because they can push the button. they could do much better, frankly, getting into the weeds in the budget process. they control house of congress, for goodness sake. also they put out a spending plan, they never foot out a poll blanket plan, which would include taxes, for example. that would have been eye-opening. republicans are not on the side of angels when it comes to physical sobriety here. including and extending tax cuts creates a huge deficit problem. so, i think going forward, legislatively, it would be best to solve this well in advance as the next crisis. if that doesn t do the job, then you go to the courts, but not at a time when we re facing an economic calamity. that is too little too late. let me tell you, if they ever do get that on a budget process, we three squares will enjoy that discussion because it s like it s actually an important discussion. we should be having that conversation. the legitimate differences in
ballot box, quite frankly, are where those decisions are made. this is the least efficient way to address deficits is by not raising the debt ceiling or tying spending cuts to the debt ceiling. the big drivers of the nation s debt are not what they are talking about. social security, medicare, net interest on the debt and tax receipts that are too low. they are not talking about the real things that will fix the debt and deficit problem. that was fascinating. thank you, thank you. i hope you can take that. mondopoly board to washingto. you need to collect more than $200 after they pass go, by the way. go straight to jail, man. gosh. we will see. we are getting new updates this morning into what happened yesterday. this scene here. a u-haul truck that crashed intentionally, according to the authorities, was being driven by a 19-year-old. this 19-year-old reportedly as you can see here drove this truck into a security barrier near the white house and that 19-year-old is now s
CNBC's Joe Kernen grilled Sen. Sheldon Whitehouse on Thursday over debt ceiling negotiations after he tried to blame Republicans for the impending default.
think of as government, outside of the social security, medicare, medicaid, defense. secondly, you and i both agree, and we have agreed since the obama administration, and i have since 1995 when i first got to washington, that we ve got a deficit problem. we ve got a debt problem. if you and i were to sit down and tried to hammer out a deal here, how do you how do you raise the debt ceiling and also look at the debt in the long term and try to slow down the massive increase in debt? let me just say, let me throw the first item on the table. let s completely get rid of every trump tax cut from 2017. let s go from there. sure. joe, you eluded to the ways in which everyday americans would be affected by this.
ten years. trillion dollars, excuse me, it should be a t. but he wants to raise money on mostly business and wealthy americans by $5.3 trillion over the same period. his deficit reduction is smaller than the republicans. if you look at the last chart here, what you ll see is that the republican savings are in the early years. biden catches up. by the end, biden actually reduces the deficit by slightly more than trump when you get out here. look, we shouldn t kid ourselves, we do have a deficit problem. the problem is the growing deficit without doing something. both of them are trying to do something. but as you eluded to, the something is very different. steve, of course, if you cut 50% of 11% of the budget, those cuts would be absolutely catastrophic. what that would, do of course, would make getting on a plane far more dangerous.