that s right, that s why we don t think you can solve your debt and deficit problems in the medium term. basically we have all that fighting, these weeks of drawing it out and all of the issues back and forth and the s&p just ends up not being pleased with our debt deal? exactly right. now, the s&p had set a target. they said if we don t decrease deficits over ten years by $4 trillion, they were going to downgrade. now, moody s and fitch, the other two major rating agencies didn t set that target. they ve said our credit is still aaa. that s why the administration can still hope the consequences of this in actual economic terms for the interest rates that you and i pay on homes and cars is going to be quite limited. but symbolically, still a blow. and the administration has taken an embarrassment here because it happened on their watch. republicans because they raised the stakes for a major deficit reduction deal and then blocked it by resisting the tax increases an that they neede
savings? if so, how much? chief washington correspondent jim angle does the math. democrats have a wish list of tax increases they argue would fix many of the deficit problems. a list of targets that has become a democratic mantra. subsidies to oil and gas companies, tax loopholes that help the billionaires pay a lower tax rate. millionaires, billionaires and corporate jet owners. super rich and big oil and big corporations that enjoy the tax give-away. there is a democratic list of big bad boys in the tax code that they want to get rid of. what do democrats, especially liberal ones got every tax increase they yarn for? how much would that reduce deficits? take the constant refrain of corporate jets for instance. they can t pretend they ll fix tax code by the corporate subsidiaries. i won t make a dept in the problem. ending that break which the administration itself extented and expanded would only raise $3.1 billion over ten years. then the tax reduction on oil and ga
savings? if so, how much? chief washington correspondent jim angle does the math. democrats have a wish list of tax increases they argue would fix many of the deficit problems. a list of targets that has become a democratic mantra. subsidies to oil and gas companies, tax loopholes that help the billionaires pay a lower tax rate. millionaires, billionaires and corporate jet owners. super rich and big oil and big corporations that enjoy the tax give-away. there is a democratic list of big bad boys in the tax code that they want to get rid of. what do democrats, especially liberal ones got every tax increase they yarn for? how much would that reduce deficits? take the constant refrain of corporate jets for instance. they can t pretend they ll fix tax code by the corporate subsidiaries. i won t make a dept in the problem. ending that break which the administration itself extented and expanded would only raise $3.1 billion over ten years. then the tax reduction on oil and ga
it s only fair. shepard: second stage is when a congressional committee is supposed to recommend another round of spending cuts. look how the house speaker john boehner was selling the plan to republicans. no tax hikes. he claims the new law necessary sense makes it impossible for the committee to raise taxes. team fox coverage tonight ed henry at the white house. first, mike emanuel on the hill. when will we find out who is going to be on this committee that makes the decisions about what to cut next? well, shep, senate republican leader mitch mcconnell said he is working on it didn t have an exact timetable but said it would be soon. a senate democratic leadership source says it should be sometime this week. as for what they will do, here is senate democratic leader harry reid. i think that people are going on the joint committee should be open to solving the debt problems of this country and not let ideology stand in the way. this is more about saving our country from the futu
members of congress, but i want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. the default that would have had a devastating effect on our economy. the first part of this agreement will cut about 1 trillion dollars in spending over the next ten years, cuts that both parties had agreed to early on in this process. the result would be the lowest level of annual domestic spending since dwight eisenhower was president, but at a level that s still allows us to make job creating investors in things like education and research and we also made sure that these cuts wouldn t happen so abruptly that they d be a drag on a fragile economy. now, i ve said from the beginning that the ultimate solution to our deficit problems must be balanced. despite what some republicans have argued, i believe that we have to ask the wealthiest americans and biggest corporations to pay their fair share by giving up tax breaks