Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Time to Balance the Federal Budget?

Details

  • Description

    Rep. Tom Price, (R-Ga.), on the need to rein in the rising federal deficit.

  • Duration 5:09
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Welcome everybody I'm Liz MacDonald in for Neil Cavuto -- president talks up.

How to reduce the deficit and avoid automatic spending cuts.

We're just -- -- today that our budget deficit will top eight iron -- billion bucks this fiscal year.

And that's even with massive tax heights and assuming that those spending cuts -- kick -- to do.

-- congressman Tom price he is pushing the president.

To balance -- budget and says that this new report is proof we can't do that just by hiking taxes.

Sir what about that that we just have been hiking taxes already and we're so going to be.

-- -- -- Into the -- Well list thanks so much good to be way to the fact of the matter is is that the president has put forward for different budgets over the past four years.

None of which have ever come to balance.

With the house Republicans have acted responsibly over the last two years our budgets actually get to balance albeit in a longer period of time so what we're gonna do.

This year we're gonna put forward a budget that balances within a ten year period of time.

All that the bill that we're gonna have on the floor tomorrow does is -- say the president.

Tell us when your budget balances is it ten years is it twenty years is it fifty years is it never.

When did your budget balance it's important to do that because.

We need to be able to contrast are positive principled solutions with the president's programs that actually don't solve the problem -- say the president's budget doesn't.

Date when the budget would be imbalances that it.

Well in fact the last four as you know we've had trillion dollar deficit each of the last four years.

And the past four budgets by this president.

Have never coming to balance ever in the 75 year time frame that we talk about budgets so the American people need to know that it's important that they know that.

It's actually important that the president admits that.

Because then we're -- will be able to talk about the positive solutions that will put on the table and the programs that the president believes don't need to be.

Strengthened or saved or reformed or restructured.

In order to make it so that they are able to us apply the American people.

Still under this White House and I wouldn't be surprised that viewers out there feel like that congressman -- stuck in this ever rerun of the same movie that they're stuck gonna look to get a kick it out of it.

And you know at an event the issue is is that the president wants is now about his legacy he has been positioning himself to be -- Ronald Reagan type reformer.

He's acting more like an LBJ Nixon big hubris big government spend there sure and now we have the high cost of affordable care cut health care coming in.

How does this square with what the president's been saying.

Tax increase after tax increased after tax increase haven't -- the president -- any problem and policies is that the solution is by raising taxes on somebody.

And you and I both know Liz and your listeners know that -- your viewers know.

That when you increase taxes on on the American people in the way that it's been done -- actually get decreased economic activity.

The economy can't grow it can't be -- -- can't thrive it can't create jobs and dreams are destroyed when you when you increase taxes that we have done.

And what you also point out -- is is that taxes for -- that americans' sense of self reliance but you know.

I say about that new CBO report that says we're gonna be still later we're right billion in debt I think -- about the -- want to know why congressman.

And this is this is what I'm getting at the Saint Louis Federal Reserve has already said.

CBO is salt unreliable back in the year 2000 they said we would be in surplus that we would basically wipe out that what was at that time about -- we have -- deficit.

By two -- -- we will wipe out the CBO was utterly wrong at that.

And the you know the Saint Louis but says hey what's more reliable -- the the random walk model that's used on Wall Street depict.

Stocks any real effective but isn't the CBO report.

And I'm upset about this is that it underpins tax policy and regulatory -- -- right so why -- in the same report year to year that is so way off the mark.

-- you're right you're spot on -- in fact what we try to do through our Budget Committee is to make certain that we put in place positive reforms.

For the congressional budget office for the CDO.

So that they aren't and they -- hamstrung by the rules that they currently operate under its not their fault that they aren't able to provide appropriate predictions because.

We in congress have have given them.

Four rules that they must follow so we need to get to -- something you know dynamic scoring make certain that that they can.

Determine whether or -- it if the government does this.

How does that affect the economy dynamic -- how many jobs are created does that increase revenue of the federal government and a pro growth way.

Those are the kinds of things that they need to be able to look at and right now they're precluded by law from being able to do so.

Right they basically have to stick to the models that say policies will never change in Washington.

They've started congressman that the same -- policies will be in place that in years going -- that it.

That's exactly right infected and it's so crazy that that they they predict that the that the federal government will spend 700 billion dollars or thereabouts.

In Iraq and Afghanistan over the next ten years and they are required by law to be able to do it to say that and and into include that in the budget when in fact all of us know that that's not gonna be the case it's garbage in garbage out well represented -- top prize.

You're with the but near the Budget Committee vice chairman always good to hear honest straight talk from a congressman you always bring it thank you so much Cheryl Fletcher Christian sub --

Load More