Text: We're sorry. The text content of this page is no longer available.

Video: Clock ticking on supercommittee, deadline

  1. Closed captioning of: Clock ticking on supercommittee, deadline

    >>> the pressurecooker that is the supercommittee negotiations. they sent a letter demanding there be no increase in taxes. not a single cent. i'm joined now by joe wilson of south carolina . he's one of those lawmakers that signed that letter. representative wilson, good morning. thank you for being here al electric, it's great to be with you. i even left the usc game to be here with you.

    >> and of course you and i are discussing different uscs.

    >> that's true. it all feels the same here on the east coast . let's get to the pledge and what this is all about. why can't tax increases be on the table to some degree?

    >> because tax increases will destroy jobs. we know that when you take money from the public, that this affects small businesses, they can't hire people, people don't have money to byproduct. and so this is not the time and even the president on july the 10th indicated that you do not increase taxes in a recession. he said the same thing last december. because indeed when you increase tacks, you destroy jobs. we have 14 million people unemployed today.

    >> all right. so you and all your colleagues, particularly those with this group of 73, you're against raising the revenues but here are the numbers from a pair of recent polls. we have 68% of americans saying taxes should be raised on people earning more a million dollars or more per year and 68% of the millionaires agree. so why not accept more money from the very top earners to make at least some sort of a dent in a $15 trillion debt for the greater good of the country?

    >> well, the actual vote that's most important is last election, last cycle, 87 conservatives were elected. 60 liberals were defeated. it indicates that people want to decrease spending. in fact, last week the republicans gained a majority in the state of house of mississippi and for the first time in 130 years, the people are voting for cutting and spending. that is how we should address the issue and we should be working together. we did this week. house republicans and the senate and also the president. we worked for a program for veterans to create jobs and we can work together and that's what we should be doing.

    >> and absolutely agree there and i think the majority of people due to the lack of confidence and support for congress is going to say that you should be working together.

    >> yes.

    >> but back to this millionaire tax, if you got 58% of the people out there saying, tax them and you have a large preponderance of those millionaires saying, tax us why not do that in a way to show that there's a bipartisan support and do something that benefits the greater good?

    >> well, it wouldn't benefit the greater good. it would destroy jobs and it would be affected by the tax increase. we don't need to do that.

    >> why can't you tax the millionaires and reduce spending? they are both necessary. you are not going to achieve the ends of cutting $1.2 trillion and more and bring down a $15 trillion deficit without doing both.

    >> i believe that if you increase taxes, the consequence would be to reduce revenue because people would lose their jobs. we have a crisis now of 25 million americans looking for full time employment and do not have the employment that they are looking for. we need to be increasing jobs. the way you do that is you reduce taxes. that's what happened. the revenue went up by 5% in 2004 . 15% in 2005 and 12% in 2006 . by increasing taxes it would destroy jobs. and we are in a crisis 11% nationally, the president had his program and said that unemployment would not, exceed 8%. it's over 9. so we need to reduce spending. we need to.

    >> back to -- if we reduce spending back to 2007 or even by 50%, we can reduce the deficit by $4 trillion.

    >>> don't you think the national debt is making people skittish and don't you think that would play out if the buck gets passed, if the supercommittee does not reach an agreement by monday and gets to a vote by wednesday? don't you think that plays out politically as well? doesn't that concern you?

    >> well, and, alex , in fact, yesterday was a bad example. only 25 democrats voted for this. we needed 23 more for it to be successful. this is the same week that we reached a $15 trillion debt and 49 states have a balanced budget . this is a very mainstream position and democrats are doing do nothing and voted no. and is it not congress responsibility.

    >> alex, you're dead right. that's not the way washington works. it will be spent on something else. it's diverted.

    >> and then it goes to the senate and the senate hasn't passed the budget now in almost 1,000 days. this is truly something that the senate needs to know. that's why we have not had the restraint that i believe that we should. but we have a positive agenda. we've passed 15 bills to create jobs. actually, 20. i really appreciate congressman jeff miller , chairman of the veterans affairs committee. his efforts on behalf of working with the president.

    >> i'm going to let you go back to your game and i'm rooting for usc.

    >> yes.

    >> thank you for joining us. appreciate it.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments