Whip Hoyer on CNBC Discussing the Debt Limit and Deficit Reduction

See video
Transcript: 

good morning.

the general take is that the options are narrowing here given what the president said about some plans and then given boehner's speech earlier this week. are we running into trouble?
well, we are in trouble. and we need to bring this deficit down. we need to come to together and work together and have -- create a consensus of something that can be passed, signed by the president, to get us on the right track. it's clear that we need to bring the deficit down. americans are rightfully concerned about our debt and our deficit. so, whether it's the gang of six, the group that's meeting at the white house, or those of us in the congress, we need to come together and make some tough decisions. it's not going to be easy, and in my opinion, we can't draw lines in the sand with each other and say we can't do this, won't do this. we have to come together as the commission did that was headed up by erskine bowles and senator alan simpson, we need to get a handle on the deficit and bring it down.
congressman hensarling, i guess one take was that the speaker earlier this week obviously making a very bold call, was trying to embolden some house republicans and maybe raise the bar for the white house when it comes time to dealing later. do you believe he really believed everything he said?
of course, otherwise i don't think he would have said it in the first place. i mean, what is the purpose of having a debt ceiling vote? it's not an opportunity to just wave to the largest single debt in america's history. it is to put a speed bump. it is to force the executive and the legislative branch together to try to deal with. i mean, we're on the pcipice s of debt crisis. all the people in the bond market say the window of opportunity to deal with this as a nation is narrowing. we should embrace this opportunity to put america on a fiscally sustainable path, and i think that the speaker was very reasonable and frankly represented what the american people want. and that is, you know, if we're going to have to increase the debt limit, if we're going to have to help the president pay these bills, the least he can do is start to cut up the credit cards. i think that's where the american people are.
let me say without getting too political here, the bills that were run up in the last administration frankly upped the deficit by -- the debt by 115% frankly so that americans in terms of their values know that we have to pay our bills. and that's what the debt limit vote is about. speaker boehner said it would be an adult moment. and what he really meant by that was, look, there's not an option, we know we have to do that. the majority leader mr. cantor has said that. but they've drawn a line in the sand and saying but we won't pass it if we do this, that, or the other. that did not send a very -- a message of confidence to the markets, and very frankly after his speech i think it was a lukewarm response at best and a skeptical response at worst from his perspective. so, yes, we have to pay our debts. and i think everybody in the congress knows that. but, jeb, i want to agree with you at the same time we ought to take this opportunity to address in a very serious way the reduction of the debt, reduction of the deficit and get our ship of state on a smooth financial path.
right. yeah, i understand. need to make tough decisions. i think we should start saying all the boilerplates so we save the interview time for actual discussion of ideas. congressman hensarling, gang of six, biden, what's the best hope at this point? who do you think is going to have the most traction when things get really tough?
i don't know the answer to that question. i mean, listen, anytime that both republicans and democrats are sitting down across the table, trying to find common ground, i think that is a good thing. as far as looking through a crystal ball and seeing which, i don't know. i will say this, first, i'm always happy to yield to steny if he's going to agree with me. but i would say this, when he talks about drawing a line in the sand, it seems to me the person who drew the line in sand was the president when he asked for a naked increase in the debt ceiling without any type of spending discipline attached to it. in the modern era, i think you've had at least nine naked debt ceiling votes go down in flames. i mean, this is a moment that has to be embraced.
okay.
that's why we have this in the first place --
congressman, i wish i could let you finish. they're telling me go to commercial.