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00:15:53 >>> The budget standoff is raging in washington.
00:15:55 The republicans want to cut $61 billion, the democrats want to cut $6 billion initially, on top of the $40 billion the white house has already taken out.
00:16:06 How do we ever find common ground?
00:16:14 >> I think the biggest problems is they’re looking at this much of the budget, and we’re looking at nonmilitary discretionary spending, but then there’s military spending, nobody is talking about that.
00:16:24 If you you eliminate all the non-military spending you won’t balance the budg conservatives in my party will have to admit there’s waste in the military budget.
00:16:34 >> Would you look at that?
00:16:37 I couldn’t agree more from that assessment from senator rand paul.
00:16:41 Look at the numbers.
00:16:42 There’s a 2012 federal budget, $3.7 trillion.
00:16:56 You already paid payroll taxes on that.
00:16:59 That’s why social security, for example, has a surplus, so the picture looks different when we take them out.
00:17:05 The largest expense now is defense.
00:17:07 We’re spending almost one third of our budget on defense, but most of all, the congressional — but most of the congressional cuts are taking place in non-defense discretionary spending, trying to

cut the fat from small potato programs while ignoring the giant elephant in the room.
00:17:30 Joining me are congressman peter DeFAZIO, DEMOCRAT FROM OREGON, And congressman ron paul, republican from texas.
00:17:37 We appreciate both of you coming on.
00:17:39 It’s a great pleasure.
00:17:41 First of all, let me start with you, congressman paul, I take it you agree with your son?
00:17:50 >> Or maybe he agrees with me.
00:17:59 I don’t want to cut defense, i want to cut military.
00:18:03 There’s a big difference.
00:18:04 I think our foreign policy and militarism actually diminishes our defense.
00:18:09 I’m for it.
00:18:11 I think we can’t cut hundreds of billions, but you have to change policy.
00:18:15 If we assume we’re the policemen of the world and have to get involved — right now with this financial crisis that we’re in, you know, we have people TALKING — RPGs AND DEMOCRATS About

how are we going to get involved in libya?
00:18:29 I just cannot believe that, hand quite frankly, I don’t think they’re all that serious.
00:18:37 If we were serious enough i think there would be more bipartisanship how many democrats will get on boor for saying, we simply spent too much on the military, and we should actually begin that

00:19:03 >> Two weeks ago we had a great test of that when we finally defeated the second engine for a single-engine jet fighter.
00:19:10 It was the best joke I had going in my district.
00:19:19 I said, well, inside the beltway it’s two.
00:19:22 I think that could be a test case for further cuts and unnecessary weapon systems, perhaps a quicker drawdown, why are we still in europe?
00:19:40 And other overseas miss.
00:19:42 Japan we allow them to — we provide their military shield.
00:19:46 It’s time for some of these other countries to grow up.
00:19:49 >> Peter, you have a very positive statement, and I agree, but in that same bill, I think it was and we got about 120 people to vote for it.
00:20:02 We’re still building bridges in afghanistan, but I agree with you.
00:20:08 >> I was with you on that vote.
00:20:10 I want to build infrastructure they’re in the united states.
00:20:14 >> I love this love coming out on this program.
00:20:22 >> When we look at defense, it’s historically been the republican party blocked anything in that direction.
00:20:31 They said I can’t believe the democrats would do that, attention, how do you get beyond that?
00:20:41 Look at what our president is doing.
00:20:43 He had a very strong statement about our need to be involve in libya.
00:20:48 He expanded the war in afghanistan.
00:21:03 Oy ‘bama is getting close to the possible.
00:21:07 I think it’s bipartisan.
00:21:17 It’s a bipartisan mess, and i think that republicans a lot of republicans and democrats outside of washington still expect a lot from our government.
00:21:28 They need to get rid of that appetite, and maybe we would do a better job here.
00:21:35 >> congressman DeFazio, let’s get realistic, yes, you’ve lost a lot of votes together, no matter how bipartisan I have been on that issue.
00:21:46 It’s because, as congressman paul says there’s still a lot of bipartisan on the other side taking defense from — that’s got to be relevant, right?
00:21:56 >> It’s a substitute, very ineffective jobs program.
00:22:02 President eisenhower warned ABOUT THIS IN THE 1950s, WHEN You produce weapons, it steals away from real product activity.
00:22:13 So, no, it has been a bipartisan problem.
00:22:16 There are a lot of democrats worried about — I’ll give a quick example.
00:22:21 Ron and I tried to eliminate the selective service for the draft, which we’re never going to have.
00:22:26 As an amendment in that bill.
00:22:28 We get a pathetic 130, 40 votes and democrats and republicans said this is a national security issue.
00:22:34 It wasn’t a national security issue.
00:22:36 It’s a more I bun bureaucracy we don’t need.
00:22:41 I’ve never seen a selective service uniform, and entertainment, yes, they’re very entertaining.
00:22:48 Democrats and republicans are worried about being called soft on defense.
00:22:54 There’s a difference between military spending and waste.
00:22:59 >> congressman DeFazio and congressman paul, a pleasure to see you together fighting on this issue and trying to change the framing in washington.
00:23:12 Thank you both for coming on.
00:23:14 I really appreciate it.
00:23:15 >> Thank you.

About William Brighenti

William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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