You're watching...
Public Notice Executive Director Gretchen Hamel, Better Markets CEO Dennis Kelleher and Forbes Contributor Rick Ungar on the proposal offered by Senat...
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
-- starting tonight with a beer is made -- push -- the sequester can save us all.
Senate Democrats announced their new alternative.
To a 110 billion dollar bill that replaces the automatic spending cuts.
Until January 2 at 2014.
And there -- already a lot of criticism surprise surprise but as it stands we're just fourteen days away from when these deep across the board cuts.
Are set to take effect with me now is today's awesome power -- we Gretchen Hamel executive director.
Public notice.
Better market CEO Dennis Kelleher and -- Forbes contributor welcome to all of you here I certainly do you what do you think the democrats' plan.
Let you know I guess since it's a beginning it's a negotiating point is dead on arrival it's never going to happen.
But there are elements of it that actually are interesting like what what do you like I like he scaled down tested defense I like the fact that we're finally -- -- started to talk about cutting.
Farm subsidies.
I think at the end of the day there's no chance that we're gonna see more tax increases but I'd like to see them get to maybe some -- -- I.
I don't know I Gretchen I like -- more taxes coming it seems like everybody -- he loves taxes right now.
One that yeah closing a loophole for the oil industry -- the tune of two billion dollars.
You know who pays -- that right when you raise taxes on the oil industry they pass that along -- to the consumer all of us -- So I mean taxes are the easy way out right -- just raise taxes in -- legislators and they had to make hard choices.
So of course that's something that they wanted automatically go to -- this bill have to be dead on arrival they're saying it's bit deeper saying you know -- says.
The 80% spinning cats and a -- -- aren't even in the near term there over the course of the past over the course the next ten years we've seen time and time again these folks have no credibility when it talks you actually.
Hating cats happen over the next -- they -- to have cut happened now -- this bill it's it's just not acceptable Dennis is there anything that you solid the Democrats win that you like.
-- -- trying to be constructive here are trying to solve this problem telling some good things light.
Well I think it's really important that there's finally a plan out there you can disagree about the cuts in the revenue raises -- you can disagree about whether it should be one to wonder something.
But finally there's something in writing on the table that people can start talking about.
And I think Rick made a good point you know may be you don't agree that agricultural subsidies should be cut by thirty some odd billion dollars but let's have that discussion too much of this discussion is about.
I don't want to raise revenue I don't wanna cut.
Let's talk about and -- -- -- in the wake me we're I want everybody to point to something in here they like as we just -- -- without did not think I heard it.
Dennis is there anything in the Democrats.
-- that you except.
Well on on March 1 and end -- few days from today the defense budget which this year is 530 billion dollars is gonna have to start being cut by 45 billion dollars.
That has to stop and this bill would stop that.
That isn't -- something in there that you live up propped up so I'm just -- -- They had little I'd like maybe you didn't hear the question -- -- hydrogen Gretchen does something in here that you like.
Hey I say take that cats -- the cats have to be made in the short term and not along.
Apparently because there's no commitment there.
OK I don't know -- what did you like it was a lot like -- you might expect I like the 5050 I think that's the right idea.
I like the farm subsidy look I think that's very Smart.
Are you like this scale down defence budget cuts I gotta tell you that this idea of doing it sooner rather than later.
It may sound good terrible move for the economy but you do have to lock it then I'll go with you there don't do a thing here working.
Be reversed later on.
And let's look at the loopholes the loopholes is the answer in terms of revenue.
A Christian you think that is are the loopholes the end in terms of revenue I mean I don't know that there's enough revenue there I mean there's never enough revenue at a -- -- spending there were doing so -- I mean if -- If your it'll get pat if you're a look at the loopholes look at the whole tax -- -- the whole tax could go after it did the whole thing.
81010.
Points -- about -- short term vs long term how often do we get stuck in this an in depth reversing on their decision and every single time.
These leaders they have no credibility on these long term cats mean they're trying to -- it hasn't they committed did it -- so why -- idea that they unloaded -- they're now trying to now reversed and no two years ago the camera as you know.
Something that you liken this plan yet to come back RR I.
-- -- giving you a lot of time to work -- -- -- so I'm sure you're writing come up with something right now I think guys should get partial credit for my last -- believe dialogue but the reality -- you can talk short term long term all you want.
And a few days there's going to be starting facing in about 85 billion dollars in cuts in half and that's defense and half that is domestic discretionary spending so what are you gonna do.
You have to come up with a plan this is a credible plan and very importantly it's balanced on revenue and cuts.
And a real just like that one point five trillion dollar in cuts that will put in place in 2011 more -- just like to 700 billion in revenue increases -- Yeah.
Last time before we -- -- -- involves.
Last word if this were real they wouldn't be going on vacation for the next ten days of this isn't going -- that yeah and then I don't I'm okay -- -- -- a lot of Simpson -- back out there again with another op -- I mean there.
They're trying to get everybody back to the table with a plan what did you think about their plan was there anything -- you know I hate to go to Dennis vs I feel like.
He never to -- -- on the last one what did you like about since it involves Dennis.
Well I'll -- the one thing that sensitive balls don't get enough credit for is they actually spelled out exactly what they would cut -- exactly what revenues they would increase.
And that's what people don't do the problem is that most people Democrats Republicans like what the spending is on and that's why Simpson Bowles last march that only 38 votes and the Republican controlled house.
They should get a lot of credit though if more people spelled out what they would cut in what I would raise -- to be talking about reality instead of smoke.
Rick they're talking about -- that the same -- comprehensive tax or former U broaden the base and you lower the rates everyone says that does that exist will we ever do it -- -- just one of those and these guys I gotta tell you I wish they would write his op Ed once a week.
V why does seem to be doing any good no one ever lessons he's president appointed them and -- never talk to them again he told he -- -- -- happen.
Now he told the other night that he is going to be following a lot of the look these guys -- -- here.
He had the right ideas they have become the referee is in this dysfunctional game we're playing -- Washington.
These are the people we should be paying attention to protect our right guys thanks so much I'm not sure we solved it but we get shot RIT.
