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thanks for your time. now that trump has his tax cut, new plans. latest push to cut social security and medicare, next. republican tax cut is expected to add more than a trillion dollars to the deficit and house speaker paul ryan has been clear about the solution for the revenue shortage he ....
Republican tax cut is expected to add more than a trillion dollars to the deficit and house speaker paul ryan has been clear about the solution for the revenue shortage he helped create. we re going to have to get back at entitlement reform. how you tackle debt and deficit. health care entitlements are the big drivers. spend more time there, that s where the problem lies fiscally speaking. now i ll start with you. sent signals. tax cut was i think probably would have been signed into law by mark rubio or jeb bush, largely doctrinaire republican party wanted. now sending off go after entitlements and social insurance is happening. is that your expectation as well? way they ve structured this tax bill, something has to get ....
and detroit has just sort of slunk through their very eyes. detroit is going to have to work with its creditors. looking ahead for the next three years of the obama administration, do you see more new taxes coming down the pike in any of those three years? we ve had debates about taxes for a long time in this country and in washington. we made some progress at the beginning of this year. we ve closed the gap by raising tax rates to the very high end. we still have a gap in terms of the amount of revenue we need to make sure we can support all the things that we do in this country. so you want to do additional spending to create jobs, particularly the infrastructure when it helps businesses, et cetera. but the question is do you foresee that new taxes you re talking about a revenue shortage. if you ve got a slow economy, there s only a couple of ways. ....
Cetera. but the question is do you foresee that new taxes you re talking about a revenue shortage. if you ve got a slow economy, there s only a couple of ways. just to be clear on taxes, i think we have some ways of emerging not consensus, convergence of views. i think there s a broad sense the tax code is too complex, that it should be simplified. there s a broad sense that there are loopholes and credits that make the system unfair and distort the economy. let me ask you about the debt ceiling. when will we hit it? i think washington pays entirely too much attention to trying to figure out the day we run out i don t need to know the day. just circa when do you think that s going to be necessary? i said publicly we can get through labor day. obviously, as we get closer, we ll have a better sense much there s a great deal of danger of trying to pinpoint. congress should act immediately. we hit the debt ceiling in may. we ve been using extraordinary measures since may to ....
Billion short. deepest hole it s ever faced. what is lawmakers the governor s race, rick perry and bill white, competitive race, surprisingly. though maybe the reason why rick perry, the longest serving governor, maybe, in the history of texas is holding up is because of this economy. but what is going on? why is there a revenue shortage? well, there s a revenue shortage because we had what s called a structural deficit in the budget in which year after year, we take in less revenue than we spent. that s what we ve been doing. we just don t have we don t raise revenue in texas. whatever comes in is what we spend. and it s usually less than many people would say would be necessary. so, you have this structural deficit in the budget but it doesn t seem to bother anybody ....