strait jacket on government, we ll be okay. i ll vote against that. judge napolitano: we have a few seconds. those up for re-election this year, or next year in 2012 voted for it. but oh so close. do you expect structural change that you ve just eloquently proposed to come about? i don t know and i ll acknowledge based on the vote last week it s not encouraging. most of the democrats voted against the balanced budget amendment. i m not willing to raise the debt ceiling unless we reform how we do business. judge napolitano: senator pat toomey from pennsylvania, pleasure. thank you for joining us. thank you for having me. judge napolitano: congressman peter king from new york, upcoming hearing on islamic radicalization, now compared to a joe mccarthy era witch hunt. has the congressman gone too far? we ll debate it next.
congress will be asked to vote in the next couple of weeks on the national debt? whether the government will be authorized to borrow more money? will you vote against that? force the government to spend only what it collects as you wrote nicely in the article? there are two things i need to see before i m willing to vote to raise the debt limit. one, real substantial cuts in spending now. not promises for the future but actual cuts right now, this year, immediately. taking effect. the other thing is real structural reform so we can get out of this endless cycle of too much spending and too much deficit. i m talking about a balanced budget amendment to the constitution. with statutory spending cap that is real kicking in automatic across-the-board cuts. if we have those fiscal constraints and straight jacket on government, and
strait jacket on government, we ll be okay. i ll vote against that. judge napolitano: we have a few seconds. those up for re-election this year, or next year in 2012 voted for it. but oh so close. do you expect structural change that you ve just eloquently proposed to come about? i don t know and i ll acknowledge based on the vote last week it s not encouraging. most of the democrats voted against the balanced budget amendment. i m not willing to raise the debt ceiling unless we reform how we do business. judge napolitano: senator pat toomey from pennsylvania, pleasure. thank you for joining us. thank you for having me. judge napolitano: congressman peter king from new york, upcoming hearing on islamic radicalization, now compared to a joe mccarthy era witch hunt. has the congressman gone too far? we ll debate it next.
spending next year. there s pending a bill that going to add 42 billion dollars of new debt in 2010. 43 billion dollars of new debt in 2011, this bill they claim is going to benefit small business. we are doing this in the name of trying to get the economy going. in the end i think it is undermining the economy. people are saying how are you going to pay for it all? doesn t that mean at some point we are going to have a fiscal fiscally difficult situation? doesn t that mean the economy is going to be put into a strait-jacket or under severe stress? yes, they are right. the american people understand we are spending more than we can afford and it is not going to work. greta: in order for know keep track every night, i take copious notes it is confusing what bills, what is proposed with what is not. i imagine the american people feel like do, except they are
fat cat assumption, that the bankers were indeed overpaid, overbonus dollars, and were fat cats. so some points to remember here. martha: indeed. you re so right about that, stuart. you know, one of the things that i thought was interesting in this, what feinberg wants to do and maybe this is his reason for putting a little pressure on these banks, he wants to put in a break provision so this in the future, should we endure another financial crisis like that they could change the contracts in a crisis, correct? yes, and that s a very important item, because going forward, they were not they would not have received rescue money, but a government official will still be out there saying you can only earn so much. he is trying to affect the future contracts written for the executives, in other words, the government is now impose ago strait jacket, a break, as it s called, on the amount and size of bonuses that may be paid in the future. that s a very interesting development. martha: in