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Transcripts For CSPAN Politics Public Policy Today 20130301

This on your car and therefore, the Auto Companies do it and charge people higher prices for their car, that may have a good benefit cost ratio but it doesnt show up as spending the money. So regulations is a substitute and tax expenditures are a substitute for spending. So you would need to have some complementary legislation or safety valve to prevent that you could tighten if all of a sudden the spending cap started to bind and edging into regulation and tax expenditures. The other is when you look at spending, there is this fundamental fact of arithmetic we cant get around that present discount of taxes has to equal future spending plus the National Debt. The government has to pay its bills now or later. A dollar of borrowing now means the interest tomorrow has to be raised to pay off the interest. So with that in mind, its very, very important that the spending caps be reasonable and bind and there is some mechanism by which we dont, even with reasonable spending caps, start conti

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