cuts that caused a bill deficit. during the two wars that were raging and the tax cuts fully in place in 2007, president bush had a $161 billion deficit about a 10th what have it will be this year. so we know that tax cuts, all things being equal don t cause a reduction in rev new and will cause an increase. our problem is spending. obama is addicted to spending. he knows nothing else. $5 trillion he has added and $6 trillion by the end of the year. the 10-year budget is a trillion-plus a year in extra spending. he is refusing to put his foot off the gas pedal and taking us over the cliff to financial bankruptcy. same thing with reforms. and he not only wouldn t adopt the bipartisan deficit commission s recommendations, he wouldn t even meet with him. like he doesn t meet with the jobs council, like he has no ceos in his cabinet.
cuts that caused a bill deficit. during the two wars that were raging and the tax cuts fully in place in 2007, president bush had a $161 billion deficit about a 10th what have it will be this year. so we know that tax cuts, all things being equal don t cause a reduction in rev new and will cause an increase. our problem is spending. obama is addicted to spending. he knows nothing else. $5 trillion he has added and $6 trillion by the end of the year. the 10-year budget is a trillion-plus a year in extra spending. he is refusing to put his foot off the gas pedal and taking us over the cliff to financial bankruptcy. same thing with reforms. and he not only wouldn t adopt the bipartisan deficit commission s recommendations, he wouldn t even meet with him. like he doesn t meet with the jobs council, like he has no ceos in his cabinet.
clinton in 2008, not president obama. he said he thinks he has been a bold leader, but on issues like the deficit, he failed. take a listen. so he s acted courageously on a number of things. simpson bowles, he was slow to the mark. he eventually did come out for a simpson-bowles type solution when he and john boehner came this close to the big deal, but he was slow, and initial leadership may have helped. reporter: now simpson-bowles, of course, the president s own deficit commission, and in the end, he didn t endorse it. i think ed rendell s point was this was something the president had within his grasp and let it slip out, and that s going to be one of the issues that the president will be fighting it out with republican mitt romney. remember, in 2008 the president promised he d cut the deficit in half during his first term. that has nod happened. jon: thankfully, no wusses in the white house press corps. [laughter] reporter: none here. you guys are both pretty tough. jon: we
wait i m not sure i follow your math here. he pays 13% in taxes on . martha: capital gains investments that is the money we re talking about. right. i believe, capital gains rate is not 13%, is it? martha: 13.9% is the rate buffett paid. is the rate that mitt romney paid in taxes. the capital gains rate is 20%. martha: what they re making is just on their invests. then you have to ask yourself, again, we can disagree on this and obviously we do. i just don t think, particularly so much of that is paper money that they re making by shuffling stocks around and options and rest of it. bob, the president had a deficit commission come together and put together a plan to reform the tax code. he has not touched that. and furthermore, the president took a tax rate of 20%, less than the buffett rule , our own president doesn t even apply to the buffett rule . would be good idea for the president to lead by example. he pays considerably more than mitt romney does, mitt romney give
requires 50 votes not the usual 60. we know that senator reid control what is gets on the floor and what can t get on the floor. the parliamentarian can t force them to do it. but what she did say is you have to do it. on fox news sunday, senator kent conrad of the budget committee said it s a matter of timing. senator reid made the judgment correctly. there are very little chance we get it before the election. republicans would force vote on the budget. the latest was defeated in the house by a vote of 414-0. the last time in 2009, the budget lost 97-0. the senate should take up a budget. i expect they will. then talk about the substance of the budget. that s what matters. senator can rod plans to introduce a budget, himself. he recommends the president has his own deficit