Collins: Tax bill will cut deficit through 'economic growth' | Meet The Press

FIRST. LET ME PLAY A LITTLE MASH-UP OF
LET ME PLAY A LITTLE MASH-UP OF
WHAT YOUVE SAID ABOUT THE DEBT
WHAT YOUVE SAID ABOUT THE DEBT
IN THE PAST.
IN THE PAST.
TAKE A LISTEN.
TAKE A LISTEN.
>> AND SENATOR COLLINS, YOU SUPPORTED PRESIDENT OBAMA ON THE
SUPPORTED PRESIDENT OBAMA ON THE STIMULUS PACKAGE.
STIMULUS PACKAGE. CAN YOU SUPPORT HIS BUDGET?
CAN YOU SUPPORT HIS BUDGET?
>> NO. >> WHY NOT?
>> WHY NOT? >> BECAUSE IT BRINGS OUR DEBT
>> BECAUSE IT BRINGS OUR DEBT LEVELS TO AN UNPRECEDENTED
LEVELS TO AN UNPRECEDENTED
LEVEL.
LEVEL.
>> OUR CURRENT DEBT IS
>> OUR CURRENT DEBT IS
UNSUSTAINABLE.
UNSUSTAINABLE.
ITS $14.3 TRILLION. AND IT IS A THREAT TO THE FUTURE
AND IT IS A THREAT TO THE FUTURE PROSPERITY OF THIS NATION.
PROSPERITY OF THIS NATION. >> ALL RIGHT.
>> ALL RIGHT.
IF THE DEBT IS UNSUSTAINABLE AT $14 TRILLION, HOW DO YOU -- HOW
$14 TRILLION, HOW DO YOU -- HOW DID YOU MAKE YOURSELF
DID YOU MAKE YOURSELF COMFORTABLE VOTING FOR SOMETHING
COMFORTABLE VOTING FOR SOMETHING
THAT IS GOING TO INCREASE THE DEFICIT, THIS TAX BILL?SE THE
DEFICIT, THIS TAX BILL? WERE AT $20.6 TRILLION NOW AND
WERE AT $20.6 TRILLION NOW AND
THE BEST ESTIMATES SAY ITS GOING TO, EVEN THE BESTITS
GOING TO, EVEN THE BEST ESTIMATES OF DYNAMIC SCORING
ESTIMATES OF DYNAMIC SCORING THAT WE COULD FIND STILL HAD
THAT WE COULD FIND STILL HAD HALF A TRILLION TO THE DEFICIT.
HALF A TRILLION TO THE DEFICIT. >> ECONOMIC GROWTH PRODUCES MORE
>> ECONOMIC GROWTH PRODUCES MORE
REVENUE AND THAT WILL HELP TO OFFSET THIS TAX CUT AND ACTUALLY
OFFSET THIS TAX CUT AND ACTUALLY LOWER THE DEBT.
LOWER THE DEBT. I --
I --
>> WHERE IS THE EVIDENCE? CAN I -- EXPLAIN TO ME -- FIND
CAN I -- EXPLAIN TO ME -- FIND A -- FIND A STUDY THAT ACTUALLY
A -- FIND A STUDY THAT ACTUALLY SAYS WHAT YOURE CLAIMING.
SAYS WHAT YOURE CLAIMING.
IT DOESNT EXIST.
IT DOESNT EXIST.
>> LET ME DO THAT. FIRST OF ALL, IF YOU TAKE THE
FIRST OF ALL, IF YOU TAKE THE CBOS FORMULA AND APPLY IT, JUST
CBOS FORMULA AND APPLY IT, JUST
0.04% INCREASE IN THE GDP RENOVATES A TRILLION DOLLARS.
RENOVATES A TRILLION DOLLARS. A TRILLION DOLLARS.
A TRILLION DOLLARS. EVEN THE JOINT COMMITTEE ON
EVEN THE JOINT COMMITTEE ON TAXATION HAS PROJECTED THAT THE
TAXATION HAS PROJECTED THAT THE TAX BILL WOULD STIMULATE THE
TAX BILL WOULD STIMULATE THE ECONOMY TO PRODUCE HUNDREDS OF
ECONOMY TO PRODUCE HUNDREDS OF BILLIONS OF ADDITIONAL REVENUE.
BILLIONS OF ADDITIONAL REVENUE. IVE TALKED TO FOUR ECONOMISTS,
IVE TALKED TO FOUR ECONOMISTS, INCLUDING THE DEAN OF THE
INCLUDING THE DEAN OF THE COLUMBIA SCHOOL OF BUSINESS AND
COLUMBIA SCHOOL OF BUSINESS AND FORMER CHAIRS OF THE COUNCILS OF
FORMER CHAIRS OF THE COUNCILS OF ECONOMIC ADVISERS, AND THEY
ECONOMIC ADVISERS, AND THEY BELIEVE THAT IT WILL HAVE THIS
BELIEVE THAT IT WILL HAVE THIS IMPACT.
IMPACT. SO I THINK IF WE CAN STIMULATE
SO I THINK IF WE CAN STIMULATE THE ECONOMY, CREATE MORE JOBS,
THE ECONOMY, CREATE MORE JOBS, THAT THAT DOES GENERATE MORE
THAT THAT DOES GENERATE MORE REVENUE.
REVENUE.
>> BUT WHY ISNT THERE A SINGLE STUD -- IM GOINGTHERE A SINGLE
STUD -- IM GOING STUD
STUD STUDY -- IM GOING TO THROW YOU
STUDY -- IM GOING TO THROW YOU THEE STUDIES WE HAVE.
THEE STUDIES WE HAVE. THE MOST KURDISH ONE, THE MOST
THE MOST KURDISH ONE, THE MOST PRO ECONOMIC GROWTH ARGUMENT AS
PRO ECONOMIC GROWTH ARGUMENT AS $516 BILLION TO THE DEFICIT OVER
$516 BILLION TO THE DEFICIT OVER TEN YEARS.
TEN YEARS.
>> WELL, TALK TO ECONOMISTS LIKE GLENN HUBBARD AND LARRY LINDSEYE
GLENN HUBBARD AND LARRY LINDSEY AND DOUGLAS EATON WHO USED TO BE
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Collins: Tax bill will cut deficit through 'economic growth' | Meet The Press | NBC News

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