Also in this playlist...
This transcript is automatically generated
To be a foregone conclusion that congress is going to raise the debt ceiling that's the amount of money that the government is allowed to borrow.
The size of the national debt is going to expire.
How to stop this out of control deficit.
Let's ask some -- on -- -- North Dakota.
-- I I know that I know -- your response to this you want a bipartisan.
To control the deficit and deficit spending going -- -- -- so my question is this you've got a super majority in the senate and the house you'll often.
The president wants to cut the deficit -- Because history tells us otherwise -- history tells us every time there has been.
A matter of this magnitude.
That it's taken a bipartisan approach -- was the summit -- Andrews Air Force Base or the commission in the Reagan years to deal with so the crisis in Social Security.
It is always required a bipartisan approach and one outside of the regular order the normal committee process one that.
-- fast track rules so that there is consideration.
To get a proposal to a vote is in on that's what senator Greg -- ranking Republican on the Budget Committee and are trying to do along with.
Thirty of our colleagues -- now you -- two of us who have cosponsored this.
-- -- -- -- -- -- -- -- -- -- Essentially it may get the job done I'm not so -- it does of those nobody gives you political problem.
It it throws some of the blame for cutting spending on to -- political opponents so you share of the blame.
I've I've got to be cynical but I happen.
This is the politics yeah.
-- no this is a shared responsibility.
But we face a circumstance.
In which the death has doubled the previous eight years set to more than double again.
We're at a -- that is approaching a 100% of our gross domestic product the Congressional Budget Office so tells us on the current trend line we'll hit more.
100% so so this is -- thing because it's not an immediate.
Mister senator cut spending.
Stewart it would be very unwise to cut spending in the midst of a sharp economic decline.
It would be -- very unwise to raise taxes in the midst of a sharp economic decline short term.
That -- an imperative to help us get out of this sharp decline.
We've got to pivot and deal with this build up of debt that's what we're seeking to do.
And we're trying to do it with Republicans and Democrats together so the longer term solutions are sustainable that they aren't just overturned two years later.
When we start to make the hard choices of yes.
Reducing spending and yes fixing the revenue system that is hemorrhaging to offshore tax savings abusive tax shelters in the rest.
It fully -- -- can I just ask you about cap and trade.
You'll from a father thank you from the Dakotas.
-- it could you vote for cap and trade when you're essentially an agricultural states which gonna get hit -- By cap and trade.
You know remember my state is not -- -- in agriculture state were also on energy state.
In North Dakota most people don't think of us this way but.
We're the fourth largest oil producer in the United States.
Major reserves of natural gas major coal reserves so.
We're in energy and agriculture state I could not vote for the proposal.
That is come out of the house.
Without very substantial changes both for the energy sector and for the agriculture said.
How do you feel about the Environmental Protection Agency being able to regulate carbon dioxide admit it emissions.
You can't be happy to bet they know gung ho about that on fuel.
That's a key reason that they -- the leading.
Represented the energy industry and agriculture in my state -- come to me and said look.
If we could get.
A fix or a series of fixes to this legislation.
We'd be more interest and in it than we would otherwise be because of the threat hanging over us of EPA regulation so.
I can tell you the industry leaders in my state have come to -- both agriculture and energy as recently as this week and said to me.
We've got to be at the table trying to get.
Climate change legislation altered the way that we could live with.
In order to avoid.
EPA regulation but look all of this is dependent on getting very significant concessions.
Perhaps we should just say that global warming ain't all it's cracked up debate but hey that's another story entirely senator Kent Conrad.
A pleasure and thank you so much for joining us so we really appreciate it thank you.
President Obama has challenged America to quote fine.
Filter by section