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Peter -- just spoke with Treasury Secretary Jack Lou and Peter joins us staffer saw Peter.
I'm wondering there was some controversy about his his senate nomination to -- just sail through confirmation -- what.
Our yeah I did he didn't didn't sail through David you know he he worked at this Citigroup they got caught up and some things went.
Some passive investments and they.
Cayman Islands there was -- Republicans who feel he has not been.
An honest broker senate Republicans have really has been an honest broker in all these budget negotiations and as you can imagine that was.
One of the major topics that we -- talked about here.
David but he's down here because he's at this high tech Siemens plant in Georgia.
That exemplifies a lot of the administration.
A lot of policies and and proposals administration is advancing with regard to and and -- -- investing in infrastructure and others -- On the budget we did get some reaction.
From Republicans to these meetings the president has had.
And that's what I started off where take a lesson.
What's important about this last you know your market reminded us is that adores -- -- -- this conversation though not in a broad bipartisan bases there's a much better understanding.
And I think there's an acknowledgment and I -- the president is willing to do some very hard things and has been willing to some very hard things.
In order to deal with our fiscal challenges in -- fair -- balanced way.
There's more privacy needs -- this is not a negotiation this is this an -- opening a door.
I've seen at the privilege of this last.
Two months of talking to literally half of the senate one on one meetings.
I've had this conversation face to face -- Democrats and Republicans.
I think there is a growing sense that everyone knows where a balanced fair deal is everyone knows that we need to get there -- -- -- get there.
-- start gets start by talking -- start by opening the door.
And I I think it's been dupers have been good constructive conversations.
No thought that it did you at the end this round of conversations lucrative if this -- easy who have gotten it done in 2011 -- would've gotten it done in 2012.
You don't stop just because heart.
-- one house Republicans said yesterday after the house Republican meeting with the president.
That the president could show leadership in all of this towards getting a deal.
By actually incorporating some additional entitlement reform some of embracing.
Additional Medicare changes at the chain weighted CPI for Social Security benefits.
In his next budget next month.
Will he do that.
I'm not gonna speak to it's going to be in the president's budget.
I think it's actually quite interesting that in these conversations as the president has gone through -- -- What he is prepared to do what he was prepared to do what was it has offers that he made when he was in negotiations.
There's been a pretty broad acknowledgment that he's willing to do tough things like change CPI -- do tough things but -- -- -- in in the -- and I.
-- -- speaking to what's going to be in the budget one way or the other if there's going to be a meeting of the minds the meeting of the minds giving come from recognizing that we each have to do hard things.
We're gonna need to do some hard things on the entitlement side and Republicans are gonna have to -- Smart things on the revenue side we're gonna need Health Care Reform and tax reform.
And a balanced approach to finishing the job you know we're more than halfway there we've done two and a half.
Trillion dollars deficit reduction.
First we did spending cuts to a trillion and half dollars -- spending cuts than we did.
It's some revenue but not all the revenue.
We've got some more work to do an entitlement area and -- the revenue area and it.
I actually think that we've been through this so many times that there's no mystery as to where the solution -- The problem is the process we need to get there and I think the president's been doing a very effective job getting the conversation -- -- the press this Republicans point was this house Republican.
Republicans point was that the president could.
Jump start the process and take the initiative -- -- just embracing.
The some of these additional entitlement reforms Medicare Social Security.
We you know we we are in.
-- the press a train now the hassle -- passing -- resolutions.
They're gonna go to conference.
There's a broad bipartisan.
Sense of both the house and the senate that.
The committees need to work the regular order needs to work.
The president is engaged to try to encourage that bright center to to strengthen to help get to a point.
He's made clear what he's prepared to do and that's been challenging some Democrats to do more and -- Republicans -- doesn't have to be in.
-- hurt and I'm not saying well we'll multi in his budget that -- he's now waiting for his budget to get the conversation go.
But he does that you talked about a balanced approach but given that the president.
Seem to dismiss out of hand.
Ever trying to try trying to balance the budget itself especially in the next budget is -- I've.
Been no covering presidents for the last thirty plus years I've never heard any president give up on trying to balance the budget is -- We we we have -- challenging road ahead to get our fiscal house to where it needs to -- I think that the challenge.
First is to stabilize our deficit and get to the point where we meet standards that are broadly in a bipartisan basis understood to be a step on the way of balancing the budget.
My own view having been through the budget battles -- the eighty's and ninety's and now.
If we could do the four trillion dollars of deficit reduction that's broadly understood to be needed to stabilize the deficit the debt as a percentage of GDP.
We then continue to work towards further fiscal policy in the future you don't stop.
But I think shifting the conversation now.
Probably just speed up the progress of getting there in the eighty's and ninety's we didn't get there -- one step.
There were there -- deficit reduction efforts in the eighties in the -- in 199019931997.
I covered it took a lot of bites at the apple to get the job done.
We need to take the next step.
So he has not given up on.
A balanced budget.
I think that sometime in the next ten years he has made clear that we need to have a ten year plan that -- four trillion dollars of deficit reduction that that -- That meets that would is broadly understood to be the -- level reduction to stabilize their debt or deficit as a percent of GDP.
And if we can do more after that.
He he's not closing the door to keeping the conversation -- but look let's not put the you know a bigger -- in the way of accomplishing.
A very important next step you know we're sitting here in -- manufacturing facility.
-- Siemens plant here and in in Atlanta that just shows you how important it is to American workers 700 people work here.
They have good well paying jobs producing high quality equipment.
For US and export markets that's the purpose of our fiscal policies to create the conditions for economic growth.
And I think that's the American people expect us to do.
And David in the next half of the interview I asked them about one of the very important things that could be affected by the outcomes of the of these budget negotiations.
America -- credit rating its debt rating as you know -- Got cut from triple -- by Standard and -- two years ago because of all these problems with trying to get a DL.
-- will tell you about that on the other side of the break I.
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