Hoyer Affirms Budget Proposed by President Obama on Squawkbox

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... side argument. maybe that's in another show. >> we'll talk to you two. you too. >> thanks. >>> president obama sending his budget plan to capitol hill today setting the stage for heated debates. house majority leader steny hoyer joins me with his thoughts on the agenda. it's funny. i guess it's politics, leader hoyer, but we just had senator hutchison and senator gregg on. is this the same budget that you're talking about that has all this fiscal responsibility in it, or are we look at different pieces of paper here? >> no, it's probably the same pieces of paper. very frankly, judd gregg and kay bailey hutchison are friends of mine, people i respect, but they pursued and supported an economic policy over the last eight years that i think has gotten us deeply in debt and deeply in trouble in this economy. what president obama said was he was going to submit an honest budget and says this is a much more reasonable and honest budget that includes the cost of the war which we're not including previously, the cost of adjusting the minimum tax. i think it's realistically putsd forward a plan to get us to have the budget deficit by the end of president obama's first term. i think that's an objective that we ought to be going after. he endorses pay go, which says we're going to pay our bills as we go along, not put generations more deeply into debt, but he has inshartd, as he said tuesday night, the worst economic situation of any president since franklin roosevelt, so there are tough times whereby this is going to be a tough budget, but he also is looking to the future in terms of health care and education, foreign policy. so i think it's a realistic budget. it's a tough budget. >> leader hoyer, i think one point that was made is that we're -- it's going to be a 12% of gdp. this is going to be a huge budget this year, and no one has really taken issue with that. you got to do what you got to do. we're going to, obviously, by 2013 we're head odd a downward glide anyway. just to get to half of that, that half, that number still represents a greater budget than any we've had in the past of greater deficit than any we had in the past eight years, and i guess -- >> not as a percent of gdp. i'm not sure. this budget deficit at the end of this fiscal year, which is essentially the result of the bush budget is going to be greater than that. at the end of obama eights term, if we half the budget. >> yeah, but if we get down to $600 billion or $6700 billion by 2013, thattill not a good number. there could be better numbers. >> absolutely. you're right. still way too high. we've got to bring it down. i'm worried about my grandchildren and my one great granddaughter paying these bills. if this generation has a responsibility as the president said on tuesday to, in effect, suck it up, pay for what we're buying, but invest in getting us out of this hole by growing the economy and creating jobs for our people and bringing this deficit down. absolutely. it's too high even at the end of four years. >> we keep asking the question about whether president gim could make some of the mistakes of trying to do too much at once. we are in a dire economic circumstance here. is now the time for health care? >> well, i think the answer to that question is yes, because as president obama pointed out, as we all know, health care costs are about 24% of the entire gdp, so this is a huge number, a number that is really in many respects crushing business and making them not competitive in world markets, because of their health care costs. so the answer to that question is be health care costs are really at the center of much of the financial relief, and we need to deal with them. there's no better time than now. people understand that we need to make bold decisions and we need to address critical problems. i think that's what the president is doing both with health care, with energy, and with education. >> do you think that we're all being realistic about what the ultimate taxpayer cost is going to be to take care of our financial sector. we need to think bower future deficit. fwloo if you told me ae year and a half ago i was going to voted for a bill that took $700 billion in troubled asset relief program and another $787 billion in a recovery and reinvestment program within four or five months of one another, would i say you're crazy. the pressure to confront this is ...