MSNBC "The Ed Show" - Transcript

Interview

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REP. JERROLD NADLER (D), NEW YORK: Good to be here.

SCHULTZ: Is this it? Is this going to pass the House?

NADLER: I think a bill will pass the House tomorrow that will be substantially the same as the Senate bill with one change. We"re going--apparently, we"re going to change the estate tax so it won"t be the Senate version. It"ll be last year"s estate tax. It"ll be a $3.5 million exemption for a single person and $7 million for a couple instead of one and two.

SCHULTZ: All right. The keyword here is "change," Congressman. You just heard Mitch McConnell. They have an understanding. What"s your understanding of the understanding?

NADLER: Well, they may have an understanding with the president, but they don"t have an understanding with the House. And for them to say we must take it or leave it is outrageous.

We are an independent elected body. Now, I"m not going to vote for this bill in any event, but there"s so much in it for the Republicans, that they should take this. And they may yet. We"ll see.

SCHULTZ: Well, you have said it"s like dealing with gangsters. Do you stick to that comment?

NADLER: I sure do. I mean, what I said was they"re acting like gangsters because they"re saying, in effect, to us and to the country, you have this very nice middle class tax cut here. A pity if anything should happen to it. And if you don"t extend the tax cuts for millionaires and billionaires, we"ll kill the middle class tax cut. That"s blackmail, that"s extortion.

SCHULTZ: Is Nancy Pelosi going to go along with the change in the estate tax and create what could be a huge problem at this point?

NADLER: Well, from what I"m hearing, the bill that will be on the floor tomorrow will change the estate tax from what"s in the Senate bill.

SCHULTZ: Well, this is going to be interesting.

Congressman, good to have you with us tonight. Thanks so much.

NADLER: Good to be here.

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