| 00:00:07 |
MacGuineas, Maya - President
PETERSON-PEW COMMISSION ON BUDGET REFORM. I AM THE PRESIDENT OF THE COMMITTEE FOR RESPONSIBLE FEDERAL BUDGET. I THINK THERE IS NO QUESTION THAT IT...
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| 00:03:52 |
Wessel, David M. - Editor
NOW ADULTS ASK THE GOVERNMENT FOR PRESIDENT -- NOW ADULTS ASK THE GOVERNMENT FOR PRESENCE AND THEY HAVE THE KIDS PAY LATER. ONE FACT IS THERE IS A...
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| 00:06:08 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
APPARENT THAT OUR DEBT WAS RUNNING AWAY FROM US AND WE HAD TO DO SOMETHING ABOUT THIS POLICY BEFORE WE COULD CONTINUE OUR WORK ON BUDGET PROCESS....
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| 00:10:45 |
Rivlin, Alice M. - Director
OF US WHO HAVE BEEN TALKING ABOUT DEFICIT REDUCTION FOR A LONG TIME HAVE POINTED OUT THAT IN THE FUTURE WE ARE ON AN UNSUSTAINABLE COURSE. WE HAVE MADE...
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| 00:14:33 |
Wessel, David M. - Editor
DRAMATICALLY -- BABY BOOMERS AND SHIFT OF DEMOCRACY. BUT THE POINT THAT ALICE MADE IS ESSENTIAL, WHAT USED TO BE A THREE-DECADE PROBLEM HAS NOW BECOME...
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| 00:14:47 |
Holtz-Eakin, Douglas J. - Director
WHY WOULD YOU CARE ABOUT THAT? WINNOWED DEFICITS HAVE COSTS AND THOSE COSTS ARE DIMINISHED ECONOMIC PERFORMANCE, HIGHER INTEREST RATES, REDUCE THE KIND...
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| 00:18:05 |
Jones, James R. - U.S. Representative, [D] Oklahoma
NOT LONG THEREAFTER HE HAD A MASSIVE HEART ATTACK AND HE IS IN THE PROCESS OF TRYING TO RECOVER. I THINK THAT IS WHAT WE ARE FACING. WE DON'T KNOW WHERE...
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| 00:22:36 |
Wessel, David M. - Editor
ON FOR EVER, IT WHAT BUT HOW WE GET FROM HERE TO THERE WITHOUT A COLLISION? CHARLIE? >> I THINK ELECTIONS HAVE A LITTLE BIT TO DO WITH THAT AND THAT...
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| 00:23:03 |
Stenholm, Charles W. - U.S. Representative, [D] Texas
OF THIS WHOLE DISCUSSION ON THAT ANSWER SOME OF THE SKEPTICAL QUESTIONS THAT KEEP COMING UP IS, I THINK THE AMERICAN PEOPLE NOW UNDERSTAND THE DIFFERENCE...
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| 00:25:59 |
Nussle, James - Director
ISN'T GOING TO BE POPULAR. IT ISN'T GOING TO BE EASY. I WAS AT A FAMILY GATHERING OVER THE WEEKEND AND PART OF THE REASONS WE LOVE EACH OTHER AND PART...
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| 00:29:51 |
Wessel, David M. - Editor
TO 60. ALICE, CAN YOU TELL ME HOW HEAVY LIFT IT IS TO REDUCE SPENDING OR RAISE REVENUES TO GET US TO A LOWER GDP RATIO OVER THAT PERIOD? >> IT IS A PRETTY...
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| 00:30:21 |
Rivlin, Alice M. - Director
DOES ASSUME THAT MOST OF THE TAX CUTS THAT WERE ENACTED EARLIER IN THIS DECADE WOULD BE EXTENDED IF YOU DID NOT ASSUME THAT, IT WOULD BE EASIER, BUT...
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| 00:32:00 |
Wessel, David M. - Editor
TOGETHER TO MAKE THIS ALL GO. TRADITIONALLY WHEN THERE HAS BEEN A SUMMIT, CONGRESS AND THE PRESIDENT WORKING TOGETHER IN, PRESIDENTIAL LEADERSHIP HAS...
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| 00:32:21 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
CONGRESS DOES IN APPLYING SOME OF THE LEADERSHIP. HE HAS TO BE THE FIRST ACTOR. HE'S GOT TO BRING THEM TOGETHER. HE MAY HAVE TO LAY OUT THE PLAN. BUT...
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| 00:33:09 |
Jones, James R. - U.S. Representative, [D] Oklahoma
AN ATMOSPHERE NATIONALLY LIKE NO MEMBER OF CONGRESS CAN DO INDIVIDUALLY OR EVEN AS A SMALL GROUP. I THINK HE HAS TO COME OVER THE NEXT YEAR AS PART...
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| 00:34:06 |
Holtz-Eakin, Douglas J. - Director
NUMBER TWO, THE WAY WE SET IS UP IS LOOK AT DEBT RELATIVE TO GDP. IF YOU CAN'T FIND A BENEFICIAL FISCAL POLICY THAT HELPS THE ECONOMY GROW -- IF YOU...
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| 00:35:11 |
Wessel, David M. - Editor
ENDING THE WARRANT -- IRAQ AND AFGHANISTAN HELP? >> AND THE DECREASE IN SPENDING HELPS. BUT THE LONG RUN DEFICITS ARE NOT BEING DRIVEN BY MILITARY SPENDING....
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| 00:35:38 |
Rivlin, Alice M. - Director
AND TO A LESSER EXTENT, SOCIAL SECURITY. >> AND QUESTION IN THE BACK. -- A QUESTION IN THE BACK? >> THANK YOU, I AM NIKOLE FOR THE CENTER FOR ECONOMIC...
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| 00:36:35 |
Holtz-Eakin, Douglas J. - Director
JOEL, EDUCATION FUNDING. ONE OF MY CONCERNS IS INVESTING IN PROGRAMS LIKE THE EARLY CHILDHOOD EDUCATION, COLLEGE PER FINANCIAL AID, OVER THE LONG TERM...
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| 00:37:33 |
Nussle, James - Director
DISCUSSION. ALL SPENDING, BOTH ENTITLEMENT AND DISCRETIONARY, BOTH AUTOMATIC AND THOSE SPENDING ITEMS DETERMINED EVERY YEAR, AS WELL AS ALL TAXES, WHETHER...
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| 00:38:38 |
Rivlin, Alice M. - Director
ONE OF THE PROCESSES THAT I USED AS A MEMBER OF CONGRESS WENT AND HAD A CONSTITUENT S AND FOR ADDITIONAL SPENDING -- LET US USE EDUCATION, WHICH WE...
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| 00:39:06 |
Stenholm, Charles W. - U.S. Representative, [D] Texas
WILL BE PUT ASKING ALL PHASES OF THE BUDGET. TAKE A LOOK AND COME FORWARD TO CONGRESS AND SAY EVERY DIME WE ARE SPENDING ON EDUCATION IS BEING SPENT...
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| 00:39:59 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
TO BE NOT JUST GOOD, BUT GOOD ENOUGH TO MAKE A CUT. WE DON'T SAY NO RIGHT NOW. >> WHAT HAPPENS IF THE DEBT TO GDP RATIO CONTINUES TO RISE? WHAT
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| 00:40:14 |
Holtz-Eakin, Douglas J. - Director
HAPPENS TO THE SHARE OF OUR BUDGET THAT GOES TO INTEREST PAYMENTS. MAKE IT REAL. >> IF YOU LOOK OUT TO 2019, YOU COULD BE RUNNING A TRILLION DOLLAR...
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| 00:43:44 |
Holtz-Eakin, Douglas J. - Director
SPENDING REALLY UNFAIR TO MAKE YOUR KIDS PAY FOR. WE ARE HANDING THEM A DIMINISHED ECONOMY AND SAYING NOW YOU HAVE TO GET HIGHER TAXES AND LOWER SPENDING....
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| 00:44:43 |
Stenholm, Charles W. - U.S. Representative, [D] Texas
NOW SEEMS TO UNDERSTAND THE DEBT RATIO BETTER THAN IT UNDERSTOOD DEFICITS. IT GOT PRETTY HARDENED IT TO DEFICITS AND SWALLOWED THEM WITH REGULARITY....
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| 00:45:04 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
DIFFICULT. AND THE IMPORTANT ITEM OF INTERGENERATIONAL FAST. AND I SUPPOSE THE LAST ITEM WOULD BE FOR YOU TO REFILE FOR OFFICE. [LAUGHTER] >> FOR ME,...
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| 00:45:46 |
Nussle, James - Director
A MIDTERM COLLAPSE POSSIBLY, THAT MAY BE THE SOONEST EXAMPLE. IT MAY BE A PRESIDENTIAL CHANGE OR A RACE WHERE THIS BECOMES THE ISSUE. OR IT COULD...
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| 00:47:37 |
Wessel, David M. - Editor
FULLY REFORM, THAT THE POLITICAL SYSTEM WILL RESPOND. BUT THAT HAS THE COVERAGE IN THE PAST. I MENTIONED HOW IMPORTANT THE CONFIDENCE OR LACK OF CONFIDENCE...
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| 00:47:52 |
Jones, James R. - U.S. Representative, [D] Oklahoma
CUT UNSUSTAINABLE SPENDING -- WELFARE REFORM AND THINGS LIKE THAT. THOSE ISSUES OF THEMSELVES DID NOT BALANCE THE BUDGET, AND YET WE HAD A SURPLUS BUDGET...
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| 00:48:56 |
Rivlin, Alice M. - Director
WE ARE NOT A SMALL COUNTRY. WE HAVE THE STATUS OF THE WORLD CURRENCY. WE WOULD LIKE TO KEEP IT. WE HAVE THE STATUS OF THE BONDS EVERYBODY GOES TO WHEN...
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| 00:49:49 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
COUNTRIES HAVE DONE IT. WE HOPE THEY ARE NOT THAT MUCH SMARTER THAN WE ARE. >> ROGER ERICKSON -- JUST A RESEARCH BIOLOGIST. A QUICK COMMENT ON THAT...
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| 00:51:03 |
Holtz-Eakin, Douglas J. - Director
THOSE CAPACITIES ARE THE CORE OF OUR ECONOMY AND WE CHOOSE TO MEASURE AND EXCHANGE THEM AND DOLLARS, WHICH IS THE CURRENCY THAT THE FEDERAL RESERVE IS...
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| 00:52:45 |
Rivlin, Alice M. - Director
CARE. I THINK WE COULD CHANGE THE REIMBURSEMENT RATES FOR MEDICARE SO THAT THEY REWARD MORE EFFICIENT KINDS OF CARE AND DISCOURAGE TREATMENTS THAT...
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| 00:54:01 |
Nussle, James - Director
WAY THAT ONE WOULD BE FOR TAXES AND THE OTHER WOULD BE PROTECTIVE OF SPENDING. I THINK THERE IS ENOUGH TO GO AROUND ON BOTH SIDES. THAT IS WHY I BELIEVE...
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| 00:57:02 |
Rivlin, Alice M. - Director
WE COULD GET ACTION IN THE NEXT YEAR NOT TO SOLVE THE WHOLE PROBLEM, BUT MAYBE SOCIAL SECURITY FORM, MAY BE SOME ELEMENTS OF TAX REFORM, MAYBE A SERIOUS...
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| 00:58:03 |
Jones, James R. - U.S. Representative, [D] Oklahoma
IS IN THE CONSCIOUS OF THE AMERICAN PEOPLE, THEY ARE CONCERNED ABOUT. THERE IS A NATURAL CONSTITUENCY THAT PUTS YOUNG PEOPLE AND RETIRED PEOPLE TOGETHER...
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| 00:59:02 |
Nussle, James - Director
BUT YES, I THINK THERE WILL BE A PROPOSALS. BUT BOTH SIDES WILL DISMISS THE OTHER PROPOSALS, I THINK, IN THIS NEXT YEAR, UNTIL THAT OCCURS. >> THE WOMAN...
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| 01:00:46 |
Rivlin, Alice M. - Director
DOWN TO ZERO, WE WOULD NOT POSSIBLY HAVE ANYTHING HAPPEN IMMEDIATELY. IF YOU WERE RAISING THE RETIREMENT AGE OR CHANGING THE INDEXING OR WHATEVER YOU...
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| 01:02:22 |
Holtz-Eakin, Douglas J. - Director
ECONOMY. THE PROBLEM ON A PIECE OF LEGISLATION BY PIECE OF LEGISLATION BASE, YOU DO NOT NECESSARILY KNOW WHAT ALL OF THE USER IMPACT MIGHT BE. >> THERE'S...
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| 01:06:37 |
MacGuineas, Maya - President
FAVORITE ANALOGY TO THE FISCAL CRISIS. WE DO NOT KNOW WHEN THE TAPING IT POINT IS GOING TO HAPPEN, BUT WE KNOW THAT IT IS GOING TO HURT. THAT IS ONE...
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| 01:07:38 |
Rivlin, Alice M. - Director
NOT HAPPEN, THE ECONOMY RECOVERS SLOWLY, BUT WE DO NOT PUT OUR HOUSE IN ORDER -- THE DOLLAR WEAKENS PROGRESSIVELY, THINGS GET A BIT MORE EXPENSIVE AND...
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| 01:08:42 |
Stenholm, Charles W. - U.S. Representative, [D] Texas
QUESTIONS. AS YOU LISTEN TO THE QUESTIONS, SO MANY OF US, WE HAVE OUR IDEA OF WHAT OUGHT TO HAPPEN AND WHY IT OUGHT TO HAPPEN AND WHY IT IS IMPORTANT....
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| 01:11:24 |
Jones, James R. - U.S. Representative, [D] Oklahoma
A CAR, ETC. THE MEXICANS THOUGHT THEY HAD FINALLY REACHED THE MOUNTAIN TOP AND THEN IT ALL COLLAPSED. THEY WERE TURNING THE KEYS TO THEIR HOUSES. THEY...
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| 01:12:40 |
Rivlin, Alice M. - Director
I WOULD ADD A WRINKLE. NAMELY, THAT YOU HAVE TO SHARE THIS CONSUMPTION TAX WITH THE STATES. OTHERWISE, YOU ARE COMPETING WITH THE STATES IN THE RETAIL...
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| 01:13:24 |
Nussle, James - Director
MAKING THAT DECISION. WE MAY HAVE DIFFERENT POLICY RECOMMENDATIONS, BUT RIGHT NOW, THE PROCESS IS WHAT IS BROKEN. THEY CANNOT COME TO A DECISION THAT...
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| 01:16:12 |
Rivlin, Alice M. - Director
FAULT, BASICALLY. I THINK THAT MANY OF US THINK THAT WE NEED TO BRING THE ENTITLEMENTS INTO THE BUDGET PROCESS, NOT THAT YOU REVIEW THEM EVERY YEAR,...
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| 01:17:05 |
Holtz-Eakin, Douglas J. - Director
LET ME SUGGEST A WAY TO PROCEED. LET'S TAKE TWO OR THREE MORE QUESTIONS, AFTER QUESTION AND THEN WE WILL HAVE THE PANELISTS RESPONDED. THERE IS ONE OF...
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| 01:17:38 |
Wessel, David M. - Editor
WHO WILL BE HERE IN JANUARY, AND THE EDUCATORS AND WORK-FORCE DEVELOPMENT PEOPLE COMING IN MARCH? ARE THEY GOING TO HAVE TO FOR THE FORESEEABLE FUTURE...
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| 01:20:14 |
Jones, James R. - U.S. Representative, [D] Oklahoma
TRYING TO GET THINGS UNDER CONTROL. HOW YOU MAKE A PLAN FOR PEORIA? IT IS WHAT WE'RE PROPOSING OR
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| 01:20:21 |
Holtz-Eakin, Douglas J. - Director
WHAT MY WAS WORRIED ABOUT. -- MAYA WAS WORRIED ABOUT. SHARP RECESSION, DIMINISHED PURCHASING POWER, A LOT OF SOCIAL UNREST IF YOU LOOK AT THE KINDS...
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| 01:21:13 |
Rivlin, Alice M. - Director
WE DO NOT KNOW FOR SURE. THE CRUXOF WHAT TO TALK ABOUT PEORIA, I WOULD SUGGEST -- SUBSCRIBE -- >> TO TALK ABOUT PEORIA, I WOULD SUBSCRIBE TO WHAT ALICE...
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| 01:21:50 |
Frenzel, William Eldridge - U.S. Representative, [R] Minnesota
ONE OF THE POSSIBLE EFFECTS OF HOW IT WILL PLAY IN PEORIA IS THAT THE CONSERVATIVE CANDIDATES WILL DO A BIT BETTER IN THIS ELECTION AND WE WILL HAVE...
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| 01:23:19 |
Stenholm, Charles W. - U.S. Representative, [D] Texas
THERE WILL BE THOSE WHO WILL BE OPPOSED TO A LOT OF THESE SUGGESTIONS. THAT IS PART OF THE AMERICAN WAY. ADVICE TO STATES -- I REMEMBER WELL AND WE...
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| 01:25:33 |
Wessel, David M. - Editor
VERY MUCH. [CAPTIONING PERFORMED BY NATIONAL CAPTIONING INSTITUTE] [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. 2009] >> HAS THIS PANEL COMES...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.