| 00:00:31 |
Cook, Nancy - Correspondent
EVERYONE. I'M NANCY HOPE FROM NATIONAL NURNL. THANK YOU FOR JOINING US. ALL THESE PEOPLE REPRESENT YEARS OF EXPERIENCE ON CAPITOL HILL. I'M VERY HAPPY...
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| 00:01:00 |
Buckley, John "Jack" L. - Chief Counsel
ELECTION WILL SERVE AS A MANDATE. YOU WANT TO START? >> I'M NOT SURE THERE'S A MANDATE FOR WHAT NEEDS TO BE DONE. I THINK THE ELECTION PUT US FURTHER...
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| 00:02:52 |
Traub, Jonathan - Staff Director
OR DO YOU FEEL THEY'RE ILLUMINATING SOME OF THE WAYS THE PEOPLE IN CONGRESS AND WHOEVER HAS THE WHITE HOUSE NEXT CAN COMPROMISE. >> I THINK THE WINNERS...
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| 00:03:47 |
Becchi, Rosemary - Counsel
CERTAIN THINGS FOR THE ELECTION ON THE HILL AND IN THE ADMINISTRATION? >> I TEND TO GRE WITH JOHN. I THINK BOTH SIDES WILL WALK AWAY FROM THE ELECTION...
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| 00:04:03 |
Buckley, John "Jack" L. - Chief Counsel
THE LAME DUCK AS WELL AS WHAT HAPPENS IN THE NEXT COUPLE OF YEARS. >> JOHN? >> YOU KNOW, REGARDLESS OF WHAT HAPPENS IN THE ELECTION, WE'LL SEE ACTION...
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| 00:05:19 |
Cook, Nancy - Correspondent
MARKETS, NOT NECESSARILY AS A RESULT OF THE ELECTION. >> YOU RAISE A GOOD POINT. IF YOU FEEL SOMETHING NEEDS TO BE DONE,
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| 00:05:33 |
Buckley, John "Jack" L. - Chief Counsel
WHAT ARE THE CONTOURS OF THAT DEAL LOOK LIKE? WHAT GETS DONE? WHAT GETS PUSHED TO 20 P 13? >>. >> WELL I AGREE IT
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| 00:05:42 |
Becchi, Rosemary - Counsel
DEPENDS WHO WINS. >> BUT I THINK WE ALL AGREE THAT SOMETHING HAS TO HAPPENED. THE SERIOUSNESS COMPELS PEOPLE TO DO SOMETHING DURING THE LAME
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| 00:05:58 |
Buckley, John "Jack" L. - Chief Counsel
DUCK. THE BOTTOM LINE IS THE HUGE IMPACT ON JOBS. >> WE SHOULD MAKE NOTE OF ALL OF THE ITEMS IN THERE. PEOPLE THINK IT'S ONLY THE EXTENSION OF THE...
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| 00:07:01 |
Buckley, John "Jack" L. - Chief Counsel
DEBT CEILING HAS TO BE INCREASED AS WELL. >> AND THE AMT AFFECTS THE 2012 RETURN SO YOU ARE ALMOST COMPELLED
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| 00:07:13 |
Cook, Nancy - Correspondent
TO TAKE ACTION THIS YEAR. IT'S NOT SOMETHING TO KICK OFF UNTIL NEXT YEAR. IT WILL BE ON THE 2012 TERM. >>> WITH ALL THESE PIECES OF THE FISCAL CLIFF,...
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| 00:07:55 |
Traub, Jonathan - Staff Director
TUBE. AS WE GO THROUGH AND LOOK AT THE PARTIES, THE PRESIDENT IS GOING TO CAMPAIGN, IF HE WINS RE-ELECTION. IF HE DOES, HE'S GOING TO SAY I'VE BEEN...
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| 00:08:53 |
Buckley, John "Jack" L. - Chief Counsel
ROLLED INTO A BIG BALL OF WAX AT THE END OF THE DAY. >> I MIGHT DISAGREE WITH THE PRIOR SPEAKER. I THINK THE COMPROMISE WILL COME FROM THE CONGRESS....
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| 00:09:13 |
Traub, Jonathan - Staff Director
SENATE. >> AT THIS POINT. >> SAID BY TWO FORMER HOUSE TAX COUNSELS. >> I DISAGREE ON SO MANY ISSUES OVER SO MANY YEARS WE HAVE FOUGHT BEHIND CLOSED...
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| 00:10:05 |
Buckley, John "Jack" L. - Chief Counsel
THE RESENTMENT THAT WE CAN MUSTER, OR THEY CAN MUSTER, ACCEPT IT. >> BUT I THINK THE PRESIDENT, AFTER AN ELECTION, I THINK THE PRESIDENT, ESPECIALLY...
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| 00:11:04 |
Becchi, Rosemary - Counsel
PROMISES DON'T FIT TOGETHER. I DO THINK YOU'RE LIKELY TO SEE IT IN NOVEMBER OR DECEMBER TO THE EARLY VOTING SEASON. >> I THINK YOU CAN START TO SEE THE...
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| 00:11:45 |
Becchi, Rosemary - Counsel
PEOPLE SHOULD LOOK FOR? ARE THERE GOING TO BE TAXES ON INVESTMENT INCOME? WHAT WILL THAT LOOK LIKE SF. >> TO ME I THINK WHAT THE COMMITTEE WILL DO...
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| 00:12:23 |
Cook, Nancy - Correspondent
ALWAYS A HELPFUL PROCESS TO HAVE THAT DEBATE AND DISCUSSION GOING GUARD. >>> LET'S TALK ABOUT THE COMPROMISE FOR A SECOND. JOHN R, YOU USED TO WORK...
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| 00:12:38 |
Traub, Jonathan - Staff Director
CURIOUS TO KNOW, DO YOU FEEL REPUBLICANS ARE OPEN TO RAISING REVENUES, PARTICULARLY IN THE HOUSE, OR WHAT'S THE REVENUE QUESTION THERE? >> WELL, WHAT...
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| 00:13:49 |
Buckley, John "Jack" L. - Chief Counsel
ENTITLEMENT. ZBR I'M MORE FOCUSED ON THE REVENUE SIDE. I DON'T THINK ON ENTITLEMENTS, I DON'T THINK THE DEMOCRATS WILL EVER BREAK THE GUARANTEED BENEFIT...
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| 00:14:37 |
Buckley, John "Jack" L. - Chief Counsel
IT'S JUST A MATTER OF REALITY. NEITHER PARTY IS GOING TO DRAMATICALLY REDUCE SOCIAL SECURITY BENEFITS IF EITHER PARTY REDUCES THEM AT ALL. >>> I DON'T...
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| 00:16:44 |
Cook, Nancy - Correspondent
US THAT'S WHERE THE COMPROMISE LIES. BUT THEY'RE A LONG WAY FROM IT. IF NOT EVERYTHING IS SOLVED DURING THE FISCAL CLIFF YOU KNOW, INTO 2013 WHAT...
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| 00:17:13 |
Traub, Jonathan - Staff Director
THEM TO ACT IF THESE ARE PUSHED OFF? >>> THAT'S THE ONE TIME THEY HAVE TO GET
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| 00:17:29 |
Buckley, John "Jack" L. - Chief Counsel
TOGETHER AND HAVE A DISCUSSION. SO SOME TIME THIS YEAR OR NEXT YEAR THEY'LL BE BACK AGAIN. I THINK EVERYBODY IS FOCUSING ON THE FISCAL
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| 00:17:41 |
Cook, Nancy - Correspondent
CLIFF, THE DISCUSSIONS ON THE DEBT LIMIT, WHICH IS FAR MORE THAN THE FISCAL CLIFF. >> THE WALL STREET JOURNAL REPORTING SOME TIME THIS WEEK THAT NOW...
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| 00:18:08 |
Buckley, John "Jack" L. - Chief Counsel
DEBT CEILING IS OFF THE TABLE? ZBLI JUST DON'T KNOW. I JUST DON'T SEE ANY WAY TO DO IT WITHOUT TRYING TO PUT TOGETHER SOME BIG PACKAGE. WE TRY TO...
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| 00:19:11 |
Buckley, John "Jack" L. - Chief Counsel
AT A TIME. YOU DON'T GET THAT FAR IN SOLVING THE PROBLEM. THAT DOESN'T SOLVE POLITICALLY EITHER. ZL YOU COULD SEE A LAME ZUK SOLUTION. IT ENFORCES...
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| 00:19:46 |
Becchi, Rosemary - Counsel
DUCK. I THINK THE PERIOD OF TIME NEEDS TO BE SIGNIFICANT IN TERMS OF NOT DOING A COUPLE, BUT MORE OF A COMPLETE YEAR. IT WILL TAKE TIME TO WORK THIS...
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| 00:20:12 |
Cook, Nancy - Correspondent
OUT. >> HOW MUCH TIME DOES CONGRESS AND THE WHITE HOUSE HAVE TO WORK THIS OUT? DO THEY HAVE MORE THAN THAT? CONSIDERING THE 2014 CONGRESSIONAL ELECTIONS...
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| 00:20:51 |
Traub, Jonathan - Staff Director
I THINK THE REALITY IS THAT YOU DO NEED TIME TO WORK THROUGH THE POLICIES AND THE ISSUES. >> MANY OF YOU KNOW THE GUYS I WORK WITH AT WAYS AND MEANS....
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| 00:21:18 |
Buckley, John "Jack" L. - Chief Counsel
SPACE. RIGHT. >> AND I'M SLIGHTLY MORE OPTIMISTIC IT IS WITHIN A SHORT PERIOD OF TIME AT SOME POINT THE FISCAL POLICIES ARE UNSUSTAINABLE. >> RIGHT....
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| 00:21:49 |
Buckley, John "Jack" L. - Chief Counsel
ESSENTIALLY AT 0 INTEREST RATES. THERE'S A DIFFERENCE BETWEEN WHAT WE HAVE TO DO IN JANUARY, DECEMBER OF JANUARY AND ALL THE FISCAL CLIFF ITEMS. WHAT...
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| 00:24:04 |
Cook, Nancy - Correspondent
WHAT A BOX THEY HAVE THEMSELVES IN. IT'S ALMOST LIKE OPERATING THE ARTICLES OF CONFEDERATION. IT'S GOING TO TAKE YEARS TO GET OUT OF THE BOX. ...
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| 00:24:27 |
Buckley, John "Jack" L. - Chief Counsel
BACK A LITTLE BIT? WHAT DOES THAT LOOK LIKE? THE FACT THAT WE HAVE THE EXTRAORDINARY SOURCE IS THE REASON WHY THIS IS NOT A CURRENT PROBLEM. I AGREE...
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| 00:25:57 |
Buckley, John "Jack" L. - Chief Counsel
DEFICITS. IT WOULD BE FAR WORSE ON A BORROWING POLICY. >> AND WE BORROW CHEAP. A LOT OF THE THINGS ARE ALSO ON THE HORIZON. WHAT HAPPENS NATIONALLY?...
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| 00:26:25 |
Cook, Nancy - Correspondent
TEASE. >> GO YOU SEE A DIFFERENCE BETWEEN THE LAME DUCK IN 2010 AND WHAT WE'RE
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| 00:26:36 |
Becchi, Rosemary - Counsel
GOING TO FACE THIS TIME? >> TO ME IT DEPENDS ON THE ELECTION RESULTS. I THINK IT'S A STATUS QUO. I THINK A LOT OF CUES CAN BE TAKEN FROM 2010? YOU SEE...
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| 00:27:11 |
Cook, Nancy - Correspondent
THE LAME DUCK SESSION. IS THAT TRUE? I FEEL LIKE THERE'S A POSSIBILITY THAT IF ROMNEY IS ELECTED, YOU KNOW, NO ONE WILL REALLY WANT TO DO ANYTHING....
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| 00:27:33 |
Becchi, Rosemary - Counsel
IN THE WHITE HOUSE, AGAIN, EVERYTHING COULD BE EXTENTED AS WELL. >> RIGHT. >> I THINK IT'S A REAL POSSIBILITY. WHOEVER WINS WILL ALSO FEEL A MANDATE...
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| 00:28:18 |
Cook, Nancy - Correspondent
ROAD. >> YOU BROUGHT UP THE BUDGET BATTLES OF THE PAST IN THE 1990s. AS WE LOOK AHEAD TO 2013 AND THE THINGS THAT HAVE TO BE DONE AND A DEAL THAT WILL...
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| 00:28:31 |
Buckley, John "Jack" L. - Chief Counsel
OCCUPIES THE WHITE HOUSE NEXT. WHAT LESSONS CAN WE TAKE FROM THE BUDGET BATTLES OF THE 90s OR FROM TAX REFORM ON 1986 WHICH YOU WERE INVOLVED IN? >>...
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| 00:31:05 |
Buckley, John "Jack" L. - Chief Counsel
THE POLITICAL PROCESS. >> JOHN, YOU CAN FOLLOW ME ON THIS. BUT -- >> HE'S WRITING THINGS DOWN. >> IF YOU LOOK A THE EARLY 1980s, WHEN THERE WAS...
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| 00:32:50 |
Traub, Jonathan - Staff Director
CUTS. THAT'S NOT A LUXURY THAT WE HAVE RIGHT NOW. I DON'T KNOW THAT IT MATTERS. JOHN'S POINT I THINK IS AT SOME POINT REVENUES HAVE TO RISE ABOVE CURRENT...
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| 00:34:42 |
Buckley, John "Jack" L. - Chief Counsel
THIS TO COME TOGETHER. ANY TIME YOU SAY NOW WE HAVE HUGE AMOUNTS OF WORK TO BE DONE. TAKE AWAY THE TIME YOU PAY WITH TAX INCREASES AND SPENDING...
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| 00:35:57 |
Buckley, John "Jack" L. - Chief Counsel
CREDIT. LET ME TAKE THIS OPPORTUNITY TO AGREE WITH JOHN ON HOW ONE SHOULD MEASURE TAX REFORM. IF IT DEINVOLVES INTO A DEBATE ABOUT BASELINES, CURRENT...
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| 00:37:42 |
Cook, Nancy - Correspondent
MINIMUM. THE LEVEL OF RETIREES IS DRAMATICALLY HIGHER. >> I THINK WE'RE READY TO TAKE QUESTIONS FROM THE AUDIENCE IF THERE ARE ANY. >>> WHILE PEOPLE...
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| 00:38:13 |
Traub, Jonathan - Staff Director
THE CODE -- >> I DON'T THINK SO. I THINK, AND THIS IS AGAIN THE AGREEMENT SOCIETY. THEY BAKE IN A THERE'S A POINT WHERE HE IS DISCUSSING EVENTS...
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| 00:39:20 |
Buckley, John "Jack" L. - Chief Counsel
AND PROVIDE POLITICAL COVER. BUT IN A TAX REFORM WE'RE PROMISING THE GOOD THINGS AND WE'RE HIDING THE NECESSARY PAINFUL ASPECTS OF IT. I FRANKLY DON'T...
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| 00:41:15 |
Traub, Jonathan - Staff Director
REDUCTION OF RATES. NO THAT GETS YOU TO THE MID 30s. JOHN MAKES A LOT OF GOOD POINTS AS USUAL. THEY FOUND $2.5 TRILLION OF BASE BROADENING. THEN...
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| 00:41:55 |
Buckley, John "Jack" L. - Chief Counsel
STARTED A DIFFERENT BASELINE AND USED IT FOR THINGS OTHER THAN LOWERING THE LATE, IT WOULD BE A DIFFERENT RESULT. THERE'S ALSO A SIDE DEBATE HERE OVER...
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| 00:43:04 |
Buckley, John "Jack" L. - Chief Counsel
ITEMIZED DEDUCTION, REMOVAL OF ITEMIZED DEDUCTIONS TO PAY FOR SO MUCH. THEN YOU CAN'T PAY FOR THE TAXES. >> BUT I WOULD SAY TO JOHN, YOU'RE USING...
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| 00:43:51 |
Becchi, Rosemary - Counsel
FIX PNCHTS ONE OF THE THINGS THAT I THINK IS TELLING IS IT TELLS YOU SOME OF THE TAX PREFERENCES DON'T RAISE A WHOLE LOT OF MONEY. >> EXACTLY. >> AND...
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| 00:44:46 |
Traub, Jonathan - Staff Director
OR NOT THERE IS REVENUE TO BE RAISED OUT OF GROWTH OUT OF CONFERENCE AND REFORM, I THINK THE ANSWER IS YES, BUT NOT THAT MUCH. I THINK THAT IN THE...
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| 00:45:13 |
Buckley, John "Jack" L. - Chief Counsel
A MUCH FINER GRAIN TO THE NUMBER THAN SORT OF ENORMOUS BOOST. >> LEAN GOVERNMENT WILL GIVE YOU ECONOMIC GROWTH. THERE IS A BIG DEBATE OVER HOW MUCH MORE...
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| 00:48:27 |
Buckley, John "Jack" L. - Chief Counsel
OURSELVES? >> THE ONLY THING I WOULD SAY IS IF YOU LOOK AT MOST OTHER COUNTRIES, THEIR INCOME TAXES INCLUDING THEIR CORPORATE INCOME TAXES ARE AS A PERCENTAGE...
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| 00:49:26 |
Traub, Jonathan - Staff Director
THE GOVERNMENT THAT THEY HAVE CONSUMPTION TAXES. >> I WOULD GIVE A SLIGHTLY DIFFERENT ANSWER WHICH IS THAT I DON'T THINK THE CURRENT CENTER OF GRAVITY...
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| 00:50:36 |
Buckley, John "Jack" L. - Chief Counsel
I THINK THERE IS MORE COMMON GROUND ON DEALING WITH TAX EXCLUSIONS AND DEDUCTIONS AND CREDITS THAN IN A LOT OF OTHER ITEMS. I THINK THERE IS ACTUALLY...
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| 00:51:24 |
Traub, Jonathan - Staff Director
PEOPLE SHOULD PAY MORE. >> GO AHEAD. >> LAST WEEK SENATOR SHERMAN SAID WE NEED TO BROADEN AND RAISE THE RATES AND DID SAY HE THOUGHT CORPORATE RATES...
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| 00:51:55 |
Buckley, John "Jack" L. - Chief Counsel
BROADER REFORM WHICH INVOLVES THE INDIVIDUAL SIDE THAT I THINK OBVIOUSLY INVITES A NUMBER OF ADDITIONAL COMPLICATIONS. >> LET ME AGREE WITH JOHN. I...
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| 00:52:41 |
Becchi, Rosemary - Counsel
LOOK AT THE INDIVIDUAL SIDE. >> I WOULD JUST ADD I WHOLEHEARTEDLY AGREE YOU HAVE TO LOOK AT THE INDIVIDUAL AND THE CORPORATE SIDE. THE ONLY POINT I WOULD...
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| 00:52:57 |
Buckley, John "Jack" L. - Chief Counsel
YEARS. STEEP NUMBER. THERE IS DIFFICULT DECISIONS TO BE MADE ON THE CORPORATE FRONT. >> I SHOULD ADD BY THE WAY AND IT IS NOT USUALLY ON THE TABLE,...
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| 00:53:35 |
Cook, Nancy - Correspondent
RATE REDUCTION THAN I THINK ANYTHING THE JOINT COMMITTEE OR EVEN THE MAJOR COMMISSIONS HAVE ACTUALLY ADDRESSED SO FAR. >> I THINK WE HAVE TO WRAP IT UP....
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.