MSNBC "NewsNation" - Transcript

Interview

Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, today appeared on MSNBC's NewsNation to discuss the ongoing debt ceiling negotiations. You can watch the interview here. The transcript is below.

THOMAS ROBERTS, HOST: Joining us is Chris Van Hollen, who participated in the talks led by Joe Biden before they fell apart late last month. Sir, it is nice to have you with us today, and as you are hearing John Boehner moments ago saying that he understands that the debt ceiling needs to be raised and the President saying this morning that he is willing to put some political skin into this game, but can Speaker Boehner do that as well? Can he go back to his caucus and say, this is where we need to be to come to a consensus?

REP. VAN HOLLEN: Well, that's exactly the question. As the President pointed out earlier today, he, the President, has put on a table a balanced approach, and has significant cuts, but also says that we need a little bit of revenue through closing some of the tax loopholes whether it is corporate jets, and oil and gas companies and the like, and the Republicans are still saying no. They wanted 100 percent their way or they are threatening to allow the United States to default on its bills which would be catastrophic for the economy and for jobs. So, we are hoping that we can pull things together. When the Republicans say, well, let's just go back to the Biden talks, it is important to remember that they walked out of the Biden talks for the same reason they backed away from the big deal, because their priority apparently is not deficit reduction. It apparently is to protect these special interest tax loopholes.

ROBERTS: We got a dismal job report Friday and I think that unemployed Americans in this country really don't give a fig, a flying fig, if corporate jet owners have to pay more taxes or oil companies have to pay more taxes, and why do the Republicans keep saying that if we do raise taxes, that it's going to be a jobs killer when we've had tax breaks, basically over the last ten years that have not stimulated this economy and turned it in the wrong direction?

REP. VAN HOLLEN: Well, that is exactly right. If you heard Speaker Boehner today, the prescription he had for the economy was the same old trickle-down theory we heard for eight years in the Bush Administration, and we know how that movie ended -- with millions of lost jobs. That is not the answer. You go back to the Clinton Administration when you had a balanced approach to budget reduction, you constrained spending, but you also had higher tax rates for the wealthiest Americans and you had 20 million jobs created in that period of time. And that is what the President is saying, "Look, job number one is to get the economy back on track which is why it is so dangerous for the Republicans to be threatening to default on the national debt and say that the United States for the first time in the history isn't going to pay its bills. That will just make a tough situation much worse. And all because they don't want to give in on some of the corporate tax loopholes and as the President said, I think it is important to emphasize, these wouldn't even kick in until 2013. In the meantime, the President has proposed an extension for a year of the payroll tax holiday, so in fact, the vast majority of Americans will get this additional tax relief, and the corporate loopholes will begin to be closed in 2013.

ROBERTS: I have a feeling we'll be talking about this for weeks to come, Congressman Chris Van Hollen. Sir, great to have you on today. Thank you.

REP. VAN HOLLEN: Great to be with you. Thanks.

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