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Former U.S. Comptroller General David Walker on the need for Congress to tackle the government’s rising debt.
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Our economy and have a prosperous America with debt growing dance -- And you know that will impact young people the most fewer jobs higher taxes lower stand living more debt.
What's going on in Washington is truly outrageous.
It's time -- shaped thing.
To see you know -- blockers the guy I think -- -- white ways for guys in the right.
And Alice Rivlin is next to him.
And they both in this video -- heavily destroyed their stellar.
International reputations -- for a very very good cause.
This is made up by the group like kick the can back it's the same group that released a video Alan -- gonna get and style.
Putting out this video of the two debt crusaders asides are doing so the -- -- -- -- David Walker says he put on his dancing shoes -- it Alice Rivlin to make a point we got to do something got to do it now.
Tape -- to one -- I didn't know you were such a great dancer.
Or another I I didn't know that you would go to starts great lengths to to wake people up but an unwed did did what are you trying to say.
While trying to say that things are out of control -- Washington and and we've got to do things differently I mean I -- I'm doing using special tactics in order to try to wake people up.
And you know that the fact is is that our country's at risk the in the future for young people in particular is -- risk.
And I was happy to come together try to get this done although it laws -- usual.
I doubt that part of this bipartisan rant against this is gonna out of control that's.
What -- Alice Rivlin here before this video was made us.
She was saying that -- you need more revenues in the next you say.
You're not against -- but we have to address the underlying spending -- solar -- -- of the to a -- intrinsically actually quite far apart.
No we're not actually were pretty much in agreement I -- the fact is we have a short term problem we have a structural problem the three drivers of our structural deficits are not being addressed.
Demographics 101000 people a day are retiring and will for the next seventeen years health care cost in an out dated tax system.
In my view it's two to one spending reductions as compared to revenue excluding interest.
And the revenue needs to come through comprehensive tax reforms.
So far they haven't dealt with the three drivers of our deficits.
And it's.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But.
I'm wondering about the lack up fallout we had when when Alan Simpson.
Did his own little log kicked the can -- and then there was nothing to come of it.
-- so.
Do you fear that this will be a curious you know you'd -- but then.
But but nothing will come of it.
-- deal this is linked to something else as you know I'm also one of the national co founders of no labels it has no budget no pay.
I'm also the founder of the comeback American issue this is linked to the no deal no break concept you can find out more or no deal no break dot net.
Congress is out all this week congress is planned to take a two weeks bring bright.
Congress tries to -- take a week for every federal holiday and a month off in August.
It's time that they work full time until we have a fiscal deal the deals were those three drivers no deal.
No break.
Now they're also worried about these automatic sequestration cuts -- come didn't and what 101112 days.
But it to your point if they're taking a break Republicans or Democrats it can't be that.
Much soon of emergency for them.
Well the truth is is that -- sequester cuts are gonna happen even though they were never intended to happen.
Unless and until there's an agreement of a framework -- involved much greater it's on deficit reduction.
Heavily weighted toward spending including putting mandatory spending on the table and comprehensive -- what.
Does that tell you though if you think about it looking at that all of this stated that.
That is so draconian and sweeping and painful these eighty some odd billion dollars and in -- racing -- And they're barely like skimming the surface of various -- definitely date great so it's human cry.
Then then what's the -- we have to address the Soviet talking about -- Well it tells -- how bad the system is broken it's it's dominated by career politicians.
The wings of the two respective parties.
A special interest.
Frankly we need much more leadership from the president I was extremely disappointed with the president's State of the Union Address he had an opportunity -- talk about the economy.
Jobs.
Fiscal responsibility and intergenerational equity all of those -- important we need to do things in the short term and address the structural and frankly.
-- out of millions of Brussels somebody double down on the spending that he's been known for I don't think you have to have a political stripes -- -- -- to clearly see that the debt and these deficits that are compounding nearly are are not an issue.
When the truth is Neil that the government's grown too big promise too much and it needs to fundamentally restructure the last thing -- we can do.
No matter how meritorious is at a new entitlement.
We're spending too much and consumption too much and seniors not enough on investments not enough on young people it's time.
Four course correction.
David Walker thank you very Vermont data do -- hook up.
