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Former U.S. Comptroller General David Walker on the potential sequestration and why the federal government needs to get its finances in order.
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Country joining us in a Fox Business exquisite.
These -- use -- US comptroller general and comeback America initiative founder and CEO of activists showed gave it to be back you know.
155.
Million jobs in the -- -- it was a 170.
Million -- We can't the fact is is that America's not top 25 in math and obviously Washington has not topped 1000.
Look.
They will have an impact because we're talking about 85 billion over about 700 billion that's how much of the budgets affected.
But there's so much hype on this it's ridiculous.
Including some of the assertions that it's gonna harm our military readiness.
Irreparably look we spend as much as the next fifteen nations combined on defense get real.
A lot of the impact is not gonna be felt immediately -- calls in a number of areas for example furloughs you have to give thirty days notice.
And so I think some of the people who are hype in this big time are going to be embarrassed.
When they realize that yes there -- there is some pain but not nearly what they are claiming is gonna -- It's amazing they're talking about how much pain there is out there I'm congress is in session today but believe it or not and -- look at the house schedule it doesn't -- -- even having the events -- -- Well the fact is the congress gets off one week for every federal holiday they get -- two week spring break.
And their plan to take off all of us -- how many Americans get that I've never had that.
In my life it's time that they start working full time to start solving problems no deal no break dot net.
It's time dunes away.
We may explain that does what does that mean exactly.
What that means there's an online petition to ask congress to start working full time namely don't take a week off every federal holiday don't take a two -- spring break.
Don't take August off.
Unless and until you get a grand bargain because we're going from short term crisis to short term crisis.
Treating the symptoms not the disease it is a global embarrassment.
How Washington is acting right now.
So -- communicate to America what the long term.
You know look at it detriment to the country is based on that because I don't think a lot of people understand necessarily what the cost is down the road I think they believe the hype.
-- you cut spending now it hurts the economy.
We if we want the economy to grow not only now but over time.
If we want to generate more jobs if we want to improve our competitive posture if if we want to.
Have intergenerational equity.
You need to start putting our finances in -- the truth is we need to be spending more on investments and more on young people now.
But less on consumption and less on seniors we need more revenues.
But we need to get it -- comprehensive tax reform.
Governments grown too big promise too much waited too long to restructure.
But it's not too late and we need to get on whether.
He's not too -- that you mentioned a lot of different things that have almost no hope of happening what would you start with -- he had to take one baby step forward what -- -- -- -- Leadership from the president United States.
President George W.
Bush was terrible on this issue and so far President Obama has not led.
He is the chief executive office the United States he's 23 days late on his budget he still doesn't have a budget.
He has not laid out a credible plan on paper they can be looked at to restore -- -- it fiscal sanity in this country.
So for the president to lead he has the Chief Executive Officer.
All right David thanks so much for coming -- you know.
