Budget Deal Shows Path to Confidence: Schlosstein

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Dec. 12 (Bloomberg) -- Ralph Schlosstein, CEO at Evercore Partners, talks with Tom Keene about the agreement reached on the U.S. budget on Bloomberg Television’s “Bloomberg Surveillance.”

It is certainly a really encouraging first baby step is the way i would describe it.

It is far away from what all of us would hope for, the grand bargain, which addresses the long-term entitlement and tax policy issues.

But it is indicative of and ability on the part of the senior leaders of both parties to work together.

We know that share man ryan -- chairman ryan has challenges to his right with the fiscally austere republicans.

Tell us about democrats supporting senator murray's efforts.

Democrats have an equal challenge on the left ear there was a very strong push on the part of the democrats to include an extension of emergency unemployment benefits.

That was not included.

All those democrats.

Well -- that is the issue.

We have a very strongly held views on the wings of both parties and egos of gerrymandering, it is party and each congressional district has been driven a little bit -- each party in each congressional district has driven a little bit more to the wings and to the center.

Hopefully this agreement is a first baby step towards more consensual public policy.

How do you respond to the cliche gr"gridlock is good"? that is a shortsighted view.

There is certainly a legitimate view that less governmental interference in the private economy is constructive in terms of economic growth.

However, we have some pretty substantial problems in this country.

A government that is handcuffed in its ability to deal with those problems saps confidence on the part of the private sector, and we have seen many examples of that over the last couple of years.

Very quickly, do you see a more confident wall street in 2014? in reality, this is, as i said, the first baby step.

We have the debt ceiling extension and we have to deal with in february.

That is an incredibly important moment.

I think that if we can navigate, as we did at the end of last year on the extension of the bush tax cuts for low income people, the budget, and the debt ceiling him and then you will start to see -- ralph schlosstein, thank you.

This text has been automatically generated. It may not be 100% accurate.

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