Trump's Huge Deficit-Full Budget

John Reid
Tuesday, February 13th

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

And talk about breaking. Yeah you gotta be a big spender of bounds. My budget is out of the window for tomorrow on a variety is different levels flowers for. You know you got to take care of the people in your life but if it will low cost chip pretty penny. And it's gonna cost us a pretty penny of this budget the Donald Trump just unveiled we're gonna talk about on the second Tuesday it's a thirteenth day of February. 2018. I'm John Reid and you're listening to Richmond this morning news. So my gym again as is the president of the committee for a responsible federal budget she joins us now on the telephone to talk about. Donald Trump's four point four trillion dollar budget trillion with a T. I've for somebody who's a conservative. I have to say that that number. Is disappointing to me back pat do you feel about it Mya. Well I looked like a conservative which means I think I worry more about whether course spending more or cutting access to more weapons by the government is then. Before actually painful what we're doing because the bottom line is that our government is. Funded. By far away which is what we are doing out of the game for years. That's not fair to the next generation so I really worried about a worried about the fiscal stewardship of the country and I'm not fun but I didn't really really disappointing. We have this very high deficits. The budget never reach a balanced. And there's no plan either to get back spending under control or revenues sufficiently high enough to pay for it or as I would like to see spending cuts. And revenue increases to actually get the debt to manageable level no plan at all I'm not really worry me. Now if we were talking to somebody from the White House wouldn't they claim that the magic in this is that there will be increased revenues does it because the economy will be roaring I'm just playing it. I'm just are well I think they would say right. Yes they are doing a big tax cut debate that we had last year late last year was. If we cut taxes it will lead to so much growth that will close the fiscal gap in the country. What the budget actually shown that as we all along on the outside you that those claims are exaggerated. Tax cuts to do grow the economy but not in a way that people themselves can they make a deficit worse you know they can create some thought out approach it budget so they're no longer even claiming that the tax cuts will lead to higher revenue. The revenue is much more. And that's because belated tax cut short created they mark tax reform that folks are growing economy they were huge gap at that pioneer cut. That's higher level of debt again hurt economic growth and those tax cut. Our blood do what we expected lower revenue or borrowing more dependent on other country. I lovable debt and it bodes very poorly for our economy in the longer run we need a slam to get control of. So the president has submitted his plan it does ultimately come down to what congress is going to do what the issue or I'll lobbying. Positioned for members of the house. Well I have two real concerned about not my First Act up member content to be action after budget. You may regard that we passed the big two years spending belt last year last week that just like the tax cut bill in the Q budget buster so people who've been supporting the pac bell people who have been supporting that big spending increased. Are not fiscally conservative because they had planned to relied on Barley. But the other problem that the spending bill as it came at a plant for the budget 13 the weight into the fiscal year so one thing that I think we can all agree on as she. It's crazy not to have budgets for our country that's our overall plan our roadmap for how we're gonna finance the country and yet we regularly come and really late on Matt. I am very concerned that congress did not want to pass the budget the PR because they destined these two years spending capture the discretionary portion of the budget. I don't want to run away from the issue because the bottom line is. It last week it would revenues and spending we're gonna continue to run huge deficits. Republicans have for years and saying they like about the budget. The white house budget the first final number I actually don't add up. And yet nobody is willing to talk about the real choices that would be involved in that situation you talk about the need to cut spending we really do. And they are very very few serious spending got on the table particularly in the areas that we most need to look which has. Retirement program helped their health care programs the biggest programs and our budget which are you really shaky ground and we have to make the access till. Yet those entitlement programs it does seem almost impossible to to make cuts. If he is there any place that you can responsibly advocates. Cutting. If not for this immediate generation but looking forward to the future I mean is there a plan out there that she would do or. Yeah you bet on it patent reform that's the only changes that we couldn't should be making and we need to fix them because we have promised to warn baskets. Then we haven't packet coming into paper that the we have big comic that the third straight Medicare and I am how to pay for that. Again it's the whole notion of let's look at the channel at will in the future figured out. You're you know went Social Security for instance started the retirement ages 65. In to a fixed if you. Double file also worked. Now we're living much much longer but apparently they can only gone up very very glad we did 67 we need to think about ways. To gradually would increase the retirement age for people who are younger are living longer. We need to think about slowing the growth of Matt that your people can afford it. We can talk about whether we should look at the it will pack apt or more that you go into the program. And that's what some technical changes we need to fix the way we calculate inflation whichever states that what you do. A different form PPI and a lip bite you wait to fix the program what there is then. In any political well. And people who used to talk about entitlement reform you know this whole discussion or just disappeared and that two really that probably makes it people who did not the programs the most vulnerable. But it really leave all the bad situation because financing program down the road. Big picture the last minute. Well I mean so much less the resource to try to help and that's sexual assault is nearly as good and it's just the height of irresponsibility on many fronts. It's not just of the bills are gonna come do is that there's not going to be any money in the bank. To pay for any out but eventually. There's just no. And right. We haven't saved them money to pay for these confidence that we made we made many more commitments and we have. And if you can't get going to be able to keep on borrowing at some point markets and our lender from overseas. Are going to say. Our and if you want to borrow money we're gonna charge you a lot more and that's when you have a real economic problem on yeah. Miami get us president the committee for a responsible federal budget always appreciate your insight and your. Admonition in Europe shooting off the layers of war and thanks for joining us here on our news.