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Obama's ten year budget now working its way into this and it may prove wildly optimistic at the company -- if the economy.
Sales to rebound by early next year according to White House projections in ten years taxes are expected to fall to around.
90% of GDP a lower level -- the late 1990s.
-- spending is expected to drop to about 20%.
GDP and that would also -- the lowest in decades but Republicans.
Virtually guaranteeing that this three point six trillion dollar budget is just pushing up huge -- -- For all of -- -- 163000.
Dollars for every tax paying family.
So we want to -- here ladies not happy hour is the budget -- tax.
On it let's bring -- representative -- -- -- Democrat from Pennsylvania.
Doing that never happy hour captain thank you very much for joining us.
Good news thanks all right so -- let's see you voted for this budget.
And the president has -- seeing that he's not going to raise taxes on anybody making it less than 250000.
As people look and delve deeper into all the numbers and you know come up with.
Granted their version of the calculations.
-- singing it every family is going to get taxed arrogant and faced higher taxes -- really got.
-- this budget.
You know this is a very good budget actually it's a necessary but it's -- fifteen years 102010.
It's going to get us through this recession got 200 billion dollars in it from the economic stimulus package.
That accident deficit that is absolutely critical to a -- -- the unemployment figures.
But after fifty year 2010 without any question.
The president and congress passed it.
Address the structural systemic problems that we have before us and primarily.
In the mandatory.
Spending side when this -- -- tax revenues.
Absolutely well -- -- whereas 53% of all the revenues.
Tax -- gone over the past eight years to the top 20% so that's probably where we're -- -- address our attention.
You know -- -- -- I sir appreciate your coming on the show.
Having covered Washington.
And on the IRS and taxes and the budget for about two decades.
We hear these promises again and again that the deficits will be cut in a lot of analysts on Wall Street says this -- -- -- destiny of hope.
Over reason when you look at the by corporate actions about how the GDP growth will be you know in the end of the residents.
Projections about how the deficit will be cut down the road but people don't believe it.
You know I don't blame you for saying that.
But when you actually look at it this time and you look at what -- Congressional Budget Office said about the president's budget.
And what it actually even said that if we continued the tax cuts President Bush -- -- -- eleven both of them have a debt.
To GDP ratio of over 80%.
And -- -- As we as we go forward there is no question right now with Social Security running out of all money like 2019.
-- That's giving Medicare and it -- asset as a security having problems.
That now the time has come I have no doubt -- I will be forced upon us is to address this in the next year it's.
I am a former accounting if this kind of the counting was done in the private sector.
Would be in jail and happy.
And I don't -- accurately and mean and this almost -- -- pretty often.
Today what you can do tomorrow is it.
Pretty much reminiscent of the kind of -- that my son this morning -- slam the door you can't again be paying -- every -- -- don't know who knows nothing makes sense.
You know you're absolutely right do you think I -- yeah every time you.
I voted make sure you I was very clear and I'll save you might press release I I -- I -- as -- fiscal year 2010 dale.
We're in a different situation -- -- -- financial storm.
We have to put fuel and spend it -- -- deficit to get us out.
Look get back in the Great Depression when president Roosevelt only spent one point 5% of GDP -- to get us out it took them four to six years big we've got to get out very quickly.
Then we have to address the yeah.
Q will congress have courage I don't know I -- -- -- anyway.
Talk about you know what ladies -- we -- driving -- -- here up from our pockets to get to the show we're talking about what you.
They're sending out mixed messages because on the one and you think we need to raise our savings rate we need to get our financial home in order.
You know don't spend so much at home you can't afford don't get Max out your credit card.
On the other hand -- you're sitting here saying the only way to get out of this economic -- yeah -- You're absolutely right what I'm saying is right.
In the next year the only way out of this and you saw with Japan when they didn't do what you saw -- -- when they did do it.
-- -- -- the SNL we we didn't -- yeah.
Yeah that only by spending can we get out of this -- I was congressman -- -- spending is going to short items of projects that will not create jobs.
I mean it was so -- it infrastructure spending bill absolutely right jobs and it's only about less than a fifth.
We'll go to you know you know projects for a wonderful point every time I've been on fox I have said we have miss me this this is not an economic stimulus package this -- not stop the hemorrhaging of jobs package for example.
Eighty billion dollars going to Medicaid why because in my district closer hospital.
Doesn't have governor Rendell with the revenues because everybody's unemployed to -- -- Medicare.
The bills that -- a hospital is now.
They're eating it have to lay off nurses this money is to stop the hemorrhaging of jobs it's that WPA.
Representative doesn't -- thank you so much we love them yeah.
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