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Detailed text transcripts for TV channel - FOXNEWS - 20121129:05:05:00

Ran for office, saying you wouldn t raise taxes or revenue, and said, well, i care more about this country i do about a 20-year pledge. you ve taken heat for this. i want to give you a chance to explain. my difference with grover, it s pretty simple, the simpson-bowles plan that came out that said we re going to address the long-term debt of this country, recommended that you eliminate all tax credits and tax inclusions in a major tax reform package. the gang of six that i was a part of, still a part of, followed that recommendation. we think you ought to eliminate all of that. that will generate about $1.2 trillion in revenue. not new taxes. revenue. then you decide whether you re going to add the mortgage interest deduction, charitable deduction, other things back in there. so the question is, what do you do with that revenue that s been generated? we owe $16 trillion. i think that you got to pay part of that revenue toward that debt ....

Simpson Bowles Plan , Tax Inclusions , Tax Credits , Tax Reform Package , Mortgage Interest Deduction , 1 2 Trillion , 2 Trillion , 6 Trillion , 16 Trillion ,

Detailed text transcripts for TV channel - FOXNEWS - 20121129:02:05:00

Detailed text transcripts for TV channel - FOXNEWS - 20121129:02:05:00
comparemela.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from comparemela.com Daily Mail and Mail on Sunday newspapers.

Simpson Bowles Plan , Tax Inclusions , Tax Credits , Tax Reform Package , Mortgage Interest Deduction , 1 2 Trillion , 2 Trillion , 6 Trillion , 16 Trillion ,