Obamacare Is a Complete Disaster: Stockman

REPLAY VIDEO
Your next video will start in
Pause
  • Info

  • Comments

  • VIDEO TEXT

Oct. 1 (Bloomberg) -- David Stockman, former Office of Management and Budget director, examines the political environment on Capitol Hill, the problems with the budget process and his support for the stand taken by House Republicans. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Sit down at a table and have a conference or a negotiation.

Why have we lost that ability?

The partisanship is far worse today but also the magnitude of the problem is beyond anything those two could imagine in 1981. that is not withstanding huge fights we had them.

We had a budget process -- we have a budget process that is broken and we have not a past approach a -- we have not passed appropriations bills for years.

Back then, we took the budget resolution seriously.

We passed it every year.

If we could not make a deal with democrats, we put it row -- put it through with a coalition of southern democrats and republicans in the house and that is gone.

The reason is we've got taxes way too low and spending way too high and everybody dug in on entitlements, defense spending, and the tax code.

You are a republican but with your perspective in washington, give us a quality of the hatred this morning.

How much do these people dislike each other?

I think there is a growing intensity of partisanship and i think there is a resentment about the way that obama and the democrats drove obamacare through on a purely partisan vote with a margin -- they passed the legislation on a total partisan vote.

Very few republicans in either house voted.

An entitlement this massive, the greatest extension to the welfare state in the last 80 years, should not be rammed through the congress that way.

We did that on the tax cut in 1981 and i have written that is a mistake.

You live with it for years.

Now you have the resentment.

I think obamacare is a disaster.

I understand why the republicans are willing to hold up the government if they have to.

That's the point, really.

The question is, the strategy they are taking now to shut down the government and potentially threaten the u.s. default -- will that hurt the party?

It might but the party has to take a stand and we will find out in 2014 or 2016 whether the public things we can keep adding to the debt and entitlements and having a budget process that does not work.

The republicans have finally realized they have to take a stand.

I do not blame them at all for attempting to hold up the works.

They want to throw sand in the gears whether it is the cr for the debt ceiling to get these issues addressed.

Obamacare and the need for some kind of serious budget that will make a difference down the road.

David stockman is with us for the entire hour.

Let's do a data check -- equities, bonds, currencies -- dollar-yen goes stronger.

It is a rebound and the euro

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

Advertisement

BTV Channel Finder

Channel_finder_loader

ZIP is required for U.S. locations

Bloomberg Television in   change