too fast. we should not be doing any cut at this point because cuts will cost us jobs. and the real problem we is a jobs crisis, not a deficit crisis. one word from all of you. odo you think she could walk us back into a recession if this were to happen? without a doubt. no question. house speaker boehner does not sound like he is willing to compromise. here is what he said yesterday. on the sequester will be in effect until there are cuts in reforms that put us on a path to balance the budget over the next ten years. sheila jackson lee, how do you deal with that? you know, ed, i don t know why we can t be truth-sayers, if you will. we ve already cut over a trillion dollars. congress has already cut over a trillion dollars. the federal employees have already taken $103 billion out of their salaries and contributed to the deficit. the economy is growing. the president has indicated we have an opportunity for innovation and growth. and i believe that that is our
cost us jobs. and the real problem we is a jobs crisis, not a deficit crisis. one word from all of you. do you think this could walk us back into recession if this were to happen? no question. no question. without a doubt. house speaker boehner does not sound like he is willing to compromise. here is what he said yesterday. on the sequester will be in effect until there are cuts in reforms that put us on a path to balance the budget over the next ten years. sheila jackson lee, how do you deal with that? you know, ed, i don t know why we can t be truth-sayers, if you will. we ve already cut over a trillion dollars. congress has already cut over a trillion dollars. the federal employees have already taken $103 billion out of their salaries and contributed to the deficit. the economy is growing. the president has indicated we have an opportunity for innovation and growth. and i believe that that is our pathway forward. if the speaker does not want to come back to the table
trillion dollars. the federal employees have already taken $103 billion out of their salaries and contributed to the deficit. the economy is growing. the president has indicated we have an opportunity for innovation and growth. and i believe that that is our pathway forward. if the speaker does not want to come back to the table of compromise and address how we can both bring down the debt and grow the economy, then all we re going to be facing is a recession. sure. and that seems to be what their direction is, that they re willing to slash and burn as opposed to finding the right pathway of securing revenue which we have attempted to do and balance and bring down the deficit. and they won t do anything with revenue. nothing at all. john garamendi, what is the sense of urgency here? what are you doing on vacation? well, we ve been told not to be in congress. speaker boehner controls the agenda, controls the calendar for the house of representatives and he sent us home. democrat
increased tax on those assets. that s right. $503 billion in new taxes in here. one of them is the 3.8% tax on unearned income. that means the profit from selling something you own. now, that could include your home. some people won t have to pay it because even that profit won t push them up into the $200,000 or more income category. and first time homeowners get some explosion. but other than that, you may be socked with a big gain, a tax on your gain in addition to the capital gains tax you would already have to pay. going up at the beginning of next year as well. that s right. that starts? january 102013. capital gains going up and this tax. i definitely prefer the cake to this half baked bill. that s right. always great to sigh. a lot of surprises in here. boy, thanks goodness betsy has read it so that you don t have to. coming up, general david petraeus testifying that he knew al qaeda was behind the
weeds. we are tossing out phrases like, the vice-president said the republicans want to gut medicare. if you take a look at the republican house budget plan, which is the cheapskate of all budget plans out there, we are spending $503 billion today tcalls for spending $855 billion 10 years from now, 3% less than president obam a. so if that is gutting medicare, you know, i don t get. it the language on the in theic party is scare. don t engage on the substance. the president himself refuses to engage. you may not know this your viewers may not know this. there is a statutory responsibility for the president of the united states to present a plan if the actuaries say over the next 15 years, medicare is going to be go belly up, if it is going to fall out of fiscal balance, the president is obligated within 15 days after we release our annual report and if we say this, he is obligated