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South Carolina Treasurer Curtis Loftis on how potential defense spending cuts would impact jobs and economy in the state.
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-- -- the mandatory budget cuts less than a month away and people are bracing for impact.
Cities like Charleston -- prepping for one point two trillion dollars in cuts over ten years.
That is about half of becoming from defense and Charleston is home to 250 defense contractors.
-- industry generates up to 10% of the city's economy.
So how -- all -- gonna hurt.
With me now -- Carolina's state treasurer Curtis -- -- welcome to the show treasure were happy to have you.
Well you very much going to be -- this is going to be really tough on Charleston in particular -- -- your state is going to be hit really hard.
But Charleston itself gets about 10% of its workforce from these contracts but.
That's right federal government is very important is states like South Carolina and the military -- we -- long military tradition.
Here in Columbia Fort Jackson is the largest training base in the world 50000 recruits turnout every year.
So it means a lot.
140000 jobs Justine billion dollars a year.
It's 7% of our State's budget.
It's huge and then on top of that we went around asking people sort of what committee due to make up this loss is an old -- is expanding their dreamliner plant.
That's our big cushion here that's gonna save a lot of jobs I don't know if you've heard that there are some problems with the dreamliner and Boeing right now so it -- it seems like.
This is just a cluster about black.
What -- but we're got to that point yet you know we we're still in this process what we've got to do is make sure that.
We demand -- different dynamic now what we've guide is people negotiating improper or.
Both the left in the right shouting at each other through television cameras we've got to get the adults in a room and they've got to any transparent and accountable way.
Make a budget.
You know we can't push the process alone.
All the ways otherwise so until this happens it just won't bore much groups like that's gonna happen and that feels pretty hopeless.
Well it is but sequestration is something no one like -- from the right wing of the pouring the conservative -- we I have a visceral attraction for cutting budgets but.
He don't want to take an -- to a pound cake and that's what we're doing here.
He can't do it does or premium by it will affect the sage credit ratings -- -- -- jobs.
It what it you know -- to go with another cliche is still in the baby out with the bath or would you -- -- -- say that he's prepared to go ahead with the sequestration.
Do you think he's -- look at these very serious.
What he may be -- but I think he's wrong.
It did this is -- -- problem and the dynamic we have now is being played -- my children.
American people know better we understand what's happening you look at the polls and and separate them from election polls.
We understand we can have a so much debt and will be at seventeen trillion dollars.
By next October.
But we can't sustain that -- We're talking about has been going on for a long time and you talk about it's just the children negotiating both sides are yelling at each other that's what we've been marching in Washington.
For very long time especially recently over these fights and it does seem like maybe Republicans have been pushed the point.
That they would be willing to go through with us especially because they went ahead.
With the tax increases with the promise of its cuts and spending coming down the route it doesn't seem like that's coming in fact the president sounds like -- be listeners sixty minutes interview.
He's doubling down -- raising taxes on everyone.
So it seems like we have gotten to a position where Republicans are willing to go ahead with this because they see no other way to cut spending.
Well it.
And that's the dynamic today we've got I think 24 days is that there's a right.
We've got some time and media there is time for adults act and we must you know there's that this is great -- on the left let's cut this have sequestration -- cut the defense.
But it's not worked that well because they had their own constituencies that will be affected you know they go through the entitlement programs.
We've got to have adults and -- rents were.
In a transparent fiercely -- I can't guarantee or there -- you weren't there what would you say because that you keep -- adults in the room I love that idea how would you make that happen would you offer something specific would you include specific people what's your advice.
Different with a certain plays it must happen the United States senate must have a budget because they come up for reelection and we've given them -- pass for four years.
They get real homeless Santa -- that never have to vote against anything.
Should demand the senate have a budget that simple -- in the constitution we ought to do it second thing is -- this is a cover.
For the illustration purposes.
They've got.
A pay raise about in the future.
Know what should get a pay -- know what's your parish to we've been net debt curve downward -- come from business is unacceptably you get fired when he had this kind of problem.
Sure we've got to start talking to these terms.
But we can't and we must demand that people go to a room in a transparent way there -- probably I will that first negotiation.
Because we -- and -- product and that makes honest and no residential aren't we gotta -- thank you so much thanks very much shall we appreciate your time.
Thank you now it's too.
