Also in this playlist...
This transcript is automatically generated
-- Wall Street dealing with a full plate is the budget battle intensifies and capital -- And in the state houses tensions flaring up across the Middle East -- unions fighting with the state government in Wisconsin and elsewhere.
Keeping kids out of school for the second day in a row.
Let us get some perspective from someone who understands the ins and outs of Washington and Wall Street.
Joining us now in a Fox Business exclusive former vice president of the United States and now chairman of cerberus global investments.
Dan Quayle welcome thank you for being here you know glad to be here thank you see a lot to talk about it -- -- actually the worst article let's start of the budget okay.
You saw the president roll up the budget that you would George Bush senior had your -- moments where you have to keep increasing the budget but what does this look like Q and are there any ways to deal with the challenge.
Of rising costs and pricing payments of debt.
But at the -- -- has had lunch with person from Turkey.
And she was very generous in how we're gonna manage our debt situation here.
Debt as a percentage its GDP is 40% and she thinks that's too high.
And I told us -- you know in two years we don't know anything -- national -- going to be a 100% of GDP.
Now the question is is you know how you gonna do with this.
Look you know this budget process it's sort of -- -- there's a lot of games that are being played the disappointing thing that.
-- the Obama pledges he basically just says I'm not you know entitlements.
And if you don't deal with entitlements whether you're Republican or Democrat.
You know full well that's not a serious budget.
Now the House of Representatives are going through a lot of votes -- -- -- up till 3 or 4 o'clock last night and are going to be up late tonight.
But the real action I think to watch as this thing emerges as the senate.
Because what's going to happen -- you've got this gang of six now right.
Three Republicans three Democrats working together they'll come out probably with an outline of how to proceed.
Then they've got to go down and get the white house on board let the house Republicans can't do -- by themselves.
They control the house they do not controlled senate and they don't control the presidency.
At somehow at some point the president has to get engaged.
But if you listeners remarks he basically is not gonna touch entitlement programs.
Which to me is not be serious effort to really get the debt and deficit -- -- -- also political -- and he wants the Republicans to go first because it's supposed to be that third rail of politics -- the first person it touches a one gets kicked out that it may go first contest that's that's that's the way it works down there unfortunately nobody wants to go first.
Although -- looks -- there -- some of the Republicans Paul Ryan in particular may take and and Governor Christie by the way who took the bull by the horns and said yesterday it's flat out he said we have to raise the retirement -- and then he looked up but he said hey the rules didn't follow it but governors are different because governors have -- -- balance budgets they make.
They make real decisions I mean it's like that the president and he's got to make real decisions the congress is there to jawbone and and you know.
Debate back and forth.
The Republicans getting elected in the house of has already had a pretty serious impact on on this administration.
But governors balanced budgets and forced to and governor Crist is a rare exception -- took Kamal on is still Aziz as you said still standing.
And popular give us a window into what it was like back when you were vice president and George Bush senior was president and how you got probably ripped from both sides -- you were trying to keep the budget for defense in line which she did accomplish in certain regards.
The budget there on.
-- let us at Time Warner President Bush and our administration conceded on some revenue enhancement what he is known as tax increases.
To get a budget through.
I try to put that in perspective.
It was right.
During the lead up to ousting Saddam Hussein from Kuwait.
And we had to get a budget through.
And it was a compromise and Dick Darman who is our OMB director.
To his credit to President Bush's credit we actually had mandatory freeze in discretionary spending not defense -- you're correct.
But in discretionary spending not just in the first -- vote for three years and it actually -- you go back and look at that at the budget in.
Unfortunate after we're out of office those freezes were still in place and by 199697.
After the date Bill Clinton had a balanced budget.
But we started that with real budgetary discipline.
Now will that emerge from this congress.
I don't know it really depends on on the president and his OMB director.
Filter by section