The transcript is here. Tweet your reactions at #hhrs. Teaser:
HH: I saw you on Bloomberg over the weekend making the very important point that if interest rates go up two percent, we owe another $300 billion dollars. We are flat out broke and up against the wall.
TC: We’re going down the tubes if we don’t do something this year about this problem.
HH: I agree. But if you stay at the table with a disingenuous partisan who rejects a comprehensive plan, you are asking them to lie to you. I mean, you’re asking to get beat up.
TC: No. Well, again, Hugh, I will tell you, these guys…I’m not much of a partisan.
HH: I know that.
TC: But these guys are. It’s in their blood. So you get the typical reaction. At the end of the day, two years from now, will we look back and say did we make the hard choices, regardless of what Kent Conrad said at one moment on a budget plan by Paul Ryan? We will have. Either we will have, or we’ll be, you know, we’ll be beholden, and we’ll be making choices much like Greece is making choices that they don’t want to have to make. So the thing is that nobody can criticize Ryan’s plan until they’ve got one of their own. And he doesn’t have one of his own.
HH: I agree.
TC: And so you discount what…look, 80% of what’s said in Washington is partisan. That’s what career politicians do. And you discount it and you work at facts.
HH: But if you don’t act in response to that, that means the side you represent, fiscal conservatives, always end up staying at the table and getting sucker punched like happened, I think, to the House. What did you make of this budget deal Friday night? That wasn’t much of a budget deal.
TC: It’s a budget deal, but it doesn’t lower the baseline in the out years the way they should have. And they got gamed a little bit. They actually cut some spending, but the spending wasn’t going to get spent anyway. So you know, I think they got sucker punched. I think there’s no question about it. The question did they still get another $16, $18 billion above the $12 billion they’d already got? Yeah, and those are real numbers. Those will decrease the baseline. Is it what I would have wanted? No.