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next couple of hours and get final details out to us but it looks like three strikes going the wrong direction and that is frankly what most of my constituents feared washington would do, ignore the real problems and say they have solved it and go home for the new year and that, again, that does not solve the spending problem here in our capitol. congressman, we appreciate your take. thank you. hours to go before the new year and the market could be closed rallying 166 points today but there are hours to go. to democratic congressman charles rangel. taxes are going up for the higher earners but the sequestration, if that goes in effect, it could do serious economic damage in defense industry jobs. guest: it is amazing how people have no confidence just when people say we have an outline and it looks like we are close do deal people are happy. the fact is we don t know
layoffs and these are good jobs. defense industry jobs tend to be really good ones. it is hard to get any job anywhere near as good and also that is more of the industrial base going away so it will be harder to recover from the sequester. how much would it diminish u.s. military power. again, secretary of defense panetta said it is unprecedented. it is unprecedented for a commander in chief to suggest sign and defend cuts in the defense budget that his own secretary of defense says are going to be devastating and without any military analysis to justify them. it is breathe takingly irresponsible and the effect on the economy at a time when we need jobs is going to be severe. the sequestration issue is going to be thrown into the hands of a lame duck congress.
defense workers face pink slips in coming months. the obama administration has too come up with a plan to cut $100 billion by october 1. these cuts will translate into a loss of 1 million defense industry jobs with billions in lost income. reporter: the white house was adamant that knighters the defense department or the pentagon were planning for these defense cuts to go into effect. today for the first time they sent the acting director of the office of management and budget to capitol hill to answer questions from the house armed services committee. it immediately got heated and political. does it concern you in a democratically controlled senate by harry reid that harry reid would not even bring up the president s budget for a vote?
it s diffused. people don t have a great handle on the federal budget. do you think that folks realize how much we are spending on on both the wars specifically, but generally in defense? it s gone up something like almost 100% since 2000. right, national journal recently report that had president obama is on track to become the in a single term the largest amount of defense spending since world war ii. i think you re right. i think the public doesn t necessarily understand when you hear a billion, 100 billion, 700 billion, a trillion, it gets very confusing. here s what i think the public does understand. they do understand that we are in a recession. they do understand that we are spending more on our defense, on defense right now, than almost every other industrialized nation in the world combined, and when you hear comparative numbers like that, i think people really understand it, and they understand that especially when it comes to war funding, the funding of actual occupat