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Former Senator Kay Bailey Hutchison reacts to breaking news on a proposed trading tax and spending cuts.
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Apparently isn't breaking news right now to US democratic lawmakers -- planned to introduce legislation later this week.
To -- attacks on Wall Street trading -- the proposal from senator Tom Harkin of Iowa.
Representative Peter Defazio organ targets certain trading -- complex investments.
Former Texas Republican senator Kay Bailey Hutchison says to get our fiscal house and -- We have to deal with entitlements.
Maybe not so much this.
She joins us now -- you -- just quickly comment on this notion of taxing trades on Wall Street.
Yes I think it's dead on arrival.
There is no way that and Republicans are going to buy a big tax increase on.
People who are trying to invest trying to invest in the market trying to create jobs.
And it just seems like.
We get a new proposal every week for taxing people who would be the job creators and the investors in our country and it's not going to fly.
Yeah any unintended consequences of course will -- on 401K.
Holders who are trying to trade for their retirement and we get her at the end.
Let's talk about entitlements now I know this is something near and dear to you and we are not hearing any talk about this at all I've seen you in a few interviews lately we're.
It's brushed aside -- want that.
Tracey I'm so glad you brought it up because I agree with you I'm stunned then.
People are sort of wringing their hands about a two and a half percent cut in the overall budget of the United States.
Which I think.
Is the wrong approach we need to be looking at the long term.
And we know that entitlement spending is about 60%.
Of the spending today.
And it's going to be going up to seventy and 80% in the near future.
And if we don't do something to stabilize.
The Medicare and social security and Medicaid.
That make sure it is their for the future.
We're not gonna get anywhere and getting our fiscal house in order and thank you for bringing it up.
So -- let's talk about this a little bit more though because instead we have a lot of fear tactics coming out of Washington.
More lines seventieth day less Border Patrol things like that instead of really the need of and the crux of the issue here.
Why that happening you in the senate for twenty years why why are they doing this.
Well if I think the president is trying to put political pressure.
On the people who are trying to say wait a minute we need to sit down and make these cuts strategically.
I think the pressure is coming from the scare tactics that.
We're going to cut TSA agents -- Border Patrol agents are the FBI.
I mean that's not what you have to cut.
Anybody who has been in a small business or household knows that you can choose carefully where you cut.
At the very margins two and a half percent and you don't cut the essential things you cut.
The travel budgets.
Nonessential travel for inheritance or outside consultants.
That 2% we're talking not something major.
When you when you really need to be worrying about actual effect is march 27 when they continuing resolution runs out.
That's what we ought to be focused on and we ought to be focused on entitlement pro reform.
Between now and that date simple things I suppose like raising the retirement age could make a world of difference defense spending on the table as well where you -- as far as that argument goes.
Well I think and of course defense spending should not be the priority in cutting but the way sequester works half of it cuts the two and a half percent.
Would be in defense so in that you're gonna have to look at protecting.
People who -- in the field you will not cut military salaries of course you'll be trying to cut.
The areas that will not affect our capabilities.
It -- and I don't think that the scare tactic not sending an aircraft carrier to.
The Middle East is what we ought to be talking about I think we ought to be looking at -- Maybe bases where they're not doing.
Training that has to be done right now our.
Foreign bases not in the areas where we have the military conflict.
I just think judgment has to be used -- tracing yeah some -- it got lost along the way former senator Kay Bailey Hutchison.
Keep trying to fight at their thank you -- thank you.
The.
