WH Economic Director Gene Sperling on the Deficit Reduction

National Economic Council Director Gene Sperling just had an interview on FOX News’ Special Report regarding the deficit reduction discussions. Excerpts from the interview can be found below, courtesy of Fox News.

On Republicans saying tax revenue increases have been on the table in discussions:
Gene Sperling: “Well, listen, I was obviously at the table for the Biden talks, and we have a commitment that we don’t talk about what was said and not said in the room.  I think there is no question that you have had many Republican leaders make comments like, no revenues at all.  But if that is wrong, we welcome that, because as the President said, you can’t get a bipartisan agreement if you don’t have a willingness for people to do things even that they don’t want to but part of a bipartisan compromise that is good.”

“And we understand that if you are going to do serious debt reduction, you have to have shared sacrifice.  And that means shared sacrifice among the American people; meaning, that you are not putting all the burden on seniors and middle-class families, and asking those that are the most fortunate or have the most political power to take a pass and not contribute.”

“So if that’s correct that they are willing to put revenues on the table, that’s good news and will make it easier for to us get bipartisan agreement that will help this country and help economic confidence.”

On the framework of his discussions with Congressional leaders tomorrow, and whether it is similar to the Bowles-Simpson plan:
Sperling: “ I think what is the framework and what is similar to that is that you want something that puts everything on the table; you want something that is an honorable compromise between the parties.  That means that you got to, as the President said, check your ultimatums, check your politics at the door, and come and try to find where is the common ground.  It is about showing the world even with divided government we can come together and bring down our deficit, put our fiscal house in order and give people confidence that the United States is, as it always has been, the best place to do long-term investment in jobs and growth.”

On whether corporate tax reform is on the table in tomorrow’s discussions:
Sperling: “You know, that hasn’t been as much on the table because that’s been more considered a deficit-neutral proposal.  I think what’s on the table tomorrow for everybody is how we can bring the deficit down, how we can bring the debt down, how we can get ourselves on a sustainable path that creates confidence and growth and gives people the confidence to start investing in long-term job creation at the rate we would like.”

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