OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

On CNN Discussing Economic Challenges for Congress
November 10, 2008

... >>> 71 DAYS UNTIL THE TRAFR OF POWER. PRESIDENT-ELECT BARACK OBAMA KPAND ON SOME BOLD PROMISES. NOW THAT HE'S BEEN ELECTED PRESIDENT, CAN HE MAKE GOOD WITHOUT RAISING YOUR TAXES? >>> AND WITH PRESIDENT BUSH'S TAX CUT SET TO EXPIRE IN A LITTLE OVER A YEAR. HERE'S BRIANNA KEILAR WITH THE LATEST IN OUR SERIES MEMO TO THE PRESIDENT. . >> REPORTER: MR. PRESIDENT ON THE CAMPAIGN TRAIL YOU MADE MILLION DOLLAR PROMISE, TAX CUTS TO THE MIDDLE CLASS, HEALTH CARE REFORM, ENERGY REVOLUTION, BUT NOW KEEPING THOSE PROMISES DEPENDS ON CONGRESS. >> THE HOUSE WILL BE IN ORDER. >> REPORTER: ON YOUR FELLOW DEMOCRATS LIKE STENY HOYER, THE NUMBER TWO DEMOCRAT IN THE HOUSE. CAN DEMOCRATS DELIVER ON THOSE PROMISES? >> DEMOCRATS ARE CERTAINLY GOING TO TRY. BUT DEMOCRATS ALSO HAVE TO MANAGE EXPECTATIONS. >> REPORTER: THE PROBLEM, NOT ENOUGH MONEY AFTER THAT $700 BILLION BAILOUT. DEMOCRATS HAVE WILL HAVE TO BREAK THEIR RULE THAT EVERY NEW PROGRAM HAS TO BE PAID FOR. >> EVERYBODY UNDERSTANDS, CONSERVATIVE, MODERATE, LIBERALS, REPUBLICAN ECONOMISTS, DEMOCRATIC ECONOMISTS UNDERSTAND THAT IN THE SHORT-TERM CONFRONTED WITH AN ECONOMIC CRISIS, THAT YOU TRY TO ZIM LATE THE ECONOMY. AND YOU DO THAT BY DEFICIT SPENDING. >> REPORTER: THE GOOD NEWS, THE CHECKBOOK IS OPEN BECAUSE CONGRESS WANTS TO PUT MONEY IN AMERICANS' POCKETS WITH THAT BIG TAX CUT YOU PROMISED. >> I THINK THE DANGER IN NOT DELIVERING ON THE TAX CUT IS THAT DEMOCRATS LOSE SEATS IN THE 2010 MIDTERM CONGRESSIONAL ELECTIONS, VOTERS HAVE TO TAKE IT OUT ON SOMEBODY, THEY CAN'T TAKE IT OUT ON OBAMA INITIALLY. SO THEY'LL TAKE IT OUT ON DEMOCRATS. >> REPORTER: BUT CORRALLING VOTES HERE MAY NOT BE EASY. A LOT OF NEW DEMOCRATS ARE CONSERVATIVE, TIGHT FISTED WITH TAXPAYER MONEY. >> MANY NEW SEATS PICKED UP IN THE HOUSE AND SENATE ARE IN AREAS THAT GENERALLY VOTE REPUBLICAN WHICH MEANS THIS IS NOT A SAN FRANCISCO DEMOCRAT. >> REPORTER: ANOTHER ROAD BLOCK, PREDICTIONS ARE THE ECONOMY WON'T BE GETTING BETTER ANY TIME SOON AND THAT THREATENS PRESIDENT-ELECT OBAMA'S HUGE PROMISE OF HEALTH CARE REFORM. IT'S MORE LIKELY TO COME IN SMALL INCREMENTAL STAGES AND NOT ONE SWEEPING SKPEPSIVE ONE. >> YOU SAY THAT BUT YOU ALSO SAY THE CHECKBOOK IS OPEN FOR SPENDING, BUT FOR HOW LONG? >> HOUSE MAJORITY LEADER STENY HOYER SAID 12 TO 24 MONTHS AND THE PLAN IS TO OFFSET THAT SPENDING DOWN THE LINE. WE SPOKE WITH EXPERT WHO SAID THE WINDOW WOULD BE MUCH SHORTER, GREEN IN INFRASTRUCTURE, THINGS THAT CREATE JOBS THAT THE CONGRESS WOULD HAVE TO QUICKLY TIGHTEN ITS BELT MORE QUICKLY THAN WE HEARD STENY HOYER SAY. >> BRIANNA KEILAR LIVE IN WASHINGTON, THANK YOU. >>> COMING UP TOMORROW, IRAN, NORTH KOREA, CUBA, THEIR LEADERS THORNS IN THE PRESIDENT'S SIDE. HOW WILL BARACK OBAMA DEAL WITH THEM, ISOLATION OR OPEN UP THE LINES OF COMMUNICATION? FOR MORE ON OUR SPECIAL SERIES HEAD TO CNN.COM/AM. >>> WITH THE ELECTION NOW OVER, NATION OF ISLAM MINISTER LOUIS FARRAKHAN BREAKING HIS SILENCE TALKING TO A PACKED MOSQUE. THE 75-YEAR-OLD MINISTER SPOKE OF BARACK OBAMA'S VISION TO GUIDE THE NATION AND THAT HIS SUPPORT VERSE A RESPONSIBILITY TO STAY ENGAGED AN HELP OBAMA'S PRESIDENCY. >> I BELIEVE PRESIDENT-ELECT OBAMA IS GOING TO HAVE TO GET EVERYONE INVOLVED BECAUSE THE JOB OF HELPING HIM IS NOT JUST WITH HIS CABINET OR CONGRESS, THE JOB OF HELPING THIS NATION OUT OF ITS CONDITION IS A RESPONSIBILITY THAT EVERYONE HAS SOMETHING TO DO ABOUT. >> FARRAKHAN WENT ON TO SAY THAT HE AVOIDED TALKING ABOUT OBAMA BECAUSE HE DIDN'T WANT ANY OF HIS COMMENTS TO POTENTIALLY HURT OBAMA'S CAMPAIGN. >>> OUTRAGE OVER A NEWSPAPER'S COVERAGE OR LACK THEREOF AT THE PRESIDENTIAL ELECTION. A SMALL NEWSPAPER IN OKLAHOMA DIDN'T EVEN REPORT THAT BARACK OBAMA WON THE ELECTION IN ITS WEDNESDAY EDITION. THE PAPER HAD A ONE PARAGRAPH STORY INDICATING THE LOCAL COUNTY VOTED FOR MCCAIN. >> THIS IS NOT ONLY NATIONAL BUT THIS IS LOCAL. AND THIS IS OUR PRESIDENT. HE'S PRESIDENT OF OUR CITY ALSO. >> I THINK THAT'S JUST BLATANT RACISM, IF MCCAIN HAD WON, I'M SURE HE WOULD BE ALL OVER THE PAPER. >> I'M SURE THEY READ ABOUT IT AND WATCHED IT ON TV OR GOT ON THE INTERNET AND FOLLOWED IT AS MANY PEOPLE DID AND KNEW COMPLETE COVERAGE SEVERAL HOURS BEFORE WE WERE GOING TO GO TO PRESS. >> PUBLISHER SAID THE PAPER IS FIRST AND FOREMOST A LOCAL PAPER. BY THE WAY, CREEK COUNTY WHERE IT IS LOCATED, WENT FOR MCCAIN 70-30 OVER OBAMA. >> THAT'S SOMETHING ELSE. >>> WELL THE PUBLIC JUST CAN'T ...