budget in morning and sent it to congress. here s what he told reporters. we cannot continue to spend as if deficits don t have consequences. as if waste doesn t matter. as if the hard earned tack dollars of the american people can be treated like monopoly money. as if we can ignore this challenge for another generation, we can t. sean: given what is contained in the budget i m not sure how sincere the president is. it increases the deficit by 1.56 trillion per year and increase the national debt 8.5 trillion. nonetheless, the president is patting himself on the back for being fiscally responsible. citing a one trillion dollar tax increase on the so-called rich. this in effect puts an end to the bush tax cuts. the budget also freezes domestic spending on some programs which make up 13% of the federal budget. it will cut or eliminate approximately 120 mine nor
president obama promised change, but did he deliver it in his massive $3.8 trillion proposed budget for next year? he pledged it will create jobs, help the middle class, support education. will it? at the same time he warned of cuts and said years of deficits have taken a heavy toll on all of us. listen to this. we simply cannot continue to spend as if deficits don t have consequences. as if waste doesn t matter. as if the hard-earned tax dollars of the american people can be treated like monopoly money. as if we can ignore this challenge for another generation. we can t. the president is taking aim at some programs while critics are taking aim at him. candy crowley is taking a closer look at the budget and joins us with the raw politics. the president talked about spending. some programs, cutting back on others. why don t you start with the winners in this proposed budget? the winners sort of overall the biggest winners here and the president certainly hopes he s the biggest win
( sneezing ) ( moaning get over your cold faster. now try new throat-soothing liqui-loz and great-tasting zavors. we simply cannot continue to spend as if deficits don t have consequences. as if waste doesn t matter.
bottom line is this, we simply cannot continue to spend as if deficits don t have consequence. as if waste doesn t matter. that the hard-earned tax dollars of the american people can be treated like monopoly money. bill: that was president obama on the $3 trillion budget plan, expected to shoot our debt to record levels and now there s brand new reaction, tim palenty, accusing washington of running a ponzi scheme on the po tomac. the governor is with me now. good morning to you. you entry this as a ponzi scheme, where investors put in money at the front end and siphon off of others who come in later. bernie madoff does this very well. how does that apply to the federal government? the same way it applies to bernie madoff. it was a very bad idea, it was reckless and irresponsible and it comes crashing down in the end and
president obama promised change, but did he deliver it in his massive $3.8 trillion proposed budget for next year? he pledged it will create jobs, help the middle class, support education. will it? at the same time he warned of cuts and said years of deficits have taken a heavy toll on all of us. listen to this. we simply cannot continue to spend as if deficits don t have consequences. as if waste doesn t matter. as if the hard-earned tax dollars of the american people can be treated like monopoly money. as if we can ignore this challenge for another generation. we can t. the president is taking aim at some programs while critics are taking aim at him. candy crowley is taking a closer look at the budget and joins us with the raw politics. the president talked about spending. some programs, cutting back on others. why don t you start with the winners in this proposed budget?