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Guests: Senator Lindsey Graham and David Plouffe

By Fox News Sunday, Fox News Sunday - September 25, 2011

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Special Guests: David Plouffe, Sen. Lindsey Graham

The following is a rush transcript of the September 25, 2011, edition of "Fox News Sunday With Chris Wallace." This copy may not be in its final form and may be updated.

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CHRIS WALLACE, HOST: I'm Chris Wallace.adsonar_placementId=1502157;adsonar_pid=150758;adsonar_ps=-1;adsonar_zw=198;adsonar_zh=170;adsonar_jv='ads.adsonar.com';

Herman Cain picks up a surprise win in the Florida straw poll. And Main Street and Wall Street are rocked by more bad economic news.

(MUSIC)

WALLACE: As President Obama pushes the plan to reduce the debt and get more Americans working, Republicans reject his call for higher taxes on top earners. Is a deal possible? We'll ask White House senior adviser David Plouffe.

And the Pentagon calls out Pakistan for supporting attacks Americans. And the Palestinian Authority defies to United States and applies to the U.N. for statehood.

We'll talk with the top foreign policy voice on Capitol Hill, Senator Lindsey Graham.

Also, with the Fox News/Google debate, the Republican front runner stumbled.

(BEGIN VIDEO CLIP)

TEXAS GOV. RICK PERRY, PRESIDENTIAL CANDIDATE: Was it before -- he was before the social programs.

(END VIDEO CLIP)

WALLACE: We'll ask our Sunday panel if Texas Governor Rick Perry is in trouble -- all right now on "Fox News Sunday."

And hello again from Fox News in Washington.

With fears growing about a worldwide double dip recession, the stock market had its worst week since October of 2008.

Joining us now to talk about President Obama's plan is White House senior advisor David Plouffe.

And, Mr. Plouffe, welcome back to "Fox News Sunday."

PLOUFFE: Thanks for having me, Chris.

WALLACE: I want to focus today on what President Obama has said and what he's doing, whether he's living up to his rhetoric.

And let's begin with what he said about raising taxes two years ago. Here it is.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: The last thing you want to do is raise taxes in the middle of the recession because that would just suck up and take more demand out of the economy and put businesses in a further hole.

(END VIDEO CLIP)

WALLACE: Question -- if the president believes what he said on that two years ago, why is he proposing huge tax increases in the midst of what is a very close to a recession?

PLOUFFE: Well, let's first talk about what the president wants to do is cut taxes for just about everybody in America. His plan would give the average middle person $1,500, cut taxes for small business owner. So, all we're talking about here is people at the very income spectrum.

Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believe the right way to get our fiscal house in order is ask the wealthy to pay their fair share. But he is going to continue, as he has throughout his presidency, push to cut taxes for the middle class folks so that they obviously can weather this economy turn better, but also allows them to help the economy by being able to consume more.

WALLACE: But, Mr. Plouffe, what you are talking about $200 billion in tax cuts that end in the next 15 months. You're talking about $2 trillion in tax increases that will go on for next decade. Between his jobs plan -- and I want to break this down because it's important -- between his jobs plan and cutting the deficit, the president wants $1.5 trillion in new taxes over the next decade.

Let's put it up on the screen -- letting the Bush tax cuts for the wealthy expire, $866 billion; limiting the deductions for families making $250,000 a year, $410 billion; closing loopholes and tax breaks, $300 billion. And on top of that -- on top of that, $1.5 trillion, another $500 billion in new taxes to pay for Obamacare, for a total of $2 trillion.

Again, let's go back to what the president said two years ago.

(BEGIN VIDEO CLIP)

OBAMA: That would just suck up and take more demand out of the economy and put businesses in a further hole.

(END VIDEO CLIP)

WALLACE: He said raising taxes. He wasn't talking about raising taxes on the middle, wealthy or whatever. He said raising taxes will take demand out of the economy and put businesses on the hole. Was he right then or is he right now? Because he can't be both.

PLOUFFE: Well, first of all, in his plan, there would be no tax increases on the wealthy, closing corporate loopholes until 2013, just as we have to make sure the spending cuts are done carefully, over time we do the same thing with revenue.

But, again, we have to reduce the deficits. You know, these are choices we have to make as a country. So, if we all we have to reduce the deficit by about $4 trillion, we're going to cut education by a third, ask seniors to $6,000 more in Medicare to pay $200,000 tax cuts for the millionaires. That's what, you know, Mitt Romney and Rick Perry and all the congressional leaders want to do.

Or are we doing spending cuts and ask the wealthy to pay their fair share?

WALLACE: OK.

PLOUFFE: So, this is the right approach to the country. And the vast majority of the people, the job creators, the small business owners, they're going to get tax cuts. President cut 15 taxes for them over the course of two years roughly. And he wants to do more. Every middle class family, $1,500 tax cut.

So, this is significant tax relief for just about everybody in the country.

WALLACE: But two problems it seems to with what -- with what you say. First of all, you say, well, this isn't going to happen until 2013. I know the politicians here in town and on the Republican campaign trail, all they're thinking about is November of 2012.  Print  Email  Share    Recommend Tweet

continued...

< 1 2 3 4 5> adsonar_placementId=1493988; adsonar_pid=1373767; adsonar_ps=-1; adsonar_zw=612; adsonar_zh=240; adsonar_jv='ads.adsonar.com'; FNS Transcripts

September 25, 2011

David Plouffe Defends Obama's Deficit Reduction Plan; Sen. Lindsey Graham on Foreign Policy Challenges

September 18, 2011

Rep. Paul Ryan Rips Obama's Jobs Plan; Herman Cain Defends His '999' Tax Proposal ADVERTISEMENT Follow Fox News Sunday

Follow us on Twitter to get exclusive updates and announcements from the show!

Fox News Sunday is on Facebook! Coming Up on FNS: September 25, 2011

President Obama continues to promote his American Jobs Act and deficit reduction plan but can a deal be reached in Congress?  Chris sits down with White House Senior Adviser David Plouffe to discuss the administration’s plan to put America back to work and reduce the deficit.

The Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, told a Senate committee this week that Pakistan’s intelligence agency supported insurgents responsible for recent attacks against US troops in Afghanistan.  We’ll discuss this and other foreign policy hotspots including Palestine’s request for statehood with Sen. Lindsey Graham, a member of the Senate Armed Services Committee.

ADVERTISEMENT Wallace Watch

September 25, 2011

Top White House Adviser on President's Tax Plan

White House Senior Adviser David Plouffe joined "Fox News Sunday" to discuss President Obama's plan ...

Panel Plus: September 25, 2011On This Day: September, 25 1981Fox News Sunday Snippets: September 25, 2011 Connect With FNS FacebookTwitterEmailFree PodcastBlogHulu On This Day

September 25, 2011

On This Day: September, 25 1981

Sandra Day O'Connor became the first female justice of the U.S. Supreme Court when she was sworn in as the 102nd justice.

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CHRIS WALLACE, HOST: I'm Chris Wallace.

Herman Cain picks up a surprise win in the Florida straw poll. And Main Street and Wall Street are rocked by more bad economic news.

(MUSIC)

WALLACE: As President Obama pushes the plan to reduce the debt and get more Americans working, Republicans reject his call for higher taxes on top earners. Is a deal possible? We'll ask White House senior adviser David Plouffe.

And the Pentagon calls out Pakistan for supporting attacks Americans. And the Palestinian Authority defies to United States and applies to the U.N. for statehood.

We'll talk with the top foreign policy voice on Capitol Hill, Senator Lindsey Graham.

Also, with the Fox News/Google debate, the Republican front runner stumbled.

(BEGIN VIDEO CLIP)

TEXAS GOV. RICK PERRY, PRESIDENTIAL CANDIDATE: Was it before -- he was before the social programs.

(END VIDEO CLIP)

WALLACE: We'll ask our Sunday panel if Texas Governor Rick Perry is in trouble -- all right now on "Fox News Sunday."

And hello again from Fox News in Washington.

With fears growing about a worldwide double dip recession, the stock market had its worst week since October of 2008.

Joining us now to talk about President Obama's plan is White House senior advisor David Plouffe.

And, Mr. Plouffe, welcome back to "Fox News Sunday."

PLOUFFE: Thanks for having me, Chris.

WALLACE: I want to focus today on what President Obama has said and what he's doing, whether he's living up to his rhetoric.

And let's begin with what he said about raising taxes two years ago. Here it is.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: The last thing you want to do is raise taxes in the middle of the recession because that would just suck up and take more demand out of the economy and put businesses in a further hole.

(END VIDEO CLIP)

WALLACE: Question -- if the president believes what he said on that two years ago, why is he proposing huge tax increases in the midst of what is a very close to a recession?

PLOUFFE: Well, let's first talk about what the president wants to do is cut taxes for just about everybody in America. His plan would give the average middle person $1,500, cut taxes for small business owner. So, all we're talking about here is people at the very income spectrum.

Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believe the right way to get our fiscal house in order is ask the wealthy to pay their fair share. But he is going to continue, as he has throughout his presidency, push to cut taxes for the middle class folks so that they obviously can weather this economy turn better, but also allows them to help the economy by being able to consume more.

WALLACE: But, Mr. Plouffe, what you are talking about $200 billion in tax cuts that end in the next 15 months. You're talking about $2 trillion in tax increases that will go on for next decade. Between his jobs plan -- and I want to break this down because it's important -- between his jobs plan and cutting the deficit, the president wants $1.5 trillion in new taxes over the next decade.

Let's put it up on the screen -- letting the Bush tax cuts for the wealthy expire, $866 billion; limiting the deductions for families making $250,000 a year, $410 billion; closing loopholes and tax breaks, $300 billion. And on top of that -- on top of that, $1.5 trillion, another $500 billion in new taxes to pay for Obamacare, for a total of $2 trillion.

Again, let's go back to what the president said two years ago.

(BEGIN VIDEO CLIP)

OBAMA: That would just suck up and take more demand out of the economy and put businesses in a further hole.

(END VIDEO CLIP)

WALLACE: He said raising taxes. He wasn't talking about raising taxes on the middle, wealthy or whatever. He said raising taxes will take demand out of the economy and put businesses on the hole. Was he right then or is he right now? Because he can't be both.

PLOUFFE: Well, first of all, in his plan, there would be no tax increases on the wealthy, closing corporate loopholes until 2013, just as we have to make sure the spending cuts are done carefully, over time we do the same thing with revenue.

But, again, we have to reduce the deficits. You know, these are choices we have to make as a country. So, if we all we have to reduce the deficit by about $4 trillion, we're going to cut education by a third, ask seniors to $6,000 more in Medicare to pay $200,000 tax cuts for the millionaires. That's what, you know, Mitt Romney and Rick Perry and all the congressional leaders want to do.

Or are we doing spending cuts and ask the wealthy to pay their fair share?

WALLACE: OK.

PLOUFFE: So, this is the right approach to the country. And the vast majority of the people, the job creators, the small business owners, they're going to get tax cuts. President cut 15 taxes for them over the course of two years roughly. And he wants to do more. Every middle class family, $1,500 tax cut.

So, this is significant tax relief for just about everybody in the country.

WALLACE: But two problems it seems to with what -- with what you say. First of all, you say, well, this isn't going to happen until 2013. I know the politicians here in town and on the Republican campaign trail, all they're thinking about is November of 2012.  Print  Email  Share    Recommend Tweet

continued...

< 1 2 3 4 5> adsonar_placementId=1493988; adsonar_pid=1373767; adsonar_ps=-1; adsonar_zw=612; adsonar_zh=240; adsonar_jv='ads.adsonar.com'; FNS Transcripts

September 25, 2011

David Plouffe Defends Obama's Deficit Reduction Plan; Sen. Lindsey Graham on Foreign Policy Challenges

September 18, 2011

Rep. Paul Ryan Rips Obama's Jobs Plan; Herman Cain Defends His '999' Tax Proposal ADVERTISEMENT Follow Fox News Sunday

Follow us on Twitter to get exclusive updates and announcements from the show!

Fox News Sunday is on Facebook! Coming Up on FNS: September 25, 2011

President Obama continues to promote his American Jobs Act and deficit reduction plan but can a deal be reached in Congress?  Chris sits down with White House Senior Adviser David Plouffe to discuss the administration’s plan to put America back to work and reduce the deficit.

The Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, told a Senate committee this week that Pakistan’s intelligence agency supported insurgents responsible for recent attacks against US troops in Afghanistan.  We’ll discuss this and other foreign policy hotspots including Palestine’s request for statehood with Sen. Lindsey Graham, a member of the Senate Armed Services Committee.

ADVERTISEMENT Wallace Watch

September 25, 2011

Top White House Adviser on President's Tax Plan

White House Senior Adviser David Plouffe joined "Fox News Sunday" to discuss President Obama's plan ...

Panel Plus: September 25, 2011On This Day: September, 25 1981Fox News Sunday Snippets: September 25, 2011 Connect With FNS FacebookTwitterEmailFree PodcastBlogHulu On This Day

September 25, 2011

On This Day: September, 25 1981

Sandra Day O'Connor became the first female justice of the U.S. Supreme Court when she was sworn in as the 102nd justice.

FNS Poll Take Our Poll(survey software) Home Video Politics U.S. Opinion Entertainment SciTech Health Travel Leisure World Sports Weather Facebook Twitter YouTube RSS Newsletters bottomInit();

Connect with Fox News Sunday

Follow foxnewssunday

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Herman Cain picks up a surprise win in the Florida straw poll. And Main Street and Wall Street are rocked by more bad economic news.

(MUSIC)

WALLACE: As President Obama pushes the plan to reduce the debt and get more Americans working, Republicans reject his call for higher taxes on top earners. Is a deal possible? We'll ask White House senior adviser David Plouffe.

And the Pentagon calls out Pakistan for supporting attacks Americans. And the Palestinian Authority defies to United States and applies to the U.N. for statehood.

We'll talk with the top foreign policy voice on Capitol Hill, Senator Lindsey Graham.

Also, with the Fox News/Google debate, the Republican front runner stumbled.

(BEGIN VIDEO CLIP)

TEXAS GOV. RICK PERRY, PRESIDENTIAL CANDIDATE: Was it before -- he was before the social programs.

(END VIDEO CLIP)

WALLACE: We'll ask our Sunday panel if Texas Governor Rick Perry is in trouble -- all right now on "Fox News Sunday."

And hello again from Fox News in Washington.

With fears growing about a worldwide double dip recession, the stock market had its worst week since October of 2008.

Joining us now to talk about President Obama's plan is White House senior advisor David Plouffe.

And, Mr. Plouffe, welcome back to "Fox News Sunday."

PLOUFFE: Thanks for having me, Chris.

WALLACE: I want to focus today on what President Obama has said and what he's doing, whether he's living up to his rhetoric.

And let's begin with what he said about raising taxes two years ago. Here it is.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: The last thing you want to do is raise taxes in the middle of the recession because that would just suck up and take more demand out of the economy and put businesses in a further hole.

(END VIDEO CLIP)

WALLACE: Question -- if the president believes what he said on that two years ago, why is he proposing huge tax increases in the midst of what is a very close to a recession?

PLOUFFE: Well, let's first talk about what the president wants to do is cut taxes for just about everybody in America. His plan would give the average middle person $1,500, cut taxes for small business owner. So, all we're talking about here is people at the very income spectrum.

Now, the president would like to do tax reform, which would obviously lower rates for most people in America and make the tax code fair and get rid of loopholes and special treatment. But absent tax reform, the president believe the right way to get our fiscal house in order is ask the wealthy to pay their fair share. But he is going to continue, as he has throughout his presidency, push to cut taxes for the middle class folks so that they obviously can weather this economy turn better, but also allows them to help the economy by being able to consume more.

WALLACE: But, Mr. Plouffe, what you are talking about $200 billion in tax cuts that end in the next 15 months. You're talking about $2 trillion in tax increases that will go on for next decade. Between his jobs plan -- and I want to break this down because it's important -- between his jobs plan and cutting the deficit, the president wants $1.5 trillion in new taxes over the next decade.

Let's put it up on the screen -- letting the Bush tax cuts for the wealthy expire, $866 billion; limiting the deductions for families making $250,000 a year, $410 billion; closing loopholes and tax breaks, $300 billion. And on top of that -- on top of that, $1.5 trillion, another $500 billion in new taxes to pay for Obamacare, for a total of $2 trillion.

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