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Neil: that was alan simpson back in 2012 trying to get young people interested in the debt and trying to prove that he could dance. and he did a very good job. but bottom line, since then we re about 5 trillion more in debt and we ve just signed onto a budget accord for two years that will call for at least near 400 billion dollars worth of spending and add another trillion to this year. and alan simpson is on the phone. dancing, screaming about it, nothing works. we re in worse shape than ever. why do you keep interviewing the master of lost causes here. neil: god knows you tried. both parties, fall on deaf ears. what have you got now? five republicans, one independent. 60-page report in english, and everybody ran for the exits. let me tell you, when you throw up the goodies and you re caught ....
Say don t worry. this volatility is normal. next three to six months, okay. choppiness. cry on your own time. it s just normal after an eight-year bull market. so the pros are hanging in there. the 10% correction came faster than most people envisioned. we had not seen a 10% correction in many years. that had been one stand-out with this long market run-up. a nine-year bull market that celebrates an anniversary next month. of course, where that could be imperilled in it s another 10%, could be in bear territory. again, much of this is based as i stress on good news. much of it is also based on confusion out of washington. we told you about a two-year budget accord that doesn t have in fans in the markets. it adds to the dead. while it looks like it would pass the senate, has trouble in the house. we hear from rand paul saying i don t like it, not one bit. every senator has to agree to ....
The markets. the tax cuts neil: so he s saying another 20% to go, which would bring us down 30% from our highs. listen, i don t predict tops or bottoms. it s a wait and hold. if you re a long-term investor, there s no reason to panic. if you re a short term investors, you would have been out last friday. we had bad earnings and google. that drove the market down. monday was the continuation of the sell off. it happened so quickly. people panic. it has. thanks, guys, very much. breaking news now including a guy that single handedly today stopped markets in their path. rand paul. why he has a problem with this budget accord next. remember our special night? abdominal pain. .and diarrhea. but it s my anniversary. aw. sorry. we ve got other plans. your recurring, unpredictable abdominal pain and diarrhea. .may be irritable bowel syndrome with diarrhea, or ibs-d. you ve tried over-the-counter treatments and lifestyle changes, ....
Clearly there s concerns about where the economic is headed at this point in time. a lot of them are concerned it s doing too well. there s a flip side to that. they re worried it s overheating with all the deficit spending. shepard: you talked about the budget accord and whether it can get approved. nancy pelosi is a no vote on this. she wanted to do a vote on daca and immigration and all that. speaker ryan has given that assurance. i don t know if that was enough to ameliorate her? what is your sense on that? if we can get it out of the senate, the house has a republican majority. there s no ability of the democrats to block this as long as the republicans in the house move forward together. whether they neil: looks like 80 to 100 of ....
Lurching from c.r. to c.r. is just not helping the economy, not helping government as well. i share every republican is concerned about the debt and the deficit. but bringing this down closing the government won t solve that. what we think will are savings in mandatory programs. we know from the house we ve got $800 billion of medicaid savings just sitting in the senate that would not only wipe out these extra spending but double that. it s ready to go over there. we would love to see some senate action on issues like that. all right. mr. chairman, thank you very much. we ll see how it sorts out later today. thank you, neil. let s go to chris van holland from maryland. senator, is it your sense that this budget accord is falling apart in the senate? i do not think it s falling apart, neil. if it comes to a vote, we will have the votes to pass this in the senate. it looks like we ll be delayed ....