house. he he was also speaking to house democrats. this idea you that you and the are working on two stage process trillion dollars in cuts. debt increase until early next year and then a commission to find more cuts and also, if it s approved. raise the debt limit further is unaccepted. there is going to be a two-stage process. it s not physically possible to do all of this in one step. having said that, chris, i know the president is worried about his next election. but my god, shouldn t would he be worried about the country? we have got a budget deficit of $1.5 trillion. we are borrowing 42 cents on every dollar we spend. we have a 14.5 trillion-dollar national debt. it is time to get serious about stopping the spending here in washington, d.c. chris: so are you suggesting that you might pass a short-term plan in the house and, in effect, dare the senate, dare the white house to block it? chris, this is about what s
the budget $400 billion in 10 years. of the senate rejected that 97-o. in april he offered another plan that was so fuzzy the head of the cbo said we don t estimate speeches. meanwhile, mr. secretary, republicans have offered several specific plans to deal with the national debt. plans that would devastate the economy. devastate the country. chris: in your opinion. they at least had a plan. ryan plan, cut, cap and balance. they did. chris: you guys have had no plan. that s not fair. in april the president of the united states put out framework 4 trillion in deficit reduction over the same period of time. chris: the cbo director said was so fuzzy he couldn t score it? he has been spending every week since then togetheriating with republican leaders and democratic leaders on a framework that can pass and work. chris: why have had you no plan. chris, it s not fair. i know the republican leadership says that it s just not true. chris: the cbo the head of the nonpartisan
we said. no friday afternoon, when the president called me and demanded $400 billion in more revenue, there is no way you can get that out of tax reform other than raising taxes on the american people. it was time for me to step back and to begin to figure out what s the path forward? because it wasn t just the additional revenues the president wanted. their willingness to make fundamental entitlement reform, real cuts in spending, they continued to resist at every turn. that s when i finally decided it was time to say no and was time to reach out to my fellow congressional leaders and my house republican colleagues and to develop a congressional plan to deal with this problem. chris: i want to pick up on one part of this because it s causing heart burn for frankly house republicans. what you are just say something that despite your promise not to raise tax revenue, that you agreed to $800 billion more as part of this debt deal through
there is no way you can get that out of tax reform other than raising taxes on the american people. it was time for me to step back and to begin to figure out what s the path forward? because it wasn t just the additional revenues the president wanted. their willingness to make fundamental entitlement reform, real cuts in spending, they continued to resist at every turn. that s when i finally decided it was time to say no and was time to reach out to my fellow congressional leaders and my house republican colleagues and to develop a congressional plan to deal with this problem. chris: i want to pick up on one part of this because it s causing heart burn for frankly house republicans. what you are just say something that despite your promise not to raise tax revenue, that you agreed to $800 billion more as part of this debt deal through tax reform, lowering all the rates but also closing loopholes and ending deductions. you had agreed to $800 billion?
deal? the american people are asking the question where are the jobs? and while asia may be important. this is about american jobs and the american economy. and if we don t do something serious about controlling our debt. it s hanging over our entire economy like a wet blanket. that s why i believe taking serious steps toward solving this problem will, in fact, breed more confidence in our economy and help create jobs here. i m going to do my best to work with my congressional colleagues, my house republican colleagues to be able to put a framework out there today to begin to remove this wet blanket. chris: i just want to pursue this again. you talk about putting a framework out today, you are saying you would not doing that unless you have democratic buy-in? i would prefer to have a bipartisan approach to solve this problem. if that s not possible, i and my republican colleagues in the house are prepared to move on our own.