Discussing Proposed Federal Budget Cuts to Thwart Deficit on Political Capital

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... ""political capital"" -- key developmts in egypt. hosni mubarak steps down. we talk with margaret brennan. and we interview the house democratic whip. we begin the program with house democratic whip steny hoyer. thank you for being with us. republicans ran on cutting federal spending, and they are beginning to offer some details. you do not like many of the spending cuts, i know, but give us an idea of some of the specific cuts. >> first of all, let me say that we heard the message, and we believe strongly we have got to get a handle on the deficit. it is unsustainable. we have to cut spending. we have to look at across the board revenues, entitlements, defense and discretionary spending. unfortunately, what republicans are doing is looking at only one segment of the, which is discretionary spending, which is about $450 billion of the $3.70 trillion. >> any particular charge that they are making? >> clearly, they are looking at cuts in education. every business leaders i've talked to says we have to invest in education. china is, india is, europe is. our competitors are educating their young people so that they can be competitors in the international global marketplace. they want to cut, as i understand it, funds from programs, which help us form a safety net for some of our people, whether it is a nutritional programs -- >> did they cut the nih budget? >> i understand the basic medical budget has been cut. they have not yet put on line the cuts that they are proposing. the reason they have not done so is because they thought they had an agreement, but that agreement fell apart at a very animated caucus this week, and as a result, we did not yet have specific cuts. >> obama said he is also going to offer painful cuts in his budget. that will include reducing low income energy assistance. it will include no longer civilian pay parity. are those going to be effective with you and your caucus? >> we will have to look at them again. his budget does not come out until next week, so we have to look at those. some of the information i hear is there will be painful cuts. women and children funding, apparently, is going to be cut. some of the cuts that you just mentioned. low-income energy assistance cuts. they are going to be troubling, particular the in a cold winter with a lot of snow. having said that, though, i think it is a recognition by the administration, which we recognize as well, that there will have to be some very tough decisions made. as you know, i have taken the position for the last year that we're going to have to look across the board, and i applaud the commission's which reported across the board focus and across the board fiscal discipline financial cuts. i think that is going to be necessary. we need to get a handle on this deficit. the american people are correct. however, republicans have diluted the american people and themselves in believing that the cuts that they want to get can be taken from about 13% or 14% of the budget on which people rely, and you mentioned the national institutes of health, which are looking at how to cure cancer, lung disease, diabetes, chronic disease that cost our nation very substantial amounts of money. the investment in preventing or treating or curing them are going to pay off in much more dollars. in some cases, the republicans are being penny wise and pound foolish. >> republicans say that if you want to have entitlements, the president has to lead on that. to the president made specific proposals on social security, and should that be tied to revenue increases also? >> i have said and continue to believe that the president and republicans in the house and senate and democrats in the house and senate need to sit down and come to grips with how we deal with entitlements, defense spending, and discretionary spending. because the deficit is -- >> and taxes. >> and taxes, i'm glad you mentioned that. revenu have to be part of this package. i think the president took the lead when he appointed the commission that just reported. i think the recommendations they ...