| 00:00:13 |
none, -
SEEMS TO HIT A HOME RUN THIS WEEK WITH THE ANNOUNCEMENT THAT IT'S GOING TO SELECT HENRY PAULSON TO BE THE NEXT TREASURY SECRETARY. HE'S VERY HIGHLY...
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| 00:01:16 |
Unidentified Speaker, -
LITERALLY ALL OVER THE WORLD. AND WE'RE JUST VERY EXCITED HE'S GOING TO BE JOINING US AND WE HOPE HE GETS CONFIRMED VERY QUICKLY. IN TERMS OF THIS ECONOMY...
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| 00:02:29 |
Unidentified Speaker, -
UNFORTUNATELY THE DEMOCRATS ABSOLUTELY REFUSE TO COME TO THE TABLE TO ADDRESS THIS VERY BIG PROBLEM FACING THE COUNTRY. WE HAVE AN 11 TRILLION THERE...
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| 00:02:43 |
Unidentified Speaker, -
OF LAST YEAR ASKING THE DEMOCRATS TO COME TO THE TABLE. HE SAID HE MADE IT CLEAR HE WAS OPEN MINDED. HE WAS READY TO NEGOTIATE BECAUSE THE AMERICAN...
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| 00:03:27 |
Unidentified Speaker, -
COME OUT TO SUPPORT THAT >> LET ME JUST CORRECT YOU. THE REPUBLICANS VERY MUCH SUPPORTED HIS SOCIAL SECURITY INITIATIVE. >> THERE WERE NO VOTES. IT'S...
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| 00:03:50 |
Unidentified Speaker, -
KNEW WE COULDN'T PASS ANYTHING UNLESS WE COULD MAKE IT BIPARTISAN. THE PRESIDENT SAID AT THE
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| 00:03:55 |
Unidentified Speaker, -
BEGINNING. IT HAD TO BE BIPARTISAN. >> IS THAT
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| 00:03:57 |
Unidentified Speaker, -
WHAT THIS COMMISSION IS INTENDED TO DO? >> ABSOLUTELY. THAT'S WHY THE
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| 00:04:02 |
Unidentified Speaker, -
PRESIDENT CALLED ON THE
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| 00:04:04 |
Unidentified Speaker, -
CONGRESS TO CREATE WITH HIM A BIPARTISAN COMMISSION TO DEAL WITH ENTITLEMENT REFORM. NOT ONLY IS SOCIAL SECURITY A HUGE PROBLEM FACING OUR COUNTRY,...
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| 00:04:17 |
Unidentified Speaker, -
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| 00:04:18 |
Unidentified Speaker, -
UNFUNDED UNFUNDED LIABILITIES. THAT'S WHY THE PRESIDENT IS INSISTING THE LEADERS FROM BOTH SIDES OF THE AISLE COME TOGETHER AND FORM A COMMISSION...
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| 00:04:50 |
Unidentified Speaker, -
THIS VERY SUCCESSFUL ECONOMY. THAT'S WHY HE WANTS THESE TAX CUTS TO BE MADE PERMANENT. AT THE SAME TIME, HE IS WILLING TO PUT, YOU KNOW, EVERYTHING...
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| 00:05:01 |
Unidentified Speaker, -
WE NEGOTIATE ABOUT ENTITLEMENTS. THAT'S NOT TO SAY THAT HE WILL SUPPORT RAISING TAXES. BUT HE'S WILLING TO, YOU KNOW, PUT EVERYTHING ON THE TABLE. >>...
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| 00:05:32 |
Unidentified Speaker, -
SIR, IF I MAY, I WANT TO GO BACK TO MR. PAULSON. CAN YOU GIVE US SOME
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| 00:05:37 |
Unidentified Speaker, -
INDICATION -- YOU HAD TWO VERY DIFFERENT TREASURY SECRETARIES PAUL O'NEILL AND JOHN SNOW. HOW IS MR. PAULSON GOING TO BE DIFFERENT, IF YOU WILL, THAN...
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| 00:05:53 |
Unidentified Speaker, -
HANK EVER SINCE -- REALLY I JOINED THE BUSH ADMINISTRATION A YEAR AND A HALF AGO. THE FIRST TRIP I TOOK TO NEW YORK WHICH IS SOON AFTER I ARRIVED I HAD...
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| 00:06:13 |
Unidentified Speaker, -
SOMEONE THAT BRINGS ENORMOUS ENERGY, ENORMOUS EXPERIENCE, GREAT INSIGHT, GREAT COMMITMENT TO MAKING SURE THAT THIS ECONOMY REMAINS STRONG. HE BELIEVES...
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| 00:07:14 |
Unidentified Speaker, -
IT'S NOT -- UNFORTUNATELY YOU CAN ONLY DO SO MUCH IT'S NOT FRONT AND CENTER RIGHT NOW FOR US HERE IN '06. THE PRESIDENT IS STILL VERY MUCH COMMITTED...
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| 00:07:28 |
Unidentified Speaker, -
BROKEN. IT'S UNFAIR. IT'S NOT PROECONOMIC GROWTH LIKE IT SHOULD BE. IT NEEDS TO BE FIXED. HE'S COMMITTED TO FIXING IT. HANK WILL CERTAINLY LEAD THE...
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| 00:08:15 |
Unidentified Speaker, -
FOR THE PANEL. JEFF IS NOW A SPECIAL ASSISTANT TO THE PRESIDENT FOR THE TAX POLICY. DOING A FANTASTIC JOB AS IS EDDIE. THEIR REPORT WAS VERY THOUGHTFUL.
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| 00:08:27 |
Unidentified Speaker, -
IT'S STILL AT TREASURY AND THAT'S SOMETHING HANK WILL ADDRESS IS IT'S BEING REVIEWED BY THE TAX EXPERTS AT TREASURY AND THEN AT THE APPROPRIATE TIME...
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| 00:08:58 |
Unidentified Speaker, -
THAT JUST ABOUT AN HOUR AGO, AND, YOU KNOW, WITH OUR LEAD PERSON IN THE HOUSE, THE LEGISLATIVE RELATIONS PERSON IN THE WHITE HOUSE, BRIAN CONKLIN...
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| 00:09:17 |
Unidentified Speaker, -
PROPOSALS, PLUS HE HAS SOME ADDITIONAL PROPOSALS WHICH WE'RE SUPPORTIVE OF AND WE'RE CONFIDENT THAT LEGISLATION WILL BE PASSED IN THE HOUSE. BILL...
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| 00:10:22 |
Unidentified Speaker, -
PLATE -- THIS PRESIDENT IS VERY GOOD IN RECOGNIZING YOU CAN ONLY DO SO MUCH. YOU GOT TO PRIORITIZE. HE HAS PRIORITIZED. HE'S BASICALLY EXPENDING HIS...
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| 00:10:41 |
Unidentified Speaker, -
SAVINGS ACCOUNTS IS ANOTHER. ENERGY -- WE HAVE A NUMBER OF ENERGY PROPOSALS THAT WE'RE CONFIDENT GOING TO GET PASSED BY CONGRESS THAT ARE GOING BEGIN...
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| 00:11:41 |
Unidentified Speaker, -
PRESS IT SHOULD IS PRODUCTIVITY GROWTH, AND THAT'S WHAT LEADS TO HIGHER STANDARDS OF LIVING
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| 00:11:45 |
Unidentified Speaker, -
FOR ALL AMERICANS. PRODUCTIVITY GROWTH OVER THE LAST -- SINCE THE PRESIDENT HAS BEEN IN OFFICE HAS BEEN 3.4%. IT'S 3.7% THE FIRST QUARTER OF THIS YEAR....
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| 00:12:43 |
Unidentified Speaker, -
THINGS ARE GETTING BETTER? >> I DO AND I CAN TELL YOU WHY. AND BY NOT JUST GETTING BETTER BUT THE THINGS ARE VERY GOOD BECAUSE YOU LOOK AT THE AVERAGE...
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| 00:13:06 |
Unidentified Speaker, -
HAVE A LOT OF CONFIDENCE IN THIS ECONOMY. THEY WOULDN'T BE, YOU KNOW, 70% OF ECONOMIC GROWTH COMES FROM CONSUMPTION. CONSUMPTION REMAINS VERY STRONG...
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| 00:13:41 |
Unidentified Speaker, -
THAT WE MAY BE -- THAT WE'RE KIND OF BALANCED HERE BETWEEN AN ECONOMY THAT APPEARS TO BE SLOWING DOWN UNDER THE IMPACT OF FED INTEREST RATES BUT ...
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| 00:14:15 |
Unidentified Speaker, -
ALLOWING THE ECONOMY TO CONTINUE TO GROW AT A VERY RAPID PACE. SO, YOU KNOW, THERE'S NO QUESTION THAT, YOU KNOW, BEN HAS MADE IT CLEAR AND OTHER GOVERNORS...
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| 00:15:27 |
Unidentified Speaker, -
WAS 2.1% IN THE LAST READING, BUT ANYWAY, YOU'RE NOT CONCERNED. YOU FEEL THAT INFLATION IS CONTAINED. 3 THERE ARE GASOLINE PRICES, THAT'S NOT GOING...
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| 00:15:40 |
Unidentified Speaker, -
KNOCK US OFF INTO HIGHER INFLATION >> I MEAN, OBVIOUSLY WE DON'T LIKE $3
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| 00:15:45 |
Unidentified Speaker, -
GASOLINE. THIS PRESIDENT IS VERY CONCERNED HIGH ENERGY PRICES ESPECIALLY THE IMPACT IT HAS ON LOWER-INCOME PEOPLE. WE KNOW THEY HAVEN'T BE ABLE TO BUDGET...
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| 00:16:04 |
Unidentified Speaker, -
BUT IN TERMS OF ITS INFLATIONARY IMPACT, I MEAN, THERE'S NO QUESTION THAT ADDS TO THE CHALLENGE FOR THE FED, BUT WE'RE CONFIDENT THAT BEN BERNANKE AND...
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| 00:16:43 |
Unidentified Speaker, -
HAVING TROUBLE GETTING SOMEBODY FROM WREAK OF MR. PAULSON'S STATURE TO COME ON BOARD BECAUSE THE FIRST TREASURY SECRETARIES, MR. O'NEILL AND MR....
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| 00:17:44 |
Unidentified Speaker, -
LEADER OF THE ECONOMIC TEAM. YOU KNOW, THE -- IT'S SO AMUSING TO, YOU KNOW, SEE -- TO READ IN THE PAPER ABOUT WHAT IS GOING ON. WE HAVE A LUNCH EVERY...
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| 00:18:55 |
Unidentified Speaker, -
WE HAVE AN OUTGOING TREASURY >> WE STILL GOT JOHN SNOW, AND I ENCOURAGE YOU TO TALK TO JOHN SNOW ABOUT THE DOLLAR >> THE NEXT PIECE OF TAX LEGISLATION...
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| 00:19:08 |
Unidentified Speaker, -
IN THE SENATE IS THE DEBATE ON THE ESTATE TAX. THAT'S LONG BEEN A PRIORITY OF THE PRESIDENT. DO YOU EXPECT
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| 00:19:14 |
Unidentified Speaker, -
THE PRESIDENT WOULD ACCEPT A COMPROMISED NATIONAL REDUCED
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| 00:19:18 |
Unidentified Speaker, -
THE RATE ON THE ESTATE TAX AND INCREASE THE NUMBER OF -- OR RATHER, REDUCE THE NUMBER OF PEOPLE PAYING IT OR DOES HE GOING TO HOLD OUT FOR A FULL REPEAL....
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| 00:19:25 |
Unidentified Speaker, -
THE PRESIDENT HAS MADE IT VERY CLEAR. HE BELIEVES -- HE DOES NOT BELIEVE IN THE DEATH TAX. HE THINKS IT'S INAPPROPRIATE. ALL THAT MONEY IS ALREADY...
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| 00:19:46 |
Unidentified Speaker, -
ONES. I MEAN, THAT'S SOMETHING THAT'S CHERISHED BY ALL AMERICANS, AND THE IDEA THAT IT'S TAKEN FROM YOU BY THE FEDERAL GOVERNMENT IS JUST NOT FAIR....
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| 00:20:27 |
Unidentified Speaker, -
POLICY THAT ENCOURAGES AFFORDING THE WEALTH TO THE ECONOMY. WHY
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| 00:20:36 |
Unidentified Speaker, -
WOULD ENCOURAGING PEOPLE NOT TO REDELIBERATE. >> WHAT IT DOES WHEN YOU GIVE PEOPLE TO MANAGE THE ASSETS THEY WAY THEY WANT TO MANAGE THEM
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| 00:20:47 |
Unidentified Speaker, -
AND NOT FORCE TO SPEND LARGE SUMS WITH LAWYERS AND ACCOUNTING TO BYPASS THE DEATH TAX AND TO INVEST WHERE THEY THINK THEY ARE GOING TO GET THE HIGHEST...
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| 00:21:02 |
Unidentified Speaker, -
HIGH INVESTMENTS AND HIGH RETURN OPPORTUNITIES. AND THAT'S WHAT IS IMPORTANT. PEOPLE IN THE ECONOMICS PROFESSION VERY MUCH BELIEVE ELIMINATING THE...
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| 00:21:36 |
Unidentified Speaker, -
PAULSON. HE'S GIVEN A LOT OF SPEECHES. HIS HEED OF GOLDMAN SACHS AND BEEN SUPPORTIVE OF THE PRESIDENT'S ECONOMIC PROGRAM. BUT AGAIN, ONE AREA HE DIFFERS...
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| 00:21:51 |
Unidentified Speaker, -
STRONG ENVIRONMENTALIST AND SUPPORTS THE KYOTO TREATY WHICH
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| 00:21:55 |
Unidentified Speaker, -
THE ADMINISTRATION DOES NOT. WAS THIS DISCUSSED WITH HIM AND HOW DO YOU SEE THIS BEING RESOLVED ONCE HE'S IN THE CABINET? >> YOU KNOW, THIS PRESIDENT...
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| 00:22:23 |
Unidentified Speaker, -
FACING THAT WE'RE GRAPPLING WITH TODAY >> TIME FOR ONE QUESTION EACH. >> CAN I ASK ON THE COMPETITIVENESS AGENDA. THAT WAS ANOTHER THING THAT WAS...
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| 00:22:49 |
Unidentified Speaker, -
BUDGET CONSTRAINTS AND HIGH
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| 00:22:50 |
Unidentified Speaker, -
DEFICITS. YOU'RE RUNNING INTO RESISTANCE TO GETTING SUPPORT FOR THE EDUCATION INITIATIVES THAT YOU HAD IN THERE. IS THAT SOMETHING ELSE MR. PAULSON...
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| 00:23:27 |
Unidentified Speaker, -
SUPPORT FOR THE COMPETITIVENESS AGENDA OF THE PRESIDENT AND I'M CONFIDENT IT WILL BE PASSED. >> THE NATIONAL DEBT HAS INCREASED AT LEAST MORE THAN DOUBLED...
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| 00:23:59 |
Unidentified Speaker, -
IN TIME CAN WE START TO EXPECT TO PAY DOWN THE NATIONAL DEBT, NOT JUST REDUCE THE DEFICIT? >> WELL, THE IMPORTANT THING IS THAT THE DEBT IS A PERCENTAGE...
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| 00:24:27 |
Unidentified Speaker, -
HALF BY 2009 WHICH WOULD BE $260 BILLION. THE GOOD NEWS BECAUSE THE ECONOMY IS GROWING SO RAPIDLY AND BECAUSE THE PRESIDENT'S COMMITMENT TO FISCAL...
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| 00:25:31 |
Unidentified Speaker, -
DOWN TO $260 BILLION WE WILL BE BELOW THE AVERAGE THAT HAS EXISTED SINCE WORLD WAR II. AND AS LONG AS WE'RE NOT INCREASING THE AMOUNT OF
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| 00:25:41 |
Unidentified Speaker, -
OUTSTANDING DEBT AS A PERCENTAGE OF GDP, YOU KNOW, THE DEFICIT SITUATION IS NOT A PROBLEM. AT THE SAME TIME, THIS PRESIDENT WOULD LIKE BRING THE DEFICIT...
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| 00:26:45 |
Unidentified Speaker, -
ABOUT -- 11 OR 12 MILLION ILLEGALS IN THE COUNTRY, ABOUT 7 MILLION OF WHOM ARE WORKING. THOSE 7 MILLION ARE MAKING A SIGNIFICANT CONTRIBUTION TO THE...
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| 00:27:03 |
Unidentified Speaker, -
COUNTRY. HE WANTS TO DEAL WITH IT THIS YEAR AND DEAL IN A COMPREHENSIVE FASHION. HE MADE IT VERY CLEAR THE FIRST THING YOU DO IS SECURE THE BORDERS,...
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| 00:27:39 |
Unidentified Speaker, -
NOTN NOTNOT AL HUBBARD SEEMS THE ECONOMY IS GREAT >> THERE SEEMS TO BE A DISCONNECT WHAT THE ADMINISTRATION CONSIDERS TO BE FANTASTIC AND WHAT PERHAPS...
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| 00:28:05 |
Unidentified Speaker, -
THEM RATED THE ECONOMY OF THEIR OWN
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| 00:28:07 |
Unidentified Speaker, -
PERSONAL EXPERIENCE WITH IT TO BE FAIR OR POOR, AND THAT WAS ACTUALLY AN INCREASE OVER THE PREVIOUS MONTH, AND SO WHEN YOU FACTOR 3 DOLLAR GASOLINE...
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| 00:29:05 |
Unidentified Speaker, -
THEY RAISED THEM 16 CONSECUTIVE TIMES
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| 00:29:10 |
Unidentified Speaker, -
AND THEY ARE DONE BUT WE HAD SOME BAD INFLATION NUMBERS OVER THE LAST FEW WEEKS OR AT LEAST MIXED NUMBERS AND THAT HAS REKINDLED THE WORRIES THAT...
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| 00:30:11 |
Unidentified Speaker, -
LULL WHERE WE DID NOT HAVE PRODUCTIVITY GROWTH ABOVE AROUND 1%, EVER SINCE THE 1973 ARAB OIL EMBARGO WE WENT THROUGH A 20-YEAR PERIOD WHERE WE COULDN'T...
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| 00:30:25 |
Unidentified Speaker, -
PRODUCTIVITY GOING. HE SEEMED TO START IT FROM THE START OF THE BUSH ADMINISTRATION. IT STARTED ABOUT THE MIDDLE PART OF THE CLINTON ADMINISTRATION,...
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| 00:31:55 |
Unidentified Speaker, -
SHOULD. MY OWN UNEDUCATED EXPECTATION IS THAT PROBABLY IT WAS A PROPOSITION AND THEY HAVE A JOB TO DO, TO MAKE THE
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| 00:32:04 |
Unidentified Speaker, -
CONNECTION. I SPOKE OF DISCONNECT AND HELP PEOPLE SEE BECAUSE IT'S ONE THING TO FALL BACK ON NUMBERS AND USE TERMS LIKE CORE INFLATION AND OTHER TERMINOLOGY....
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| 00:33:45 |
Unidentified Speaker, -
THAT WE'VE SEEN AND THE RISING INEQUALITY BETWEEN
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| 00:33:50 |
Unidentified Speaker, -
PEOPLE AT THE TOP OF INCOME SCALE AND THOSE AT THE BOTTOM RELATED TO EDUCATION, PEOPLE ARE HIGHER EDUCATION LEVELS ARE DOING QUITE WELL IN THIS ECONOMY.....
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.