They Said It: Offsetting The Sequester With Cuts “Not Impossible”

They Said It: Offsetting The Sequester With Cuts “Not Impossible”

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They Said It

White House Chief Of Staff Denis McDonough: Offsetting Sequester With Cuts “Not Impossible”

So Why Is The White House Insisting On Tax Hikes?

JONATHAN KARL: But help me understand because we have a budget. This is … look at exactly what this is. $85 billion this year out of a budget of 3.8 trillion. You can see just the small slice and then if you look at the sequester over ten years we’re talking about 1.2 trillion out of $47 trillion in projected government spending. Is it really impossible to find less than 3% of savings in a federal budget without making those kind of horrible cuts?

DENIS MCDONOUGH: You know what, it’s not impossible and this is exactly what the president has done over the last year. $2.5 trillion in deficit reduction. He’s ready to do another trillion and a half to get up to the $4 trillion target that economists across the country tell us is needed to stabilize the debt over the next ten years. So that’s exactly what the president has done working with Democrats and Republicans.

JONATHAN KARL: But you’re going to hold on tax increase.

DENIS MCDONOUGH: We’re going to insist on doing it …

JONATHAN KARL: Which means tax increases.

DENIS MCDONOUGH: Insist on doing it in a balanced way.

(ABC’s “This Week,” 2/17/13)