Rep. Chris Van Hollen (D-MD) appeared on CNN's
State of the Union with Candy Crowley today.
Transcript.
Highlights:
VAN HOLLEN: We've had at least ten sessions. And let me say this, even that trillion was contingent on an overall agreement which meant the Republicans had to agree to some revenue component.
Let me go to the failure of these big talks. Here's the issue, at the end of the day what we're seeing is the priority of our Republican colleagues is not to get a deficit reduction deal, it's to protect special interest tax breaks for big corporations. We had the corporate jet loophole, we have big oil and gas companies, and then we have folks at the very top of the income ladder.
Now I listened to my friend Kevin say they were all small businesses, and as you pointed out, it just isn't true. The joint tax committee has said about 3% of businesses fall in the top category that we're talking about, and those businesses include things -- companies like KKR, Pricewaterhouse, Fortune 100 companies, anyone that files as an S Corporation, so those are good businesses, but these are not mom and pops.
CROWLEY: Let me just in fairness point out, because I looked into this, they are the businesses, those 3 percent that are in there that we're talking about are the ones that create the most jobs, but carry on.
VAN HOLLEN: But what we're talking about here are big businesses. We're talking about any business that files as an S corporation. We're talking about big Washington law firms, we're talking about lobbying firms, and we're talking about things like Pricewaterhouse.
Now good companies, but to say that you're protecting small businesses and mom and pops is just dead wrong, it's counter factual. And I think we should put an end to the myth right now. What they're protecting are big gas companies and corporate jets.
CROWLEY: Do you want to raise taxes? I mean, given, look you know what a lousy jobs report we just got. Do you think it's a good idea to raise taxes on anybody when the jobless rate is 9.2%?
VAN HOLLEN: All the proposals we're talking about would kick in after 2012, number one. Number two, yes, I think it's a good idea to close corporate tax loopholes as part of a deficit reduction plan, because we have got to reduce our deficit to insure long-term economic growth.
We all, I thought, recognize that that's a big, big problem.
CROWLEY: But can you have growth if no jobs are being produced I guess is.
VAN HOLLEN: Well, of course you can't. And we're not proposing that these changes go into effect immediately. We're talking about phased in over a ten-year period, number one. Number two, we all know that during the Clinton administration when you add higher tax rates for the folks at the top, we had a booming economy, 20 million jobs were created, and the rub is this, the most important factor for economic growth are not small changes in the top tax rate. There are many other factors in the economy.
CROWLEY: You won't let that happen? So in other words, you would pass just cuts, just spending cuts in order to get a deficit?
VAN HOLLEN: No, no, that's not what I am saying. What I am saying is that we want to do deficit reduction, but we also recognize we have a responsibility to prevent the economy from tanking.
CROWLEY: Meaning raise the debt ceiling?
VAN HOLLEN: I would personally support raising the debt ceiling if we're not able to reach an agreement, I would prefer to reach an agreement, but unlike our Republican colleagues, we're not saying that if we don't get deficit reduction in these talks our way, we're prepared to let the whole economy go down.
VAN HOLLEN: I would personally support raising the debt ceiling if we're not able to reach an agreement, I would prefer to reach an agreement, but unlike our Republican colleagues, we're not saying that if we don't get deficit reduction in these talks our way, we're prepared to let the whole economy go down.
CROWLEY: But that won't pass the House as far as we can tell.
VAN HOLLEN: But that's because that's their position. In other words, we're not the party saying that we're going to put the economy and jobs at risk by allowing the United States for the first time in its history not to pay its bills if you don't do deficit reduction our way. We're not taking that position. They are, and their way is, again, slashing Medicare and Medicaid to protect corporate tax breaks.
CROWLEY: But again, not on the debt talks. But let me ask you this as a bottom line question in about half of a minute, how is this going to end?
VAN HOLLEN: Well, we'll have to find out tonight whether the Republicans will reconsider their position. This is a huge missed opportunity for the country to get a significant deficit reduction package in a balanced way. And if they refuse to do that, then we're really back -- not at square one, but we're really -- it's a major setback. Because while we made some progress in the Biden talks, our Republican colleagues are -- they're dreaming if they think we had $2.4 trillion in cuts. We were nowhere close to that. And again, they walked out, because they did not want to take away the tax breaks for corporate jets for the purpose of deficit reduction, oil and gas companies, and folks at the very top.
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