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Former Clinton Special Counsel Lanny Davis, former Reagan Budget Director David Stockman and FBN’s Neil Cavuto on the need to rein in government spe...
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Wendy do you agree with that I mean are hired.
Our principle number two that we have to get through here is the budget crisis but -- is saying that basically you know they're gonna trying maybe sweep that under the -- since vacancy today look at this we have -- we we were running a surplus -- mean we.
Raise taxes -- 77% of the population as a result we don't have a budget problem anymore.
Well first of all -- remembered David Stockman something of the hero of mine when he was taken to the woodshed for trying to tell the truth to Ronald Reagan and I believe.
Or was it President Bush -- David I forget what you're in the which Reagan.
But in any case -- dawn.
And to be -- following.
-- it's very difficult tough act to follow.
I've called with governor Tom Ridge in last week's USA today and through all my writings in my weekly column.
That mister Simpson vols are the only ones who got bipartisan support.
For facing.
Reality and which David Stockman has pointed out.
Our generation.
-- in May be before me.
Has done the immoral act.
-- taken credit cards running up debt and turning it over to our children our grandchildren to pay the bills.
I hope President Obama steps up to the line tonight and says no more -- credit cards if I'm going to spend one dollar.
It's going to be taken away from another program and I'm going to raise taxes including on the middle class because we're not going to raise enough money.
From the upper class.
Can go back to the Clinton tax rate era where we did so well and start paying down this immoral -- David if any -- Of any of that happening.
Well I think it needs to be talked about and I was delighted to hear.
-- as say that because it is so obvious to people who aren't caught up in the beltway.
That the credit card is tapped out.
We can't continue to spend a hundred billion every month or borrow by the way the Fed I mean the treasury borrowed a 137 billion in the last two months even though there was supposedly short term deficit surplus.
That was simply -- to one time dividend payments and and capital gains at the end of the year so that that isn't meaningful -- we can't have the Fed continuing to borrow -- to print 85 billion a month.
Which they're doing this is a huge Ponzi scheme and I agree we need to have a tax increase on everybody the wealthy and the middle class we need to reform entitlements and put it means test on the better off Social Security.
Which means they would like it in Florida but you're not gonna hear that from -- -- tonight.
We need to dramatically cut back the defense budget and allow this -- gonna happen -- -- running around against the end of the world.
When in fact we would still have the defense budget 60% higher than Bill Clinton's last budget and that was big enough as far as I'm concerned.
And heal the says nothing up our place in the world I mean number three -- our money let's for the CAV of the union was.
Was I you know -- place around the world as we try to influence what's going on in the Middle East is that explodes you look at North Korea and what is going on there and you wonder are.
Do we hold any clout in the rest of the world any longer is it diminishing what that we.
Act I always say that much of the trustees that we have -- nothing that us doing -- great but that the rest of the world looks a -- by comparison -- -- It's a -- reverend -- but but it's it's easy to be.
The tallest dignity in the room and think you're still not a -- me when you are and I think my comparisons is Europe and all of its problems.
We we look very fiscally prudent these as I guess but but that doesn't mean we are and I figured it in the hearts and cruel reality is.
That if we turn our back on this golden moment both Democrats and Republicans -- so early at a new year.
To address these problems next -- at this time will be need need to mid term election planning and wearing and already crafting its money sixteen elections are -- strategy.
And will be trillions more in debt now I know there -- a lot of fancy terms to use this -- but it isn't so bad that.
As a percentage of GDP it's actually you know OK yet.
Revenues as a percentage of GDP could actually go higher they're all sorts of fancy ways you could justified just leave it well enough alone.
But we really can't leave well enough alone it's that sort of like if you've got a new job and and you have a little bit more money that you think well that -- those Visa and Mastercard's I have jacked up to the limit.
Did they are not so bad well -- -- jacked up to the limit aren't gonna and that's the reality Republicans and Democrats -- that debate.
I don't agree with David that the solution is just hiked taxes lot on everybody I -- -- -- I think there's a good deal of spending we've begun including defense and all of this I'd like to at least venture of applicable we start going on -- Tax -- -- but I will say this that I I don't see.
The appetite or the direction that's -- landings -- -- -- credit of the Clinton years.
All they had to do back in the good years and I say all but they did it I -- my hat's off to them is so what direction that these deficits would get better.
That this was a serious blueprint for getting this down decides not to wiped out the 63 and today.
OK just have to provide a -- -- they do that they could be on the way.
Big she's got to interrupt you before we run out of time we've got to do -- ninety meter.
On a scale of one to money out just how Marco Rubio has very high expectations.
-- his response tonight I'm worried.
A lot of pressure I mean there's a lot of focus terrorist -- want to money David Stockman let me start with you -- -- -- is gonna for.
Or I'm putting out to honor I think that's all I think they'll give a very handsome speech -- have no content you know being more war mongering from the -- Interview.
And I don't think he's addressing the real issue which is how to cut the deficit and Social Security.
OK Lanny Davis what do you -- -- want to money.
I think whatever the highest number is money that Marco Rubio will outperform expectations because David.
Television.
Content it's a visual media.
I don't -- other day.
Are right in big cheese cucumber and dog eat -- let you go laughs as your -- the most important and I wish that.
We're through but I would agree Eilat -- at a given before and that I think he will -- -- I think he was sort of like the secrets of the start of Republican investigated the best speech.
He's very -- articulate that reason that his approach almost any issue facing the country and certainly -- -- Republicans.
I think -- deliver with some sound solutions that might surprise.
David Stockman Lanny Davis Neil Cavuto thank you all for making this the best power panel of all time obviously ever.
