couple months and you know there you -- -- we we haven't really gotten any of the real worked.
Well it was a short term -- but I actually think it was a pretty shrewd move by the Republicans.
Because you can't default on our debt if interest rates went up even slightly the amount of interest we have to pay on our sixteen trillion dollar debt.
Would be enormous she can't do that it would be shooting yourself in the foot.
They -- closing down the government back in the 1990s that didn't work too well so instead the Republicans are focusing on.
What's called the sequester which essentially are across the board spending reductions.
And that's where I think they'll they'll make their stand and so we'll have a good robust debate about the level of spending the we'll have in this country not -- the cuts in the sequester are too much for the Pentagon.
For the Republicans alike but at least that will be the focus and rather than having the Republicans blamed for defaulting on the debt or shutting down the government it was a it was a shrewd move on their part.
You don't have any talks about we need to get entitlement spending under control we need to at least you know somehow balance Starbucks it seems like it.
But then it also seems like no one's really serious about doing that Republicans included urine inside guy who got frustrated with the process and left.
Do you any politicians in Washington are sincerely committed.
To reforming entitlements even the Republicans.
Well there are few I mean people who put the long term best interest of the country had a short term political expediency.
But it's hard Melissa because.
Most of these folks -- -- get reelected.
They need to be popular and it's difficult to be popular if you tell people look we're gonna have to trim Medicare or Social Security -- have to raise taxes.
People don't like to do those things -- the path of least resistance.
Is just to borrow more money.
It can't do that anymore it's not right but is the path of least resistance it's only when the public your viewers and other stand up and say enough -- -- We've got to get the budget back more toward balance that they'll realize that the Smart politics is also the right substance.
And that is to get these deficits under control.
-- you've you've been inside the tent on the democratic side as they're strategizing you know how they think what tips would you give to the Republicans.
To try and gain you know some sort of bargaining power because it feels like they have no -- -- and that's what a lot of people are thinking what could they do.
Right now to give themselves any or even a little more leverage.
Well I think they've taken the right step here are ready velocity of that the president and the Democrats in congress were on the high ground.
When they were saying you can't default on the debt -- -- close down the government.
And let's just ask the wealthy in the country to do a little bit more those things are all very popular.
Supported by the American public.
But the Republicans now have flipped and said well spend enjoy the problem.
And my guess is that most people say yeah we're probably spending a little too much so can you solve the entire problem with spending cuts may -- not.
But at least that's a good place to begin and now the Republicans are focusing on that so I think somewhat belatedly.
They finally gotten to the the the point where they can have a greater impact than they certainly did before the end of the year when it was just all about tax increases and a alright senator thanks for coming -- always a pleasure.
Great to be with analysts.
Filter by section