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Santelli: Now That Taxes Are On The Table, Time To Talk About Spending

RICK SANTELLI: Of course, of course, everyone around every water cooler is talking about the fiscal cliff, outside of those horrible issues in Connecticut and you know our heart bleeds for these families. The sequestration that was put in place was put in place for a purpose, to create something so unruly that only sensible people, of course, would avoid it and come to a solution. Didn't happen. Now -- and I was tough on Senator Corker this morning and part of me wants to apologize. But here's my issue. The Republicans have risen above. There is very little doubt in anybody's minds that taxes are on the table. They are firmly on the table. Now it's time to talk about spending. Okay?

It isn't time to create another cliff after this cliff because we want to put a band-aid on it, of course. It just doesn't make sense. Now, I understand that the country, most citizens, including myself and everybody at CNBC understands that going over the cliff makes no sense. However, a bad plan that isn't going to be hooked into spending cuts -- you know, how many times have you heard, 'Oh, well, under the Clinton tax code, under the Clinton tax rate, under the Clinton tax brackets we did so well?' Hmm. I have an idea. Everybody in the House and the Senate, try this out for size. Hey, let's go back to the same spending levels against GDP and taxes. How's that?

Does that sound pretty good? Because where I come from, when we raise this debt ceiling, as I talked about yesterday to $22 trillion, I just can't even imagine -- I can't imagine there's a band-aid big enough to cover it. Although, although you just never know sometimes because sometimes when you need a $22 trillion band-aid, maybe we can find one. But is it really the way you want to go? Is our answer a band-aid this big? Is this what's it's come to in this country? I leave it up to you.

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