$111 billion. but the white house and democrats in congress too not like the republican plan, which is why it is expected to fail tonight. shep. shep: democrats say they re winning the message argument, at least with the people. that s right, because what they ve been able to do is say the republicans are protecting the rich. they ve also been able to put a human face on the idea of cutting some of the government workers in terms of not replacing people who leave or retire. here is senator dick durbin on that. if it happens to be the f.b.i. agent who is in the midst of a very important investigation to keep this country safe, it s another. if it s a medical research at the nih. if it s someone working in a veteran s hospital a doctor, a nurse. those are the people whose jobs they would do away with for the payroll tax cut. but the democratic plan is not expected to pass either. so perhaps after tonight, there will be a serious effort at compromise. shep: they re supposed to
Detailed text transcripts for TV channel - FOXNEWS - 20111201:23:38:15
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of florida would be in that category. there s a lot of great people out there and donald trump i think a lot of people would be intrigued with too. i think people would be intrigued, not to mention he would love it himself. you oppose the extension of the payroll tax. why? i did. well, because, as i warned my colleagues, number one, it would blow a hole, and it did month a hole in the social security trust fund of $111 billion a year. social security is running in the red right now. that means in order to keep our promise to senior citizens and write out the checks, greta, we have to go into the general treasury. well, we are flat broke in the general treasury which means we have to go borrow more money from china. this doesn t make sense. barack obama said if we lower the payroll tax, we create jobs. even his own economic advisers have said this hasn t created jobs. now he wants to continue to blow the hole in the social security trust fund. we have less than a minute
anything else and say look, there s no more money there. right. but the proposal there are a number of proposals out there but currently, we re spending about 24% of gdp under the republicans plan, the paul ryan plan, it would be capped at 18% of gdp so you ve got the cut, cut $111 billion. you ve got the cap, cap at 18% gdp and then you ve got the balance. the balanced budget amendment which ali detailed that would require a 2/3 super majority in congress to approve any future tax hikes. we have two weeks to do it. no problem. lots of people say it s an exercise in futility because it may pass the house, negotiation
now, this proposal that they re going to consider today in the house is it would require the congress going forward to cut $111 billion from the budget next year. all right, that s the cut part. now the cap part. can i just make it simpler? it s a balanced budget amendment. that s the third part. that s the third. the point is for the next 10 years, congress would have to balance the budget. it makes sense. boo-hoo! it makes perfect sense but democrats don t like this and say that they re not going to vote for it and in fact, the president says he s going to veto it basically maybe because it s a republican idea or maybe because they think it would tie their hands and they wouldn t be able to have the latitude. the second part is what i like and i think it s the cap part? it s work because the thinking happened to me with the nfl. for example, couldn t get a balanced team because certain guys had more money and they couldn t control all their spending. they put spending
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