Fox News "Your World" - Transcript
Interview
Fox News "Your World" - Transcript
MR. CAVUTO: Well, times like these are no time for talking tax hikes, right? That is the message Republicans are sending Democrats. House Minority Whip Roy Blunt among them.
Congressman, not the prescription the doctor ordered, right?
REP. BLUNT: Well, I think that's right, Neil. I think you've got a couple of things that have happened over the last 20 months, and one is that the Congress, this new Congress led by the Democrats, over and over again talked about how many ways they could raise taxes, the need to eliminate the job-creating, growth-creating tax structure of the last few years. And frankly, beyond that, our regulatory framework seems to have been overcome by the way the economy works today.
Secretary Paulson months ago asked for a new regulatory framework. And as far as I know, there's been no congressional action of any kind on that. But the bigger problem, I think --
MR. CAVUTO: You know the Democrats are saying, sir, fairly or not, that, you know, you guys are in the majority when they were looking at the regulatory stuff and that, you know, you had this laissez-faire approach that created these monsters. What say you?
REP. BLUNT: Well, I think one of the things that Secretary Paulson has done that I really agree with has come in and try to modernize the regulatory framework that meets the way people do business in the country today. That doesn't mean that was the way people were doing business in the country five years ago.
You know, and one of the things to understand about the economy, securities and investments generally is that you've got to know what you're doing to prescribe a solution that fits today's economy. And I think he did that. I think that some of what he did needs to be looked at carefully. But certainly by not looking at it, you don't go forward.
But the bigger point is the one you already made. You can't spend 20 months talking about how you're going to reverse the things that have created jobs and grown the economy and not expect that to have economic consequences. And part of what's happening today is those very economic consequences. Things, Neil, that make sense at 15 percent capital gains don't make sense at 20 or 22 or 20 (percent), and people don't move forward.
MR. CAVUTO: Congressman, always a pleasure. Thank you, sir.
REP. BLUNT: You bet.
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