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Tax cuts for small business infrastructure investment in energy efficiency that's president Obama's recipe for boosting job creation.
Will it be enough and can talk illegally used to pay for the plan here to weigh in.
Republican congressman Donald -- of Illinois and democratic congressman Mel Watt -- North Carolina both.
And this is what's crucial both are members of the house financial services committee thank you both very much for joining us great to see you.
Can you make you any time a representative -- I'll begin with you legally.
-- the president shifting usage of TARP.
To a totally different intent than what was originally voted upon.
Well I think he would -- that -- about consultation with congress and -- probably some legislative authority.
No he won't be able to do that on his own initiative but I think all of us understand.
Importance of creating jobs and that by creating jobs rebalance the economy back in and that helps the whole world economic situation.
-- representative -- zillow.
The president is proposing some very interesting things and and namely.
Well tax breaks for small businesses and a lot of job generation comes from small businesses how is that not a negative thing.
It's every do you know if we're tax breaks -- tax investment credit things of that nature.
There would be one thing but cap and trade is gonna cost about three million jobs are already cost a thousand construction jobs -- my congressional district.
In an area that's really heavily.
Just just just there's heavy unemployment.
Health care bill that passed would cost another five million jobs look.
We can't spend our way out of this recession we have -- manufacturer way.
And it might keep on.
-- the debt and debt and that now movies that point.
Overseeing we could lose or AAA rating on the bonds that would be absolute disaster the United States would no longer.
In the green today excuse me on the world won't have the greenback -- a reserve currency we've got to stop this crazy spending that's going.
Well representative watt yes that's that's true I think a lot of Americans are awfully concerned about that kind of spending.
But tell us what are the best proposals because I think that there are some questions as to whether you could actually create demand for products.
That small businesses make just simply by incentivizing them to hire more workers how this -- work.
Where I think you create demand for products by giving people jobs.
People don't have income that is known to man you're absolutely right.
The objective is to put people back to work so that they can create demand for the products that are being made and two produced.
The product here in the United States.
So that they can -- and so this is not rockets and suns -- week.
We're following the same philosophy and and process that every president.
Throughout history and every country throughout history has tried to follow.
Two create job.
And represented at -- -- zero capital gains taxes for small businesses.
You don't see that helping the picture at all.
-- but most small businesses don't pay if you don't pay capital gains taxed at this point.
There first -- shouldn't be any type of its income on that that have a good game anyway either in interest.
That you learn in the big on capital gains taxes and this -- they are doing what they can't.
Just to stay above water but all the regulations.
-- the EPA is not going to be regulating carbon carbon emissions we have the cap and trade.
Com and then the massive bill that just pass the the house a couple weeks ago.
On dealing with health care on top of that financial services has -- bill.
This nine bills and 113.
Hundred pages it's gonna regulate everything from salaries.
And wages of people -- the financial institutions done every single financial product in the country you can't have.
You can't continue to increase the size the school.
-- the federal government.
At the same -- talk about creating jobs too inconsistent represented a lot.
Well -- have a lot of territory.
The the I'm not sure exactly how to respond to that -- you know a lot of spending and it's a I thought -- -- It's it's a lot more spending and zero capital gains last Ahmad says.
You know there was and and and that's what the president supported.
That's good for for small businesses that we're doing what businesses so and that encourages people to employ the current.
You can cut taxes all the way down that you want.
The problem that you increased taxes by increasing -- -- regulation.
Well I don't I don't agree with that we've got to restore confidence of the American people.
The financial services markets because they've lost confidence resume.
And one of the ways to do that is with the appropriate regulations now.
-- -- we we can't all of a sudden stop pretending that.
The the financial services industry didn't have a meltdown list.
Except now that the Federal Reserve already had.
To stop these sub prime but I didn't do it but they didn't do it and so this bill gives them more power.
Well good gives you know it gives you a consumer financial protection agency more power -- that goes to work every day looking now -- -- -- And it did look a bit here let me know who your representative random -- -- bills that one time do you really believe.
That we should simply let things continue.
So that we might even have a repeat of what we saw.
With October of 2007.
Credit default swaps are running wild derivatives going crazy at that won't be what brings us down -- -- -- -- -- totally different.
And now and that nobody really prove that -- the problem would start all of that was the easy money.
Was a lot of people divine Holmes who had no down payments and we're -- to go to closing was no -- of their income.
That was insane.
That that went -- -- it and alluded to squabble.
And everybody knew that there was a -- -- -- come -- at the end of the tunnel somewhere down the line.
And what -- once we tighten up those regulations to the people that have a stake in what they've -- and they're able to afford.
Hard to make the mortgage papers.
That would stop that so very quickly here representative a lot when does the spending to stop.
Well I don't know I.
-- I don't know that you can stop spending we're never gonna stop spending.
You know you -- census numbers is it.
Is is -- an escalation of of deficits and I think we're in the process of doing that.
That voice wounded creative for mine didn't even -- now with a brick wall can.
The care what we understand it took 50 in the morning yeah.
That's you know everything everything everything I'll tell us kind of discussion that actually -- -- situation -- the what it stood up.
Okay who wouldn't want that you guys keep talking and and come together on some things we've gone through he had no way that's happening -- and I could happen to me.
Donald and hello bill and I and congressman Mel Watt of North Carolina great to see you would love to have both sides here monthly value view yeah it's working -- -- -- any --
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