| 00:00:05 |
Orgel, Paul - Host
PAUL WEINSTEIN, FROM THE NATIONAL COMMISSION ON FISCAL RESPONSIBILITY AND REFORM. MR. WEINSTEIN, SIMPSON-BOWLES, THE PLAN THAT WAS PUT OUT A FEW YEARS...
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| 00:01:03 |
Weinstein, Paul Jr. - Professor
IN CONGRESS WERE LUKEWARM TO THE PLAN. PRESIDENT OBAMA PRAISED THE EFFORT, AND CAUTIOUSLY SAID NICE THINGS ABOUT THE EFFORT, BUT DID NOT EMBRACE IT....
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| 00:01:24 |
Orgel, Paul - Host
UP TO PRESENT DAY. TWO YEARS HAVE ELAPSED. THE FISCAL CLIFF IS UPON US. NOW WE SEE THE TWO LEAD OFFICE OF THE REPORT THAT OUT THERE AGAIN. -- AUTHORS...
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| 00:01:50 |
CALLER, -
SEND AN ERSKINE BOWLES ARE THE WITH- ALAN SIMPSON -- ALAN SIMPSON AND ERSKINE BOWLES ARE GOING AROUND THE COUNTRY AND SPEAKING. THE PLAN IS FULL OF COMPROMISES,...
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| 00:02:27 |
Orgel, Paul - Host
THEN AND NOW, WHAT HAS CHANGED TO CAUSE SUCH A STRONG AND SERIOUS LOOK AT THE PROPOSAL? GUEST:
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| 00:02:35 |
Weinstein, Paul Jr. - Professor
THOUGHT OF IT IS TIMING. POLITICAL TIMING AND ECONOMIC TIMING. -- GUEST: PART OF IT IS TIMING, POLITICAL TIMING AND ECONOMIC TIMING. WE HAVE THE FISCAL...
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| 00:03:21 |
Orgel, Paul - Host
WEINSTEIN HERE FOR 45 OR 50 MINUTES TO TAKE YOUR CALLS. REPUBLICANS, 202-737-0001. DEMOCRATS, 202-737-0002 AND INDEPENDENTS, 202-628-0205. WE ARE LOOKING...
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| 00:04:16 |
Weinstein, Paul Jr. - Professor
PLAN IS SPLIT. IT TOUCHES EVERY PART OF THE BUDGET. IT INCREASES REVENUE BY LOOKING AT THE TAX CODE AND ALL THE VARIOUS TAXES. SOME PEOPLE CALL THEM...
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| 00:06:41 |
Orgel, Paul - Host
FREE INCOME TAX BRACKETS -- THREE INCOME TAX BRACKETS. WHAT SHOULD WE KNOW ABOUT THAT? GUEST: THE TOP RATE IS
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| 00:06:50 |
Weinstein, Paul Jr. - Professor
ABOUT 35%. IT GOES DOWN 10%. WHAT SIMPSON-BOWLES DOES IS, BY BROADENING THE BASE, YOU CAN TAKE SOME OF THE REVENUE AND LOWER THE RATES. THE LOWER RATE...
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| 00:07:55 |
Orgel, Paul - Host
RATE 35% DOWN TO 25 -- TO 26%. GUEST: HYOU GET
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| 00:08:09 |
Weinstein, Paul Jr. - Professor
RID OF INCENTIVES THAT BENEFIT OF CERTAIN BUSINESS. EFFECTIVE RATE IS MUCH LOWER. IT IS STILL HIGHER THAN MANY OF OUR COMPETITORS IN EUROPE AND ASIA....
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| 00:08:36 |
Orgel, Paul - Host
MORE DETAILS COME. BUT NOW LIVES IN SOME CALLS IN FOR PAUL WEINSTEIN. CALLER: I AM CALLING
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| 00:08:47 |
CALLER, -
FROM THE HOME OF ALAN SIMPSON. ARE THERE MORE DISCRETIONARY SPENDING CUTS? HEIMLICH TAKE MY ANSWER ALSO THE AIR. -- I WILL TAKE MY ANSWER OFF OF THE...
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| 00:09:24 |
Weinstein, Paul Jr. - Professor
LISTS ALL OF THE CUTS. I WILL GO THROUGH SOME OF THEM THAT WE HAVE SUGGESTED. THEY ARE CONTROVERSIAL AND PAINFUL. THAT IS WHY THESE ARE ILLUSTRATOR...
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| 00:10:32 |
Orgel, Paul - Host
AT THE WEBSITE. IT TELLS YOU ALL ABOUT THE COMMISSION AND MEMBERS. THE PHOTO IS OF THE PRESIDENT'S SIGNING THE EXECUTIVE ORDER CREATING THIS -- THE PRESIDENT...
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| 00:10:53 |
CALLER, -
ALONG WITH THE DISCRETIONARY SPENDING. AT FORT BRAGG, DID NOT EVEN GUARD THEIR OWN BASE. THEY HAVE SUBCONTRACTORS THAT GUARD THEIR BASE. IN ARKANSAS,...
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| 00:12:41 |
Unidentified Speaker, -
POINTS ABOUT LEVELING THE PLAYING FIELD. WE DID LOOK AT TRYING TO LEVEL THE PLAYING FIELD. THIS IS STILL CONTROVERSIAL. IT DOES INVOLVE SOME REVENUE LOSS....
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| 00:13:50 |
Unidentified Speaker, -
SIMPSON-BOWLES AND THE NORQUIST NO TAX PLEDGE AND NOT BE INCONSISTENT? >> I CAN TELL YOU THAT
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| 00:14:00 |
Unidentified Speaker, -
I THINK THERE ARE A NUMBER OF REPUBLICANS WHO THINK IT IS NOT INCONSISTENT FOR A VARIETY OF REASONS. WE DO NOT RAISE TAX RATES. WE RAISE REVENUES. IT...
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| 00:15:14 |
Orgel, Paul - Host
IS THE HEADLINE. THERE REMAIN PESSIMISTIC ABOUT A DEAL THAT DATED BACK ON THE 28. WE WILL SEE HOW THINGS MOVE FORWARD. HERE IS A PIECE SPEAKING IN WASHINGTON....
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| 00:15:39 |
Unidentified Speaker, -
ECONOMIC GROWTH SLOWED BY AS MUCH AS 3% 2 5%TO 5%. IT WILL THROW ANOTHER 2 MILLION PEOPLE OUT OF WORK. UNEMPLOYMENT WILL GO TO 9%. I THINK IT IS ABOUT...
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| 00:16:35 |
Orgel, Paul - Host
SAYS. -- CHAOS HE SAYS. GUEST: I THINK IT
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| 00:16:46 |
Weinstein, Paul Jr. - Professor
IS A FAIR ASSESSMENT TO SAY THERE IS A CHANCE WE MIGHT GO OFF THE CLIFF. IF WE DO, IT IS NOT FOR A LONG CLIFF. I AM A LITTLE MORE OPTIMISTIC. I BELIEVE...
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| 00:17:48 |
Orgel, Paul - Host
SLOPE, MAYBE IT IS NOT SO SHARP. IF WASHINGTON FAILS TO GET IT DONE BY THE FIRST, IT WILL SHRINK. MONUMENTS WILL STAY OPEN. AMERICA'S CONDITIONS WILL...
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| 00:18:22 |
Weinstein, Paul Jr. - Professor
JANUARY 2, DOES IMMEDIATELY GO INTO A TAILSPIN? NO. PAYCHECKS WILL CONTINUE TO BE PAID. WITHIN THE FIRST QUARTER. IT IS GOING TO BE A PRETTY SEVERE....
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| 00:19:29 |
Unidentified Speaker, -
WAS ONE STORY WE READ EARLIER. IT IS A WEAPON TO CURB THE CLIFF. THIS CAMERA RECENTLY BY RICHARD RUBIN. WHAT ARE WE IN RIGHT NOW IF IT IS NOT CHAOS? BUT...
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| 00:20:17 |
Weinstein, Paul Jr. - Professor
THERE ARE A NUMBER OF PROVISIONS IN THE REFORM PLAN THAT YOU ACTUALLY PROVIDE SOME COST CONSTRAINT TO WAS A VERY -- CONSTRAINTS WHICH ARE VERY IMPORTANT....
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| 00:21:25 |
Orgel, Paul - Host
CALLER. CALLER: THANK YOU FOR TAKING
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| 00:21:30 |
CALLER, -
MY CALL. MY QUESTION IS THIS. IT IS SEEMS TO ME THAT BOTH THE LEFT IN THE RIGHT MADE UP THIS TERM IS " GOOD TO SCARE EVERYBODY. AND TO MAKE IT CLEAR...
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| 00:22:00 |
Weinstein, Paul Jr. - Professor
DOES DEAL WITH ALL PIECES OF THE BUDGET PROBLEMS. IT REESTABLISHED AS A BUDGET PROCESS WE HAVE AND HAVE SINCE BEEN 1990'S. A LOT OF FOLKS ON THE LEFT...
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| 00:22:51 |
Orgel, Paul - Host
ALLUDED TO WITH ENTITLEMENTS IS THE SIMPSON-BOWLES WOULD RAISE THE SOCIAL SECURITY RETIREMENT AGE. EXPLAIN WHERE IT WOULD GO. GUEST: IT WOULD RAISE
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| 00:23:02 |
Weinstein, Paul Jr. - Professor
THE RETIREMENT AGE. RIGHT NOW IT IS SCHEDULED TO GO UP TO 67. THAT WAS A DEAL REACHED IN THE 1980'S TO KEEP SOCIAL SECURITY SOLVENT. WE ARE LIVING LONGER....
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| 00:24:10 |
Orgel, Paul - Host
AGREED TO REDUCTIONS IN SPENDING INCREASES ARE NOT REAL CUTS? GUEST: THAT IS ONE OF THE
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| 00:24:20 |
Weinstein, Paul Jr. - Professor
GREAT DEBATE IN WASHINGTON. PART OF THAT HAS TO DO WITH HOW WE DO BUDGETS. WE DO NOT DO 0 BASED BUDGETING. WE HAVE INFLATION. SPENDING TENDS TO RISE...
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| 00:24:57 |
Orgel, Paul - Host
IS NOT BEING SPENT THERE. WHAT IS YOUR TAKE? GUEST: THIS IS ANOTHER
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| 00:25:03 |
Weinstein, Paul Jr. - Professor
GAME WE PLAY CALLED BASELINE BUDGETING. IT SAYS THAT IT ASSUMES WHAT YOU ARE CURRENTLY SPENDING. YOU SHOULD ASSUME IT IS GOING TO GO UP BY A CERTAIN AMOUNT....
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| 00:26:21 |
Weinstein, Paul Jr. - Professor
GUEST: MORE OF YOUR CALLS. MASSACHUSETTS, A DEMOCRAT. CALLER: DEFINE WHAT THE
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| 00:26:30 |
CALLER, -
BASE IS AS AND LOWER THE RATE AND BROADEN THE BASE. I ASSUME THAT MEANS THE TAX BASE. I ASSUME THAT MEANS LOWER INCOME PEOPLE WOULD BE. I HAVE A VERY...
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| 00:28:07 |
Weinstein, Paul Jr. - Professor
THANK YOU. THAT IS A VERY INTERESTING IDEA. THE GO TO THE FEDERAL BUDGET, THEY HAVE TAX CUTS OR YOU CAN PLUG IN WHICH TAXES THE WANT TO GET RID OF AND...
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| 00:30:39 |
Orgel, Paul - Host
IS WORTH FROM FORMER SENATOR ALAN SIMPSON TALKING ABOUT PARTISANSHIP, LOBBYING, AND THE FISCAL CLIFF. [VIDEO CLIP] >> THIS SEEMS TO ME AND
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| 00:30:54 |
Unidentified Speaker, -
MY GOOFY ATTITUDE THAT THE SAD PARTS, WHEN YOU HAVE LEADERS OF BOTH PARTIES THROWING OUT INTO THE WATERS THE BAIT FOR THE DROUGHT THAT SAYS MAYBE IT...
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| 00:31:56 |
Orgel, Paul - Host
YOU MAKE OF THIS PROCESS? GUEST: I LOVED
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| 00:32:06 |
Weinstein, Paul Jr. - Professor
SENATOR SIMPSON. HE IS SUCH A WONDERFUL PERSON. I HAVE NOT MET ANYONE KINDER OR NICER THAN HIM WHO IS WILLING TO WORK WITH PEOPLE ON ALL SIDES. HE IS...
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| 00:33:44 |
Orgel, Paul - Host
FROM CHAPEL HILL, NORTH CAROLINA. CALLER: TWO
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| 00:33:51 |
CALLER, -
SPECIFIC QUESTIONS. DOES YOUR TRILLION DOLLAR INCREASE COME FROM STATUS SCORING VERSUS DYNAMIC SCORING? THERE IS SOME GROWTH THAT COMES OUT OF THE BASE...
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| 00:34:53 |
Weinstein, Paul Jr. - Professor
RIGHT. THERE HAVE BEEN SEVERAL PROPOSALS. THEY ARE CREATING A COMMISSION THAT HAVE THE AUTHORITY TO COME UP WITH A PLAN. THIS WAS A BIPARTISAN BILL...
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| 00:37:03 |
CALLER, -
CALLER: GOOD MORNING. THE REASON I'M CALLING IS BECAUSE I AM ON SOCIAL SECURITY DISABILITY. I WOULD LIKE TO KNOW WHY IT IS THAT NOBODY IN THE CONGRESS,...
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| 00:37:33 |
Unidentified Speaker, -
I AGREE WITH YOU. CONGRESS SHOULD BE SUBJECT TO THE SAME LAWS. THERE IS NO DOUBT IN MY MIND. GUEST: I HEARD ONLY ONE IN
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| 00:37:58 |
Weinstein, Paul Jr. - Professor
FOUR PEOPLE USE THE MORTGAGE DEDUCTION. EXPLAIN MORE ABOUT WHAT CHANGES MIGHT TAKE PLACE? GUEST: SIMPSON-BOWLES
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| 00:38:13 |
Weinstein, Paul Jr. - Professor
DOES ADDRESS THE MORTGAGE DEDUCTION. ONE IS A ZERO PLAN WHERE WE ELIMINATE EVERYTHING. BUT EVERYONE REALIZED THAT IS A NONSTARTER. IT IS NOT REALISTIC....
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| 00:39:49 |
Orgel, Paul - Host
PHIL IN NORTH DAKOTA. CALLER: I HAVE
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| 00:39:55 |
CALLER, -
A COUPLE OF QUICK QUESTIONS. YOU SAID SOMETHING ABOUT RAISING THE AGE ON SOCIAL SECURITY CAN. I HAVE QUITE A FEW ELDERLY PEOPLE IN MY FAMILY. YOU ARE...
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| 00:40:44 |
Weinstein, Paul Jr. - Professor
THE AGE AT WHICH YOU CAN RETIRE DOES RISE OVER TIME. ONLY TWO YEARS BETWEEN NOW AND 2075, ALONG TIME. SOME OF THE THINGS WE DO ON SOCIAL SECURITY...
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| 00:42:08 |
Orgel, Paul - Host
10 MINUTES LEFT WITH OUR GUEST, PAUL WEINSTEIN FORMER SENIOR ADVISER TO THE BOWLES-SIMPSON COMMISSION. HE SERVED AS A LEGISLATIVE AIDE TO A FORMER CONGRESSMAN...
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| 00:43:42 |
Unidentified Speaker, -
IS NOT A FAN. I WISH HE WOULD SIT DOWN WITH THEM AND GO INTO MORE DETAILS. THERE ARE SOME THINGS HE MAY NOT BE AWARE OF. ON TAXES, WE'D DO LOWER RATES....
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| 00:46:39 |
Orgel, Paul - Host
ON THE REPUBLICAN LINE IN ILLINOIS. CALLER: THANK YOU
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| 00:46:44 |
CALLER, -
FOR TAKING MY CALL. I WANTED TO SPEAK TO THE PLAYBOOK ON RAISING THE DEBT CEILING, WHICH IS REALLY WHAT WE'RE TALKING ABOUT HERE. I PULLED OUT MY SMARTPHONE...
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| 00:48:01 |
Weinstein, Paul Jr. - Professor
YOU ARE TRYING TO SAY IS THEY USED THAT CEILING AS LEVERAGE TO FORCE A BUDGET DEAL. YES, THAT HAS BEEN USED IN THE PAST. RAISING THE DEBT CEILING IS VERY...
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| 00:49:01 |
Orgel, Paul - Host
JEROME, DEMOCRAT, GO AHEAD. CALLER: THANK
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| 00:49:06 |
CALLER, -
YOU FOR C-SPAN. MY COMMENT IS ALL OF THE PAYROLL TAXES ARE COMPUTED ON THE GROSS PAY. IT SEEMS EACH TAXPAYER. ON THE GROSS PAY AFTER THE FIRST ONE --...
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| 00:49:39 |
Weinstein, Paul Jr. - Professor
ARE RIGHT THAT SOCIAL SECURITY TAXES ARE APPLIED BASED ON THE TOTAL AMOUNT OF INCOME IN TERMS OF YOUR WAGE INCOME OR PAYCHECK. I DID NOT TOTALLY UNDERSTAND...
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| 00:50:56 |
Orgel, Paul - Host
SIMPSON-BOWLES ELIMINATE DRUG PRICING? GUEST: IT
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| 00:51:00 |
Weinstein, Paul Jr. - Professor
DOES NOT SPECIFICALLY. THERE HAVE BEEN SOME CHANGES SO THAT THE DOUGHNUT HOLE IDEA IS SUPPOSED TO GO AWAY, BUT IT DOES NOT SPECIFICALLY ADDRESS THAT....
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| 00:51:15 |
Orgel, Paul - Host
IS A PREVIEW OF CLIFFS TO COME. THEY SIGNED UP TO REGION THEY SAY NOT TO LOOK FOR A GRAND BARGAIN BEFORE THE NEW -- THEY SAY NOT TO LOOK FOR A GRAND...
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| 00:51:34 |
Weinstein, Paul Jr. - Professor
IS POSSIBLE YOU COULD HAVE A SMALLER, MARGINAL AGREEMENT WITH SOME TRADERS -- TRIGGERS DOWN THE ROAD THAT FORCE CONGRESS TO DEAL WITH OTHER PIECES. YOU...
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| 00:52:13 |
Orgel, Paul - Host
FROM RONNIE, INDEPENDENT. CALLER: I HAVE
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| 00:52:20 |
CALLER, -
A QUESTION THIS MORNING. I WORK FOR ANHEUSER-BUSCH FOR OVER 30 YEARS. IN OCTOBER, THEY WOULD STOP TAKING OUT SOCIAL SECURITY TAX. THAT WAS IN THE LATE...
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| 00:53:18 |
Weinstein, Paul Jr. - Professor
ARE CORRECT IN THE 1980'S THERE WERE MAJOR CHANGES TO SOCIAL SECURITY. THE CAPTAIN ON THE AMOUNT OF INCOME WAS LIFTED -- THE CAP ON THE AMOUNT OF INCOME...
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| 00:54:38 |
Orgel, Paul - Host
JUST ABOUT OUT OF TIME. FINAL THOUGHTS ON ALL THIS? GUEST: IT COULD BE ROCKY
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| 00:54:48 |
Weinstein, Paul Jr. - Professor
THE NEXT COUPLE OF MONTHS. I THINK IN THE END, WE WILL GET THROUGH THIS. I AM AN OPTIMIST. AT A MINIMUM, BUT HOPEFULLY BY THE END OF THE YEAR WE WILL...
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| 00:55:03 |
Orgel, Paul - Host
IS A FORMER SENIOR ADVISER TO THE BOWLES- SIMPSON COMMISSION. HE IS CURRENTLY AT JOHNS HOPKINS UNIVERSITY. HE SPENT TIME ON THE HILL AND WHITE HOUSE....
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.