| 00:00:00 | THAT'S ADJUSTED FOR INFLATION. |
| 00:00:03 | FIRST OF ALL, ON THE DEBT LIMIT, I THINK THAT, IN THE MEETING THE PRESIDENT HAD WITH THE LEADERS YESTERDAY, THERE WAS A PRETTY BROAD UNDERSTANDING THAT NOT EXTENDING THE DEBT LIMIT IS JUST NOT AN OPTION. |
| 00:00:18 | YOU CANNOT PLAY CHICKEN WITH UNITED STATES FISCAL CREDIBILITY. |
| 00:00:25 | THIS HAS BEEN ESTABLISHED SINCE ALEXANDER HAMILTON'S TIME. |
| 00:00:31 | IT'S BEEN ONE OF THE HALLMARKS OF THE FINANCIAL REGIME. |
| 00:00:35 | YOU DO NOT WANT TO HAVE A DEBT CLOCK. |
| 00:00:38 | I MEAN, IT WAS ONE THING TO HAVE A COUNTDOWN CLOCK TO WILL THE GOVERNMENT SHUT DOWN. |
| 00:00:43 | YOU DON'T WANT TO HAVE A COUNTDOWN CLOCK TO WILL AMERICA DEFAULT ON ITS OBLIGATIONS. |
| 00:00:53 | NOBODY WANTS THAT. |
| 00:00:55 | IT'S NOT RESPONSIBLE. |
| 00:00:56 | NO ONE SHOULD USE THE CREDIBILITY OF THE UNITED STATES FULL FAITH IN CREDIT AS A BARGAINING CHIP FOR ANY POLICY GOAL, NO MATTER HOW SINCERELY THEY SUPPORT THAT. |
| 00:01:08 | SO I THINK THAT DOES MEAN THAT WE SHOULD ASSUME THAT PEOPLE WILL ACT RESPONSIBLY AND MOVE FORWARD IN EXTENDING THE DEBT LIMIT. |
| 00:01:20 | SECOND QUESTION IS WHAT CAN WE DO TO CREATE GREATER CONFIDENCE THAT THE UNITED STATES IS GOING TO LIVE WITHIN ITS MEANS, THAT WE ARE GOING TO PUT OURSELVES ON A PATH WHERE, AT A VERY MINIMUM, WE STABILIZE OUR DEBT AS A PERCENTAGE OF INCOME AND GIVING CONFIDENCE THAT THE DEBT AS PERCENTAGE OF INCOME WILL START COMING DOWN. |
| 00:01:43 | SO I THINK THAT THERE'S -- THE PRESIDENT HAS FELT VERY STRONGLY THAT HE HAD TO PUT FORWARD A PLAN AND THAT THERE HAD TO BE, YOU KNOW, VERY CLEARLY A SERIOUS EFFORT TO MOVE QUICKLY TO CONSIDER WHAT COULD BE DONE. |
| 00:02:01 | AND YOU KNOW, THERE DOES CREATE VERY BIG ISSUES, WHICH IS IS THERE A CHANCE THAT YOU CAN -- THAT WE CAN COME TOGETHER ON THE BROAD DIVIDES THAT WE HAVE IN TERMS OF OUR POLICY VISIONS. |
| 00:02:18 | THE SECOND QUESTION IS WHETHER WE'RE CAPABLE OF NOT LETTING WHAT WE DISAGREE ON PREVENT US FROM MAKING FISCAL DISCIPLINE PROGRESS ON WHAT WE DO AGREE ON. |
| 00:02:29 | I THINK THAT LATTER MAY BE -- WILL CERTAINLY BE PART OF THE GOAL THAT VICE PRESIDENT BIDEN WILL FACE AS HE TRIES TO, AS WE ALL TRY TO BRING TOGETHER SOME FORM OF NEGOTIATING PROCESS ON DEFICIT AND DEBT REDUCTION GOING FORWARD. |
| 00:02:47 | THERE'S JUST NO QUESTION, IT'S GOING TO BE A GREAT CHALLENGE. |
| 00:02:51 | IT'S VERY NICE MENTIONING, YOU KNOW, '93, WE HAD A VERY SUCCESSFUL DEFICIT REDUCTION THAT WAS DEMOCRATS ONLY. |
| 00:02:59 | '97, YOU HAD A BIPARTISAN BALANCED BUDGET AGREEMENT. |
| 00:03:02 | OF COURSE, IN BETWEEN WAS 1995, WHERE WE DID HAVE THE GOVERNMENT SHUTDOWN, BUT THE THING I WOULD REMIND PEOPLE WAS 1997 REALLY WAS THE SAME ACTORS, SO IT WAS CAPABLE. |
| 00:03:14 | 1995, I THINK I USED TO DO CROSS FIRE WITH JOHN KASICH EVERY MONTH AT LEAST ONCE. |
| 00:03:20 | WE SAT ACROSS THE TABLE FROM EACH OTHER IN 1997 AS PART OF THE NEGOTIATING TEAM, FORGED THE BALANCED BUDGET AGREEMENT. |
| 00:03:28 | EVEN THOUGH I DON'T AGREE WITH EVERYTHING HE'S DOING AS GOVERNOR OF OHIO AND HE CERTAINLY DOESN'T AGREE WITH EVERYTHING WE'RE FOR, WE'RE FRIENDS. |
| 00:03:36 | THERE'S AN ELEMENT OF TRUST THAT'S BUILT UP THERE. |
| 00:03:38 | YOU HAVE TO HAVE HOPE. |
| 00:03:40 | JUST TO GIVE POINT OF WHERE THINGS CAN BE, IF YOU'RE PREPARED FOR SUCCESS AND YOU GIVE SUCCESS A CHANCE, WHERE THINGS CAN WORK OUT. |
| 00:03:48 | IN DECEMBER, AFTER THE ELECTION IN NOVEMBER, WE WERE WORKING VERY HARD TO PREPARE FOR WHAT COULD COME OUT OF THE TAX AGREEMENT. |
| 00:03:58 | ONE OF THE THINGS WE WORKED IN ON THE OBAMA ECONOMIC TEAM IS WHAT COULD WE DO BEYOND JUST THE ISSUE OF EXTENDING THE TAX CUTS AND WHETHER IT BE JUST THE MIDDLE CLASS OR HIGH INCOME. |
| 00:04:10 | WHAT CAN WE DO THAT WOULD BE HELPFUL TO THE ECONOMY. |
| 00:04:13 | WE SPENT A LOT OF TIME AND CAME TO THE CONCLUSION THAT A PROPOSAL FOR 100% EXPENSING AND PAYROLL TAX CUT WOULD BE GOOD FOR THE ECONOMY AND THINGS THERE WAS A VERY GOOD CHANCE BASED ON PAST STATEMENTS THAT THE REPUBLICANS COULD AGREE TO. |
| 00:04:26 | WHEN WE WERE WORKING ON THIS, PEOPLE WOULD COME INTO MEETINGS AND SAY YOU REALIZE THEY'RE GOING TO CHECK THEIR MAIL AND GO HOME. |
| 00:04:33 | I MUST HAVE HEARD THAT TEN TIMES. |
| 00:04:35 | THERE'S NOT GOING TO BE SERIOUS DISCUSSION DURING THE LAME DUCK, YET YOU ENDED UP HAVING A TAX AGREEMENT THAT WAS SUCCESSFUL. |
| 00:04:43 | YOU GOT THESE TWO OTHER ELEMENTS AND YOU NOW SEE EVEN IN THE FED MINUTES AND IN MOST REPORTS THAT THE PAYROLL TAX CUT HAS BEEN A VERY IMPORTANT CUSHION AGAINST RISING GAS PRICES AND VERY IMPORTANT TO THIS ECONOMY, AND AGAIN, THAT WAS A BIPARTISAN AGREEMENT AT A PERIOD WHERE THE ODDS OF THAT WERE HEAVILY, HEAVILY DISCOUNTED. |
| 00:05:03 | NO LESS THAT YOU WOULD GO ON AND HAVE DON'T ASK, DON'T TELL, THE STARK TREATY. |
| 00:05:13 | YOU HAVE TO BE PREPARED FOR SUCCESS AND BIPARTISAN COMPROMISE EVEN WHEN THE PROSPECTS ARE UNCERTAIN BECAUSE WE'RE GOVERNING AND WE HAVE THAT OBLIGATION. |
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