our situation is urgent. congressional action is needed to avoid this default. mr. chairman, the postal service requires radical changes to its business model if it is to remain viable into the future. we plotted out volumes and revenues the next 10 years and using that revenue line as the governor of our business. we do not want taxpayer money. we have got to get our finances in order to provide good dependable service. bill: he says the postal service is not taking federal funds but it needs permission from congress to seek more favorable conditions on its financial obligations in order to pay workers. in the future we may see the mailbox extinct.
shopping sprees, but are still out there spending and that s good. the dow fell to the lowest level in 30 years, but we are not seeing the wild swings we saw all week. the dow closed down 600 on monday and up 400 on tuesday and down 500 points on wednesday and up 400 yesterday, and it was the first time in the dow s history we have seen closing numbers like this. drew? you could probably measure the heartbeat of traders the same way, up and down. tell us what happened in europe? they are trying to prevent the wild up and down swings. what they are doing is they are putting a temporary ban on short selling. what short selling is is when investors bet that a stock will go down in its price, and europe s version of our securities and exchange commission, it put a temporary ban for 15 days on several european countries, including france, italy, spain, and belgium to put a ban on this practice to stabilize the markets after we have seen the extreme moves over the past week, an
should be on a table. listen to this. would you be open-minded to including some of that revenue? if we re convincingly restructuring the entitlement programs and getting that spending line down to meet that revenue line, then can you have higher revenue growth through more economy growth, the answer is yes. now, who s right, paul ryan or eric cantor? well, there s a difference between talking about tax increases and revenue increases. increasing tack rates, you know, i remember the speech that john f. kennedy gave when he was president, saying that actually reducing tax rates was going to produce economic growth and produce extra revenue. so i think there s a lot of confusion, because sometimes people are asked about revenue increases, sometimes they re asked about tax rate increases, and the best way that you can increase revenue right now is to get the economy healthy again. that will bring in a lot more revenue for the federal government than any sort of tax
it is going to 40% by the time my kids are my age. we ve yet to see any commitment to actually bring the spending line down. if you are just raising revenues to chase ever higher spending i don t think that is a good agreement. if we are restructuring entitlement programs and getting that spending line down to meet that revenue line then can you have higher revenue growth through more economic growth in tax reform? the answer yes. i don t see agreement from the other side getting close to doing that. chris: mr. miller, is this super committee, select committee, a formula for another stalemate or do you see the chance, particularly with the pressure from the downgrade, that there could be a grand bargain entitlements and tax revenue? i think it is a start at best. likely to be staffed by people that the leadership want to represent their positions. probably a greater than 50/50
it is going to 40% by the time my kids are my age. we ve yet to see any commitment to actually bring the spending line down. if you are just raising revenues to chase ever higher spending i don t think that is a good agreement. if we are restructuring entitlement programs and getting that spending line down to meet that revenue line then can you have higher revenue growth through more economic growth in tax reform? the answer yes. i don t see agreement from the other side getting close to doing that. chris: mr. miller, is this super committee, select committee, a formula for another stalemate or do you see the chance, particularly with the pressure from the downgrade, that there could be a grand bargain entitlements and tax revenue? i think it is a start at best. likely to be staffed by people that the leadership want to represent their positions. probably a greater than 50/50