16 trillion in debt. getting higher by the clock. senator mike lee has a vote on this from utah. thank you for coming here. no backup plan according to the white house. in addition the treasury department says there is no plan b. what do you think about that? well, that s a problem. too often in washington we re faced between kind of a false choice. we re presented with a choice that says, okay, you either take no cuts at all and raise the debt limit, or you raise the debt limit with the promise of kits that may never transpire and that kind of cut simply won t cut it anymore. hard-working americans deserve better than this and all the programs they rely on are placed in jeopardy by reflexively raising the debt limit without putting in place permanent structural reform. bill: what do you think will happen? sometime about mid-february we start to see you guess something develop. what is your best guess? one of the things we will see happening is that people on the other side of this
those who want us to just raise the debt limit as if we were votings on a motherhood appreciation resolution will tell us if we don t raise its or don t raise it immediately or raise it only on the basis of permanent structural spending reform that will somehow amount to a default. we have to remember that this is not true. if we fail to raise the debt limit. it will bring about some problems t would bring about a significant short fall in revenue for the government but that is different than a default. a default is what happens if we don t pay the interest as it accrues on our national debt. that is not going to happen. which have more than enough revenue each month to cover that sum. bill: the politics of this could be damaging. you know the white house will blame the republicans. i don t know if you saw politico earlier today but suggesting that the house republicans are entertaining the idea to allow default or shutting down the government. what do you think about that? well, a
texas isp booming. florida is doing well, tennessee. louisiana wants to join the states to get more job and higher income jobs. bill: bobby jindal wants to get in on the action? yeah. bill: what is the effect when states cut taxes like that, from a financial perspective. from a financial perspective it is great. art laffer does a lot of studies that show it does well for the states. when you cut personal and corporate tax you have incentive for corporations to come into the state. if more corporations are coming into the state, that means more jobs, that mines higher employment. people are spending more money and make up for the lack of income tax, sales tax will go up. if spending more money, the state actually brings in more revenue. roundabout way this comes down to, the states will have more money to spend on a lot of programs to spur on growth even more. there is trickle down effect. bill: we re talking about louisiana. we put up states that already have it under law. plans in
the president s law would emphasize a path to citizenship. to try to get people living in the shadows a clear and clean path for citizenship and do so in one comprehensive bill as you and martha suggest. the republican plan put forward by marco rubio or will be put forward by marco rubio would take a slower approach. emphasize high-skilled legal immigration and make immigrants, illegal immigrants earn citizenship in a way the president s wouldn t. bill: can this pass based on the current composition of the house or the senate? will it? no. the president s plan won t pass the house of representatives the way it is presented. it will be a back and forth. a lot of pushing and pulling with house republicans in particular looking for more enforcement mechanisms, looking for more emphasis on high-skilled immigration, things of that nature. i think you will still have a number of restrictionists in the house republican conference who don t want to pass citizenship at all. bill: if it does
which is what happens if we don t pay the interest on our national debt as it accrues and failing to raise the debt limit. the latter simply means that we would have to spend 60 or 70 cents on the dollar of what we re doing right now. now, again, that could cause some real problems. but that is very different than a default. and, we ve got to shy away from that kind of hyperbolic language so we don t confuse the american voters that we re runing into a default when we re not. bill: talking about this too invites confusion in itself and i guess the fear from the republicans side is not to take the brunt of the blame here. if the story is accurate that half of the members in the republican house are willing to prepare to allow default according to this report. i don t know if it s true or not but that is what is being printed but how do you make sure that you get, you get the right answers so that republicans don t take the fall? well i think the way we