Advertisement

Interview with Rep. Chaka Fattah

By Your World w/Neil Cavuto, Your World w/Neil Cavuto - November 24, 2010

Wednesday, November 24, 2010

Special Guests | Rep. Chaka Fattah, D-Pa.

var pageVars = { videoId:'4434607', playlistId:'' }; videoPlayerFlashVars.core_ad_player_name = 'fullpage'; videoPlayerFlashVars.core_ads_enabled = true; videoPlayerFlashVars.core_omniture_player_name = 'fullpage'; videoPlayerFlashVars.core_omniture_account = 'foxnews'; videoPlayerFlashVars.auto_play = true; videoPlayerFlashVars.yume_ad_domain_code = '109DLWefYRt'; videoPlayerFlashVars.yume_ad_server_domain = 'pl.yumenetworks.com'; embedVideo({ autoplay: true, swf_url: 'http://video.foxnews.com/assets/akamai/FoxNewsPlayer.swf', dom_id: 'video-player', width: '400', height: '249', flash_version: '9.0.115', exp_install: 'http://video.foxnews.com/assets/akamai/expressInstall.swf', video_folder: '/v/feed/video/', playlist_folder:'/v/feed/playlist/', flash_vars: videoPlayerFlashVars, player_vars: videoPlayerParams, callback_options: { onVideoEndPlayNext: false // play next video } });

This is a rush transcript from "Your World With Neil Cavuto," November 24, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: All right, we're back here. We are talking about not only the economy, but this -- you take good news where you can get it, the White House, many leaders in Congress, seizing on this $250 billion TARP news.adsonar_placementId=1502157;adsonar_pid=150758;adsonar_ps=-1;adsonar_zw=198;adsonar_zh=170;adsonar_jv='ads.adsonar.com';

In case you didn't hear, the government crowing about the fact that we have now crossed the $250 billion threshold of TARP money that has been returned to taxpayers. And they say that is all to the good, along with some of the better numbers we have been seeing and the rescue. This was the response today when that $250 billion figure was broached.

(BEGIN VIDEO CLIP)

(CHEERING)

(END VIDEO CLIP)

CAVUTO: Now, some of you are saying, Neil, there is no way no way -- there is no way that is in response to the TARP news.

Prove it. I want you to prove it. OK?

All right, we have got a good friend of mine, the Democratic Congressman from Pennsylvania Chaka Fattah joining us right now.

Congressman, you saw that elation in that video, if you had a chance, but I talked to some folks here, Congressman, who ain't buying it. They are not seeing the money. They think it is just another credit line transfer. What do you say?

REP. CHAKA FATTAH, D-PA.: Well, look, Neil, I am just concerned you have been kicked out of the Fox headquarters there on to the street.

(LAUGHTER)

FATTAH: You know, our economy is doing a lot better, and we want you to know that there is a place for you somewhere, and hopefully they will let you back in before...

CAVUTO: But you've actually suggested a few over the years.

(LAUGHTER)

CAVUTO: But what do you think, Congressman? Because I know there were good intentions with all of these rescues, dating back to the Bush administration and bailing out the banks and using the same money to bail out GM and Chrysler.

I criticized it then. I have criticized it with you since through both the administrations, because I think it leads to a slippery slope of other rescues that might not rescue and bailouts that themselves have to get bailed out. So, are we high-fiving a bit too soon here?

FATTAH: Well, first of all, people need to know profits are up for American businesses. Over a 60-year period, it's never been better.

We see manufacturing up. You saw the job numbers today. You see the stock market rallying. So, there is good news and we have a lot to be thankful for as a country.

CAVUTO: Well, you're right to point out that profits are up. But you have all these CEOs who are hanging on to almost $2 trillion in cash. And they all tell me, Congressman, they are nervous, they're very anxious.

How do you allay their fears? Because they look at a deal like today, the $250 billion, I think, and fear, it is just a credit line swap, and we are making a big to-do about it.

FATTAH: Well, here's the deal. There was a lot of concern when we had to do it. I voted for it. But at this point, we are on schedule to get all of the dollars back, with maybe the exception of $30 billion.

(CROSSTALK)

CAVUTO: When you say...

(CROSSTALK)

CAVUTO: ... have to get it back, where is it going to go? In other words, do I get a check, or where?

FATTAH: Well, it's going right back to the Treasury, where it came from. It was a credit line extended on the...

(CROSSTALK)

CAVUTO: But it didn't come from the Treasury. It came out of thin air, ether.

FATTAH: No, no, Neil, I am promising you, it came out and it is coming back in, right? And rather than adding to our long-term debt, it is helping us deal with that crisis.

CAVUTO: So, you are telling me this is in a lockbox to the debt, to the deficit. It's going to pay down the debt. In other words, in another couple of months, when I look back at these deficit figures, they are going to start going down, in large part because of the return of this money?

FATTAH: We had to, at the end of the Bush administration, borrow this money to do TARP. And, now, by it coming back in, we can pay that debt off, so it doesn't add to our long-term over close to $12 trillion in debt. We can eliminate that part. This is a lot of good news.

CAVUTO: But are you sure of that? See, here's the cynic in me, Congressman.

I worry that that is just money, if it is being returned, that you guys are just going to spend it. It's sort of like, you know, me when I was in college. Any money I got -- I know this may surprise you, but I didn't put it in my savings account. There was a bar near my school, you know?

FATTAH: Well, let me just say this. We're going to get the money back.

But if we didn't, it's an investment -- it was an investment in saving our economy. So, when the president went out to that...

CAVUTO: So, you do not know if it -- you do not know if it is going to go back?

FATTAH: No, we do know that at least everything other than about $30 billion, we are sure we are getting back. And where people were concerned that $700 billion is a lot of money...

(CROSSTALK)

continued...

< 1 2> adsonar_placementId=1502154;adsonar_pid=150758;adsonar_ps=-1;adsonar_zw=612;adsonar_zh=140;adsonar_jv='ads.adsonar.com'; Common Sense and Transcript Calendar

Choose a category

Common Sense InterviewsCommon Sense

Latest Transcript

November 23, 2010

Please click on a date for previous transcripts:

Loading Datepicker Coming Up on Your World at 4pm ET

Congress returns with a packed agenda - but something is inconspicuously absent.  We'll tell you what it is today at 4pm ET.

Your World w/ Cavuto Poll Take Our Poll(survey software) What Do You Think?

Send Neil your comments & tune into FOX Business tonight at 6pm ET.  Neil may read yours on air! 

Don't get FBN?  DEMAND IT!Find out if you get FBN here

Connect with Cavuto FacebookEmailHulu Additional Resources

Fox Business

Get the latest news on business, investments, the stock market, and more! Plus, try out useful tools and calculators for your financial questions and needs.

Cavuto on Business

The most powerful name in news brings you The Cost of Freedom, the most powerful business block on cable news!

Buy Neil Cavuto's Books

Get inspired with the New York Times bestselling books Your Money or Your Life and More Than Money by Neil Cavuto.

Home U.S. World Politics Health Business SciTech Entertainment Video Opinion Sports Leisure Topics Careers Internships - FNCU Fox Around the World RSS Feeds Advertise With Us Terms of Use Privacy Policy Contact Us Email Newsroom FAQ /**/ var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); try { var pageTracker = _gat._getTracker("UA-3128154-2"); pageTracker._setDomainName(".foxnews.com"); pageTracker._trackPageview(); } catch(err) {} $.ad.pre(); setPageVideo(); // video

This is a rush transcript from "Your World With Neil Cavuto," November 24, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: All right, we're back here. We are talking about not only the economy, but this -- you take good news where you can get it, the White House, many leaders in Congress, seizing on this $250 billion TARP news.

In case you didn't hear, the government crowing about the fact that we have now crossed the $250 billion threshold of TARP money that has been returned to taxpayers. And they say that is all to the good, along with some of the better numbers we have been seeing and the rescue. This was the response today when that $250 billion figure was broached.

(BEGIN VIDEO CLIP)

(CHEERING)

(END VIDEO CLIP)

CAVUTO: Now, some of you are saying, Neil, there is no way no way -- there is no way that is in response to the TARP news.

Prove it. I want you to prove it. OK?

All right, we have got a good friend of mine, the Democratic Congressman from Pennsylvania Chaka Fattah joining us right now.

Congressman, you saw that elation in that video, if you had a chance, but I talked to some folks here, Congressman, who ain't buying it. They are not seeing the money. They think it is just another credit line transfer. What do you say?

REP. CHAKA FATTAH, D-PA.: Well, look, Neil, I am just concerned you have been kicked out of the Fox headquarters there on to the street.

(LAUGHTER)

FATTAH: You know, our economy is doing a lot better, and we want you to know that there is a place for you somewhere, and hopefully they will let you back in before...

CAVUTO: But you've actually suggested a few over the years.

(LAUGHTER)

CAVUTO: But what do you think, Congressman? Because I know there were good intentions with all of these rescues, dating back to the Bush administration and bailing out the banks and using the same money to bail out GM and Chrysler.

I criticized it then. I have criticized it with you since through both the administrations, because I think it leads to a slippery slope of other rescues that might not rescue and bailouts that themselves have to get bailed out. So, are we high-fiving a bit too soon here?

FATTAH: Well, first of all, people need to know profits are up for American businesses. Over a 60-year period, it's never been better.

We see manufacturing up. You saw the job numbers today. You see the stock market rallying. So, there is good news and we have a lot to be thankful for as a country.

CAVUTO: Well, you're right to point out that profits are up. But you have all these CEOs who are hanging on to almost $2 trillion in cash. And they all tell me, Congressman, they are nervous, they're very anxious.

How do you allay their fears? Because they look at a deal like today, the $250 billion, I think, and fear, it is just a credit line swap, and we are making a big to-do about it.

FATTAH: Well, here's the deal. There was a lot of concern when we had to do it. I voted for it. But at this point, we are on schedule to get all of the dollars back, with maybe the exception of $30 billion.

(CROSSTALK)

CAVUTO: When you say...

(CROSSTALK)

CAVUTO: ... have to get it back, where is it going to go? In other words, do I get a check, or where?

FATTAH: Well, it's going right back to the Treasury, where it came from. It was a credit line extended on the...

(CROSSTALK)

CAVUTO: But it didn't come from the Treasury. It came out of thin air, ether.

FATTAH: No, no, Neil, I am promising you, it came out and it is coming back in, right? And rather than adding to our long-term debt, it is helping us deal with that crisis.

CAVUTO: So, you are telling me this is in a lockbox to the debt, to the deficit. It's going to pay down the debt. In other words, in another couple of months, when I look back at these deficit figures, they are going to start going down, in large part because of the return of this money?

FATTAH: We had to, at the end of the Bush administration, borrow this money to do TARP. And, now, by it coming back in, we can pay that debt off, so it doesn't add to our long-term over close to $12 trillion in debt. We can eliminate that part. This is a lot of good news.

CAVUTO: But are you sure of that? See, here's the cynic in me, Congressman.

I worry that that is just money, if it is being returned, that you guys are just going to spend it. It's sort of like, you know, me when I was in college. Any money I got -- I know this may surprise you, but I didn't put it in my savings account. There was a bar near my school, you know?

FATTAH: Well, let me just say this. We're going to get the money back.

But if we didn't, it's an investment -- it was an investment in saving our economy. So, when the president went out to that...

CAVUTO: So, you do not know if it -- you do not know if it is going to go back?

FATTAH: No, we do know that at least everything other than about $30 billion, we are sure we are getting back. And where people were concerned that $700 billion is a lot of money...

(CROSSTALK)

continued...

< 1 2> adsonar_placementId=1502154;adsonar_pid=150758;adsonar_ps=-1;adsonar_zw=612;adsonar_zh=140;adsonar_jv='ads.adsonar.com'; Common Sense and Transcript Calendar

Choose a category

Common Sense InterviewsCommon Sense

Latest Transcript

November 23, 2010

Please click on a date for previous transcripts:

Loading Datepicker Coming Up on Your World at 4pm ET

Congress returns with a packed agenda - but something is inconspicuously absent.  We'll tell you what it is today at 4pm ET.

Your World w/ Cavuto Poll Take Our Poll(survey software) What Do You Think?

Send Neil your comments & tune into FOX Business tonight at 6pm ET.  Neil may read yours on air! 

Don't get FBN?  DEMAND IT!Find out if you get FBN here

Connect with Cavuto FacebookEmailHulu Additional Resources

Fox Business

Get the latest news on business, investments, the stock market, and more! Plus, try out useful tools and calculators for your financial questions and needs.

Cavuto on Business

The most powerful name in news brings you The Cost of Freedom, the most powerful business block on cable news!

Buy Neil Cavuto's Books

Get inspired with the New York Times bestselling books Your Money or Your Life and More Than Money by Neil Cavuto.

Home U.S. World Politics Health Business SciTech Entertainment Video Opinion Sports Leisure Topics Careers Internships - FNCU Fox Around the World RSS Feeds Advertise With Us Terms of Use Privacy Policy Contact Us Email Newsroom FAQ /**/ var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); try { var pageTracker = _gat._getTracker("UA-3128154-2"); pageTracker._setDomainName(".foxnews.com"); pageTracker._trackPageview(); } catch(err) {} $.ad.pre(); setPageVideo(); // video

In case you didn't hear, the government crowing about the fact that we have now crossed the $250 billion threshold of TARP money that has been returned to taxpayers. And they say that is all to the good, along with some of the better numbers we have been seeing and the rescue. This was the response today when that $250 billion figure was broached.

(BEGIN VIDEO CLIP)

(CHEERING)

(END VIDEO CLIP)

CAVUTO: Now, some of you are saying, Neil, there is no way no way -- there is no way that is in response to the TARP news.

Prove it. I want you to prove it. OK?

All right, we have got a good friend of mine, the Democratic Congressman from Pennsylvania Chaka Fattah joining us right now.

Congressman, you saw that elation in that video, if you had a chance, but I talked to some folks here, Congressman, who ain't buying it. They are not seeing the money. They think it is just another credit line transfer. What do you say?

REP. CHAKA FATTAH, D-PA.: Well, look, Neil, I am just concerned you have been kicked out of the Fox headquarters there on to the street.

(LAUGHTER)

FATTAH: You know, our economy is doing a lot better, and we want you to know that there is a place for you somewhere, and hopefully they will let you back in before...

CAVUTO: But you've actually suggested a few over the years.

(LAUGHTER)

CAVUTO: But what do you think, Congressman? Because I know there were good intentions with all of these rescues, dating back to the Bush administration and bailing out the banks and using the same money to bail out GM and Chrysler.

I criticized it then. I have criticized it with you since through both the administrations, because I think it leads to a slippery slope of other rescues that might not rescue and bailouts that themselves have to get bailed out. So, are we high-fiving a bit too soon here?

FATTAH: Well, first of all, people need to know profits are up for American businesses. Over a 60-year period, it's never been better.

We see manufacturing up. You saw the job numbers today. You see the stock market rallying. So, there is good news and we have a lot to be thankful for as a country.

CAVUTO: Well, you're right to point out that profits are up. But you have all these CEOs who are hanging on to almost $2 trillion in cash. And they all tell me, Congressman, they are nervous, they're very anxious.

How do you allay their fears? Because they look at a deal like today, the $250 billion, I think, and fear, it is just a credit line swap, and we are making a big to-do about it.

FATTAH: Well, here's the deal. There was a lot of concern when we had to do it. I voted for it. But at this point, we are on schedule to get all of the dollars back, with maybe the exception of $30 billion.

(CROSSTALK)

CAVUTO: When you say...

(CROSSTALK)

CAVUTO: ... have to get it back, where is it going to go? In other words, do I get a check, or where?

FATTAH: Well, it's going right back to the Treasury, where it came from. It was a credit line extended on the...

Read Full Article »

Latest On Twitter

Follow Real Clear Politics

Real Clear Politics Video

More RCP Video Highlights »