debt ceiling. another one of those hostage provisions was a balanced budget amendment which does not work for the federal government. i think the president s position was to let congress work its will. and frankly, it would have worked its will had there not been six members who simply could not find revenue. the very same instructions that was given not by the president, by the american people. 64% said get to work and find revenue enhancers. and find ways to tighten your belt. and democrats were prepared to tighten the belt. we could not get republicans to budge for allowing the bush tax cuts to expire. as much as they know the president has not raised taxes on any american since he s come in, they could not even start there. and they decided to give corporate america, which has $1.1 trillion cash on hand. they decided to reduce their corporate rates from 35 to 28. they were not serious. i want to tell the american
into a tailspin, causing a national backlash. peter morici is an economist at the university of maryland, former chief economist for the u.s. international trade commission. peter, what is the likelihood of this? the president is now saying it s not going to happen, he would veto any attempts to stop those cuts, and yet, already, there s talk on capitol hill about introducing a bill to do just that. the fact is the president really doesn t want those cuts. he s already slashed defense in august, and he needs the resources to deploy in asia and to meet the promises he made during his last trip. he can t really afford to reduce the fleet, et cetera. however, he s not above playing the game of letting the republicans propose it and then seeking, you know, other concessions. what is likely to happen is democrats in congress say all right, we ll roll back some of these defense cuts, but you pay for it some other way, give us revenue enhancers or cut some place else, much as the republican
printing money. you were annoyed at republicans who offered tax hikes, revenue enhancers and closing loopholes and credits. without any guarantee on the other side to address spending or cut a single program. if, senator, the other side, the democrats, were to counter the tax loophole thing with cuts on the growth often times would you be on board with that? guest: well, i would look at anything they came out with because i respect the republicans on this super committee immensely. i did not vote for it because i think it is a bad way to run a country working behind closed doors, in secret, and the president is spinning the message right new and our guys have honored this idea of not talking about it so they could get more done. the democrats have betrayed that trust. they are out talking to the media today, and i m afraid the talks have broken down.
functional, the entire obama reelection campaign comes off israels. you can t run against a do-nothing congress if the congress isn t a do-nothing congress. the republicans passed 16 or 17 bills through the house of representatives and moved them relong to the senate and harry reid will not even take them up even though he knows they had bipartisan support. if this super committee succeeds, that s a victory for the president as well. i think he would rather see the country move forward. megyn: speak to plant s point about the republicans did propose revenue enhancers, they were going to limit tax breaks in exchange for making the bush tax cuts permanent and the democrats said none-starter.
giver an inch on tax reform. they don t want to do that. grover is saying don t close those loopholes. megyn: he s the anti-tax guy. chris plant, does mcconnell have a point that there may be some benefit to the white house in seeing the super committee fail? it s not some benefit it s essential. mitch mcconnell has never rooted for the united states to fail and you know perfectly well that s the case. secondly the republicans in the super committee came up with a proposal yesterday with $1.2 trillion in cuts and $300 billion in revenue enhancers as we now refer to them. and it was immediately spiked and dismissed by the democrats on the so called super committee. if the congress appears