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Interview with Tom Donohue, CEO of the USCOC

By Your World w/Neil Cavuto, Your World w/Neil Cavuto - December 10, 2010

Friday, December 10, 2010

Special Guests | Tom Donohue

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This is a rush transcript from "Your World," December 10, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF “YOUR WORLD”: Well, thank you very much. I’m Neil Cavuto here. "Your World" coming to you today from not too far from the White House here in Washington, D.C., where it’s a mad scramble to get this thing done.adsonar_placementId=1502157;adsonar_pid=150758;adsonar_ps=-1;adsonar_zw=198;adsonar_zh=170;adsonar_jv='ads.adsonar.com';

Now, of course, we all know two weeks from tonight is Christmas Eve, but these guys are scrambling to get something else done and out of the way and very fast so they can go shopping. The Bush tax cuts and what to do about them -- because if they do nothing, as you all know by now, they just go away at the end of this year and retroactively return to what they were a decade ago. Suffice it to say, a lot higher.

Here is what is at stake right now -- the debate over how to get them through to satisfy two very different parties. Here’s what we can tell you right now. They’ve begun adding to the Christmas tree with a lot of goodies and a lot of add-ons. In fact, they’re calling it the add-on pile- on, for very good reason.

Among some of the things they’ve done to woo some votes, in Puerto Rico, $262 million for the rum industry.

I have no idea why.

Separately, for biodiesel, credits to the vicinity of about $1.9 billion. There is a big theme with green technology here.

And then something that out of the blue came for American Samoa -- $27 million worth of incentives. That would make those in American Samoa happy.

Separately, you have something for motor sports complexes to the tune of about $36 million.

Again, I have no idea why motor sports complexes need that amount of money, but touche, guys, you just got it today.

Also, for green homes, alternative fuels, again and again and again, more green. But, again, the idea here is to get this thing through. These are not being considered or called earmarks. They are being called extenders. They are being called anything but earmarks.

Here is what the bill is shaping up to be right now. This is what we’re looking at -- Stimulus Two; they’re calling it, something that will cost in the vicinity of $801 billion.

Now, you might know I’m leaving the jobless benefits out of this for the sake of making a clean comparison. But those jobless benefits north of about $110 billion.

But I’m going to take a peek at this. Here’s what we’re looking at -- $801 billion. This has already gone up from when this was first proposed just a few days ago, $754 billion. There are $55 billion worth of these tax extenders.

Now, I had wanted a pie chart. We had suggested a pizza pie chart.  Some of my non-Italian colleagues and producers say, Neil, we’re going to go with a simple pie chart. So be it. I will remember you, each and every one of you, when I return to the office on Monday.

In the meantime, Tom Donohue as to whether they’re going to buy this pie, extenders or no.

Tom is the man who heads the Chamber of Commerce.

This is his first chat, by the way, since the mid-term elections, and we’re very honored to have him.

In fact, we’re on the roof of his very building.

Tom, it’s good to have you.

Merry Christmas.

TOM DONOHUE, PRESIDENT & CEO, U.S. CHAMBER OF COMMERCE: Well, I’m glad to be here.

Good to have you at the Chamber.

CAVUTO: What do you think of this bill?

You’ve heard from a lot of folks who are saying uh-oh, we’re -- we’re doing the bad earmark thing.

What do you think?

DONOHUE: I think the bill as a package is better than the pieces by themselves. It addresses two or three very important things. If we don’t fix this tax bill, all of those tax breaks go away for all Americans. It would be a huge tax increase and would have a massive effect on our ability to get out of this recession and put people to work.

Second, I think it does address some of the issues of a large unemployment population by providing some extended -- extended benefits for them. And I think that makes sense, as long as we do it in conjunction with the tax issue. We will fully support the package.

CAVUTO: All right. So the compromise the way it stands, extenders or whatever they’re calling them and all, the Chamber is behind?

DONOHUE: You know, every now and then, if you run your wagon through a field, you pick some things up on the wheels. We’re supporting the wagon. We’re not worrying about what’s hooked on the wheels, although, if you look at the history of how that happens in this town, if they add too many extenders it will either bog down the wagon or they’ll all disappear in order to get this thing done. If this isn’t done by the end of the year, everybody in America that pays taxes is going to get a big tax increase.

CAVUTO: That sounds kind of like what Mitch McConnell and others have said -- and I’m paraphrasing here -- but that the ends justify the means.  In other words, we’re holding our breath; we’re kind of holding our nose.  We don’t flip over a lot of the extras they’re adding on here, but they’re relatively contained. Like when it comes to the tax cut portion of this thing, it’s 93 percent of it. So they can kind of live with the 7 percent that isn’t.

DONOHUE: Yes. It’s 93 percent, but of the total package, when you add the unemployment benefits, it’s a little -- much more balanced.

CAVUTO: Much more.

By the way, what about the benefits -- those unemployment benefits?

A 13 month deal. Some people expressed shock at that, but it was the price of, I guess, accepting this.

DONOHUE: Well, I think it goes a little beyond that, and that is, they’re -- that we are in a very serious unemployment position that is larger than the 9 percent plus, because there are a lot of people that have stopped looking for jobs.

CAVUTO: You would have supported that?

DONOHUE: I -- I would have problems supporting it without addressing the other very important economic issues. Because the uncertainty in the American business community about where we’re going on all of these taxes, including the corporate taxes, is one of the four or five issues that have them sitting on their money and not being able to assure where they should invest to create jobs.

CAVUTO: Well, would you have extended some of the jobless benefits without this tax?

continued...

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This is a rush transcript from "Your World," December 10, 2010. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF “YOUR WORLD”: Well, thank you very much. I’m Neil Cavuto here. "Your World" coming to you today from not too far from the White House here in Washington, D.C., where it’s a mad scramble to get this thing done.

Now, of course, we all know two weeks from tonight is Christmas Eve, but these guys are scrambling to get something else done and out of the way and very fast so they can go shopping. The Bush tax cuts and what to do about them -- because if they do nothing, as you all know by now, they just go away at the end of this year and retroactively return to what they were a decade ago. Suffice it to say, a lot higher.

Here is what is at stake right now -- the debate over how to get them through to satisfy two very different parties. Here’s what we can tell you right now. They’ve begun adding to the Christmas tree with a lot of goodies and a lot of add-ons. In fact, they’re calling it the add-on pile- on, for very good reason.

Among some of the things they’ve done to woo some votes, in Puerto Rico, $262 million for the rum industry.

I have no idea why.

Separately, for biodiesel, credits to the vicinity of about $1.9 billion. There is a big theme with green technology here.

And then something that out of the blue came for American Samoa -- $27 million worth of incentives. That would make those in American Samoa happy.

Separately, you have something for motor sports complexes to the tune of about $36 million.

Again, I have no idea why motor sports complexes need that amount of money, but touche, guys, you just got it today.

Also, for green homes, alternative fuels, again and again and again, more green. But, again, the idea here is to get this thing through. These are not being considered or called earmarks. They are being called extenders. They are being called anything but earmarks.

Here is what the bill is shaping up to be right now. This is what we’re looking at -- Stimulus Two; they’re calling it, something that will cost in the vicinity of $801 billion.

Now, you might know I’m leaving the jobless benefits out of this for the sake of making a clean comparison. But those jobless benefits north of about $110 billion.

But I’m going to take a peek at this. Here’s what we’re looking at -- $801 billion. This has already gone up from when this was first proposed just a few days ago, $754 billion. There are $55 billion worth of these tax extenders.

Now, I had wanted a pie chart. We had suggested a pizza pie chart.  Some of my non-Italian colleagues and producers say, Neil, we’re going to go with a simple pie chart. So be it. I will remember you, each and every one of you, when I return to the office on Monday.

In the meantime, Tom Donohue as to whether they’re going to buy this pie, extenders or no.

Tom is the man who heads the Chamber of Commerce.

This is his first chat, by the way, since the mid-term elections, and we’re very honored to have him.

In fact, we’re on the roof of his very building.

Tom, it’s good to have you.

Merry Christmas.

TOM DONOHUE, PRESIDENT & CEO, U.S. CHAMBER OF COMMERCE: Well, I’m glad to be here.

Good to have you at the Chamber.

CAVUTO: What do you think of this bill?

You’ve heard from a lot of folks who are saying uh-oh, we’re -- we’re doing the bad earmark thing.

What do you think?

DONOHUE: I think the bill as a package is better than the pieces by themselves. It addresses two or three very important things. If we don’t fix this tax bill, all of those tax breaks go away for all Americans. It would be a huge tax increase and would have a massive effect on our ability to get out of this recession and put people to work.

Second, I think it does address some of the issues of a large unemployment population by providing some extended -- extended benefits for them. And I think that makes sense, as long as we do it in conjunction with the tax issue. We will fully support the package.

CAVUTO: All right. So the compromise the way it stands, extenders or whatever they’re calling them and all, the Chamber is behind?

DONOHUE: You know, every now and then, if you run your wagon through a field, you pick some things up on the wheels. We’re supporting the wagon. We’re not worrying about what’s hooked on the wheels, although, if you look at the history of how that happens in this town, if they add too many extenders it will either bog down the wagon or they’ll all disappear in order to get this thing done. If this isn’t done by the end of the year, everybody in America that pays taxes is going to get a big tax increase.

CAVUTO: That sounds kind of like what Mitch McConnell and others have said -- and I’m paraphrasing here -- but that the ends justify the means.  In other words, we’re holding our breath; we’re kind of holding our nose.  We don’t flip over a lot of the extras they’re adding on here, but they’re relatively contained. Like when it comes to the tax cut portion of this thing, it’s 93 percent of it. So they can kind of live with the 7 percent that isn’t.

DONOHUE: Yes. It’s 93 percent, but of the total package, when you add the unemployment benefits, it’s a little -- much more balanced.

CAVUTO: Much more.

By the way, what about the benefits -- those unemployment benefits?

A 13 month deal. Some people expressed shock at that, but it was the price of, I guess, accepting this.

DONOHUE: Well, I think it goes a little beyond that, and that is, they’re -- that we are in a very serious unemployment position that is larger than the 9 percent plus, because there are a lot of people that have stopped looking for jobs.

CAVUTO: You would have supported that?

DONOHUE: I -- I would have problems supporting it without addressing the other very important economic issues. Because the uncertainty in the American business community about where we’re going on all of these taxes, including the corporate taxes, is one of the four or five issues that have them sitting on their money and not being able to assure where they should invest to create jobs.

CAVUTO: Well, would you have extended some of the jobless benefits without this tax?

continued...

< 1 2 3> 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

December 09, 2010

Please click on a date for previous transcripts:

Loading Datepicker Coming Up on Your World at 4pm ET

All eyes are on Virginia as a Federal Court prepares to rule on whether the health care bill is unconstitutional.  VA Governor Bob McDonnell reacts to the ruling LIVE!

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 /**/ $.ad.pre(); setPageVideo(); // video

Now, of course, we all know two weeks from tonight is Christmas Eve, but these guys are scrambling to get something else done and out of the way and very fast so they can go shopping. The Bush tax cuts and what to do about them -- because if they do nothing, as you all know by now, they just go away at the end of this year and retroactively return to what they were a decade ago. Suffice it to say, a lot higher.

Here is what is at stake right now -- the debate over how to get them through to satisfy two very different parties. Here’s what we can tell you right now. They’ve begun adding to the Christmas tree with a lot of goodies and a lot of add-ons. In fact, they’re calling it the add-on pile- on, for very good reason.

Among some of the things they’ve done to woo some votes, in Puerto Rico, $262 million for the rum industry.

I have no idea why.

Separately, for biodiesel, credits to the vicinity of about $1.9 billion. There is a big theme with green technology here.

And then something that out of the blue came for American Samoa -- $27 million worth of incentives. That would make those in American Samoa happy.

Separately, you have something for motor sports complexes to the tune of about $36 million.

Again, I have no idea why motor sports complexes need that amount of money, but touche, guys, you just got it today.

Also, for green homes, alternative fuels, again and again and again, more green. But, again, the idea here is to get this thing through. These are not being considered or called earmarks. They are being called extenders. They are being called anything but earmarks.

Here is what the bill is shaping up to be right now. This is what we’re looking at -- Stimulus Two; they’re calling it, something that will cost in the vicinity of $801 billion.

Now, you might know I’m leaving the jobless benefits out of this for the sake of making a clean comparison. But those jobless benefits north of about $110 billion.

But I’m going to take a peek at this. Here’s what we’re looking at -- $801 billion. This has already gone up from when this was first proposed just a few days ago, $754 billion. There are $55 billion worth of these tax extenders.

Now, I had wanted a pie chart. We had suggested a pizza pie chart.  Some of my non-Italian colleagues and producers say, Neil, we’re going to go with a simple pie chart. So be it. I will remember you, each and every one of you, when I return to the office on Monday.

In the meantime, Tom Donohue as to whether they’re going to buy this pie, extenders or no.

Tom is the man who heads the Chamber of Commerce.

This is his first chat, by the way, since the mid-term elections, and we’re very honored to have him.

In fact, we’re on the roof of his very building.

Tom, it’s good to have you.

Merry Christmas.

TOM DONOHUE, PRESIDENT & CEO, U.S. CHAMBER OF COMMERCE: Well, I’m glad to be here.

Good to have you at the Chamber.

CAVUTO: What do you think of this bill?

You’ve heard from a lot of folks who are saying uh-oh, we’re -- we’re doing the bad earmark thing.

What do you think?

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