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Former Sen. Alan Simpson on Sequestration

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    Former Sen. Alan Simpson, (R-Wyo.), on the steps to rein in government spending.

  • Duration 5:55
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This transcript is automatically generated

It to taxes won't.

-- -- on the slowing economy won't Obama now wants to be doing squat to address an -- above could.

We're days away from another spending deadline of Washington saw coming but did buckets to address which makes you wonder about Washington's uncanny ability to cut and -- If they're all but saying 85 billion bucks an automatic cuts coming Friday.

The will mobile BR undo it and leaving aside -- you feel about these sequestration.

Frustrations.

Just a simple question.

And it comes from president sold that division -- Alan Simpson.

He's 85 billion bucks and drugs and a three point eight trillion dollar budget great.

This kind of stir what happens when we really have to get -- and guiding.

And just serious the former Wyoming senator fears will never get.

So it's forcing me is who joins me on the phone right now to explain now -- you don't senator.

Are you talking -- be about a little less.

Yeah I left after a climate and yeah Hollywood's young men well I listened intently to this discussion and it's especially because the because it gets hurt in the middle coalition is the little guys go -- but.

Let me -- of the payroll tax where oil was.

Where were -- great -- your organization.

BAR -- all the great bleeding harsh of the world that we're doing these horrible thing.

Well aware of day what -- took the life blood.

Social Security which -- the payroll tax that's what I board true.

Internet people got used to it Allen right I don't take that away after two years -- they're going to be stunned.

So -- I'm wondering about that I'm wondering about these cuts that are coming on Friday.

And they do they're causing a big stink as you know because they arbitrary nature of them were hurt but I'm wondering in the kinda stuff that you wanted to say that you and Erskine -- came up with a now the new stuff you wanna say.

Does those pale in comparison what we really have to be doing but look at how much where.

We're we're we're breaking up over -- I mean are we ever gonna it's serious -- if it if we can't deal with us.

-- -- in the next few days they're gonna come up with most curious -- unbounded creativity that you and I have ever known.

And -- one cultural pastor of the other won't -- she -- -- blame absolute madness because.

He can't get there -- you can't cut spending your way out of his baby it can't capture way out of this baby again grow your way out of this baby.

And the drivers.

-- off the charge.

The drivers aren't involved -- -- quite sure that drivers are health care and the solvency social security and am partial troop Medicaid now on.

What do we do what you just stumbling around them for all of them.

And meanwhile the interest group trip pollution or lender.

Gershon I have said we're gonna be savage from every short while we do there last week wishes -- you guys were talking about some stuff in December.

We've now put them some parameters.

And here it is they look at -- -- we need to issue number general don't wanna go back indoor track.

What do you recommend right now to bring people up to speed you're saying time to put the battle of the metal now.

And and it leaving aside the fact that that even slightly -- -- -- -- these 85 billion in cuts and a three point eight trillion dollar budget.

Create a lot of screaming what do you propose we really have to be doing right now not not not -- not an issue -- like right now.

You have to do something in this bipartisan that the markets will look at -- well here we are twice for them ocean drive five Republicans in the senate.

Pretty well equal number and how she decided to do -- playing out.

Put it clear out their put -- ten years or whatever if we always felt the announcement defective that would get people off -- cage.

The announcement of effect of a bipartisan people using their billions getting out of their comfort Jones.

Not -- and token punishment.

Reassure the poorer of the dash the -- by the veterans whoever all pushed up the goes -- this.

Emotion feared killed to -- assume control around -- the bank.

And and we just said look we did proposal we got five damaged by republic and one independent go back and look at it again.

It was the only thing but now within a couple weeks personnel put out but numbers show -- we're gonna do in billions that -- -- Created -- no appetite for what you proposed before the present -- who picked this condition abandon your recommendations up.

And then I I'm not really optimistic we're gonna get anything done because every day and week that passes brings us closer I sound crazy saying this to the next election.

So we're kind of losing a -- window of opportunity.

Well it was a disappointing thing is sure desertions says it was the perfect -- time to do -- -- You're not gonna do anything that if health -- a big driver.

And nothing in health care should be done except down the road.

Everything every cost cutting device in whatever you -- -- call that thing.

Is down the road and when you're.

Democrats -- arguing -- that you don't need to because.

The health -- component in those those those those cluster easing a little bit now may be more revenues slowdown -- malvo aberrant factors so in a way that good news -- you call it that it's clear better than expected news is is giving them pause about cutting and I wonder whether that's -- whether president.

Is is done -- -- Well they're missing the point the talking about an immediate little actually in minutes and watch out the rocket ride comes I mean.

Everybody's -- the rocket ride except the markets.

And then at some point they're gonna say you're addicted to debt together dysfunctional government we want more money for our money and interest rates will go up then inflation will kick in -- -- got to get hold.

Did the little guy the guy and the -- -- -- -- Parker's.

-- you right you're right it's.

Senator or as a non technical term -- -- notice but you kept it pretty clean today -- -- -- -- -- They always good here you always -- thank you.

What they know -- that.

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