Congressman Hensarling and Democratic Whip Hoyer Engage in Heated Debate Over Budget Cuts on CNBC

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... so what do you think is going on in private that we can know about? >> certainly a lot of it's not going on in public that the public is not awake for because we didn't get out until a quarter to 4:00. i think it should go on in public. critically important to the welfare of our country and future of our children's well-being. frankly, we're going through an exercise right now where we are cutting vital programs which will build our country, educate our children and care for our families. we need to cut spending. we need to reduce the deficit. we need to bring spending down. but, frankly, the process going on now is not well thought out. there were no hearings on it, no exposure to the public's ability to come in and say the quality of these cuts that we're considering. so i think that we need to focus as we democrats have been focusing on educating our children. we cut pell grants in the republicans' proposal. we need to invest in research and, frankly, an awful lot of the business community that watches this program understands investing as opposed to spending on nonproductive matters. we ought to cut the latter and invest in the former. >> i think we understand the disagreement. where is the logjam and what is the best path to a grand bargain? maybe give us a percentage we get that kinds of bargain this year. >> as steny knows we wouldn't be in this exercise in the first place if under his leadership and nancy pelosi they passed a budget in the first place. first house in the history of america since we passed the budget act that didn't pals the budget but if you don't want a speed bump on the path to bankruptcy you don't need a budget. we have an open process where members can come to the floor. and frankly how wonderful it is for the first time we're debating savings on behalf of the american people. i hope -- and i believe steny agrees with this. the nation is on an unsustainable fiscal path. and if we want to foster job creation today and save our children from bankruptcy tomorrow, we've got to quit spending money that we don't have. many of the so-called investments that he speaks of were in the stimulus plan. and i think today is the two-year anniversary of that program. and what have we seen? almost two complete years of almost double-digit unemployment and an extra trillion dollars added to the national deficit. this won't work. republicans are committed to putting us on a fiscally sustainable path. i mean, we've got to save the american dream for our children. >> you know, jeb has not been here very long. he came in 2003. but the fact of the matter is under every republican president that i've served with over the last 30 years, we've had very substantial 100 billion dollar plus deficits. as a matter of fact, under george bush's leadership and in respect of his veto pen which he didn't exercise we went into debt $3.8 trillion. during the clinton administration, we had a surplus. we had $5.6 trillion that the republican congress inherited. and they squandered that. they slashed revenues and increased spending at twice the rate that spending was increased during the clinton administration. so when jeb talks about a deficit that we need to get a handle on, he's absolutely right. we need to cut spending, restrain spending but we also need to invest in the future. and slashing teachers, slashing aid to kids to go to college, slashing basic research that we can expand our economy, those are not the kind of spending cuts that americans think are wise. >> what americans want are jobs. and even ben bernanke, the chairman of the federal reserve says, in order to create jobs today, we need to put america on a sustainable fiscal path. i mean, already small businesses and employers large and small are facing a huge tax increase in two years. they know this. that's keeping jobs on the sideline. frankly, this onerous regulation like dodd/frank, the obama care, that's keeping capital on the sideline. and ultimately we're talking about under their pathway increasing the size of government from its historic 20% of gdp to 40% over the course of the next generation. again, we're bankrupting the children. at some point, it becomes a matter of frankly intergenerational theft. it's got to stop. >> i agree with that. but the irony is when mr. hensarling references where we are, we're there because of republican policies that have been pursued. and frankly, the president has offered a budget which freezes discretionary spending for the next five years, brings the deficit down by $400 billion there but brings the deficit down by a trillion dollars. frankly, jeb, the rules that you provided for in the start of ...