the obama team has already put out a web ad that i m sure will be coming to a tv set near you, and this is an excerpt of it. a paul ryan medicare plan turns medicare into a voucher system. the paul ryan budget which cuts aid to the disabled, aid to immigrants children, which cuts aid to the elderly. the cuts here are so dramatic, they are so painful. the democrats might call that the rap sheet against paul ryan. how is he going to handle this? first of all, if you look at the president s record, david, let s look at this. wait a second, we ve had a credit downgrade in this country. we had a president who promised he was going to carpet the world and deliver nothing. he said that he would cut the deficit in half by the end of his first term. and what did he do? he put us on a debt trajectory that is more than all of the debt accumulated before him combined. but and deficits
be coming to a tv set near you, and this is an excerpt of it. the paul ryan medicare plan turns medicare into a voucher system. the paul ryan budget, which cuts aid to the disabled, which cuts aid to immigrants children, which cuts aid to the elderly the cuts in here are so dramatic, they are so painful the democrats might call that the rap sheet against paul ryan. how is he going to handle this? first of all, i think you have to look at the president s record, david. let s look at this. wait a second, we ve had a credit downgrade in this country. we had a president who promised he was going to carpet the world and deliver nothing. he said that he would cut the deficit in half by the end of his first term. and what did he do? he put us on a debt trajectory that is more than all of the debt accumulated before him combined. but chairman, i asked you and the deficit i understand your position
and i m not sure who would care much if i had. i think actually there d be a lot that would. i want to know, actually. governor, looking at the current debt trajectory we have, i think we can agree this is not the doing of an administration but administrations. this has spanned over the process of decades. now that you re the chief executive of a state, looking back at your time in retrospect at omb, what do you wish you would have pushed for when you were sitting in the seat of the office of management and budget? i guess i wish i d been more successful, more effective advocate. i advocated for major reductions, for instance, in other spending once the nation committed itself to the war on terror. this is what the nation had done in all previous conflicts. but we didn t as we all know. it s fair to point out that my failure in making that in presenting budgets that
those negotiating the last minute debt ceiling deal across both parties at the white house and capitol hill tacitly eye greed to leave the major pieces of budget reform alone now including social security and medicaid and the estimated $1 trillion a year that our tax code contains in tax breaks of various kinds. in all, this deal aims to cut about two and a half trillion from deficits over the next ten years, but we will be borrowing another ten trillion or so over that time. a report released on july 14th by standard & poor s, the credit ratings agency, stated and i quote: we expect the country s debt trajectory to continue increasing in the medium term if a consolidation plan of four trillion is not agreed upon. testifying last week, standard & poor s president said his ratings agency had only cited that $4 trillion figure as being within an acceptable range of outcomes. what speaker boehner and president obama were talking
will be some reduced spending not nearly enough but real reduced spending that i think can be enforced. maybe a half or less than half of what we really need to do to get our country on a sound footing. it is not a debt ceiling that is a big issue. the debt ceiling is a process and opportunity for us to discuss the overall debt trajectory that is dangerous for america to give us an opportunity to reverse the trends. that s some progress driven by the last election but not enough. is there any sort of as you put into the power presentation or in this plan so that in the next congress we are in this mess again in terms of the trajectory? is this really finding o bindin on anybody for a period of time? it is binding. a year or so ago we voted to declare the census an emergency.