12 votes

CNBC Video - Former Reagan Budget Director David Stockman: 'Budget Betrayal, Final Surrender'

CNBC Video - Former Reagan Budget Director David Stockman: 'Budget Betrayal, Final Surrender'

8 hrs ago 3:52

CNBC's Rick Santelli and David Stockman, OMB director under President Reagan, discuss the budget deal. Stockman says the deal is the final surrender of House Republican leadership.

Published: Wednesday, 11 Dec 2013 | 1:44 PM ET
By: Jeff Morganteen | Producer, CNBC.com

CNBC's Rick Santelli and David Stockman, OMB director under President Ronald Reagan, discuss the budget deal. Stockman says the deal is the final surrender of House Republican leadership.

House Republicans "capitulated" in agreeing to the two-year budget deal reached last night and left the country to deal with an unsustainable fiscal situation until the peak of the presidential primaries in 2015, when nothing will get done, former federal budget director David Stockman told CNBC on Wednesday.

"First, let's be clear—it's a joke and betrayal," Stockman, who served under President Ronald Reagan, said on "Squawk on the Street." "It's the final surrender of the House Republican leadership to Beltway politics and kicking the can and ignoring the budget monster that's hurtling down the road."

http://www.cnbc.com/id/101265477

http://news.yahoo.com/video/budget-deal-joke-betrayal-expert...



Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

That is because Stockman

That is because Stockman doesn't understand how the budget works.

This was a guy whose President ran big deficits and spent a ton of money. To the good of the economy, I might add, greatly increasing net private sector financial assets.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

That Stockman, he's being

That Stockman, he's being awful tough on our good friend Congressman Ryan, the budget hawk. I mean, come on, in exchange for kicking the can past the next two election cycles he got the Dems to agree to a 23 billion dollar "cut" over 10 years! That's 2.3 billion a year!

Out of a 4 trillion dollar yearly budget that's a "cut" of nearly .0006%! That's like a family with a $40,000 / yr budget on a $30,000 / yr income making a spending cut of $23. Come on man! That'd hurt!

Guess Mr. Stockman just doesn't recognize historic budget agreements when he sees 'em.

GOP! GOP!

I must be willing to give up what I am in order to become what I will be. Albert Einstein

Even worse than that because that's not a real cut.

It's more like that family who makes $30k and who spends $40k planning to spend an additional $3000 each year over what was spent the year before, and then cutting back to only an additional $2997.70 per year.

Over the course of 10 years, that family will have made $300k, and spent $429,977 instead of $430,000.

The cut isn't compared to what was spent last year, but compared to what they WANTED to spend next year.