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In this case you will still be a trillion dollars shy. and so that s what brings about this scenario where they say, well, we re going to put in some type of trigger option where taxes will increase if in fact, it can t pay for itself. how you is that deficit neutral? you can t have it both ways according to the report just issued yesterday. that s why a parliament a yann stepped in, david, this mysterious figure. we had a former one on the show so people could see who this person is. it has to be budget neutral to get the simple majority. the trigger would make it that way. so it doesn t work. they have to go back to the drawing board. david, please expound. just pull back and talk about the fascinating dynamic here. you have a president who is driving this, who is riding this great economic wave of great bull market taking all the credit and saying it s partly because of expectations, which it is, of tax reform and tax ....
Divide. you have to have all republican and democrat with 60 votes in the senate. look at what happened in the senate when the president of the united states submitted his budget this year, it failed 97-0. meanwhile, if this thing does fail tonight, here s what s going to happen, they have to find $1.2 trillion worth of cuts. otherwise the trigger option goes into effect. keep in mind, the trigger option does not go into effect until the january after the presidential election. they re still obsessed with the bush tax cuts and democrats want them out. all taxes are goingp for everyone january 1st if the super committee doesn t come up with a decision. here the defense cuts $492 billion. $123 billion in entitlements there. would be no plan to extend tax cuts in jobless aid. everybody s taxes goes up january 1st. if automatic cuts are altered there s the fear of another credit downgrade. brian, you alluded to the fact there wouldn t be a credit downgrade because of the automatic ....
2 216? that looks like why the discussion is going. when you say no revenue, that s political speak for no tax increase, right? republicans won t take a deal with a tax increase. there is not enough time for comprehensive tax reform, because there is not enough time to do it. one thing in there, the trigger option which says they don t have a sizable deficit reduction by christmastime it will be an cross the board cuts, republicans say well, you ll take cuts from the pentagon and cut medicare from democrats. democrats don t that don t like that to begin with, they think the number is too high. look, you ll have $3 trillion in cuts, or $2.4 extension. that s what john boehner wants all along. the number in cuts that s larger than the extension of the debt limit. as of right now, this debate has been defined by republicans, and if this is, in fact, the deal, ....
The scenes on a potential plan c? which could be emerging? we hear about plan a. we hear about plan b. what is this mysterious plan c? it includes three things. the biggest sticking point is this trigger. not to get too far down in the weeds but this trigger option would basically set up a committee that would review all these debt things in the next couple of months and what actually they would actually go to work. actually do something about it. the problem is that people worry that committee would be just another commission that ends up spending a whole bunch of taxpayer money like the debt commission and then spend a whole bunch of taxpayer money and do nothing about it. that seems to be the trigger mechanism. but when you really look at the reid plan and the boehner plan, they both talk about cuts and both talk about no tax increases so there s some symbiosis there. they think getting through point one and point two is relatively easy. it s figuring out this trigger thing woul ....
We hear about plan a. we hear about plan b. what is this mysterious plan c? it includes three things. the biggest sticking point is this trigger. not to get too far down in the weeds but this trigger option would basically set up a committee that would review all these debt things in the next couple of months and what actually they would actually go to work. actually do something about it. the problem is that people worry that committee would be just another commission that ends up spending a whole bunch of taxpayer money like the debt commission and then spend a whole bunch of taxpayer money and do nothing about it. that seems to be the trigger mechanism. but when you really look at the reid plan and the boehner plan, they both talk about cuts and both talk about no tax increases so there s some symbiosis there. they think getting through point one and point two is relatively easy. it s figuring out this trigger thing would be difficult. the republicans would like the individual ....