saying but the reality of it, if we don't have any revenue getting for the government, if the government doesn't collect money to build highway, how in the world we going to build this highway? my second question is, if we are laying off teachers and firefighters and police officers, where are the jobs? government use contractors to hire people. if they don't give money, where are they -- how are they going to hire? we keep telling american people we're going to create jobs. it is time to stop the lip service and take the reality because if you say today that you're going to raise better tax, you are not -- i guarantee you you will not be re-elected in west virginia. we have to be realistic and let the american people tell the truth. we need highways, we need byways, we need good roads. we don't want to pay for it. that doesn't work in the reality world. thank you. i'm going to listen to your answer over the radio. i appreciate you taking my call.

>> thanks, john. >> excellent point, john. the reality is, i said this earlier, we need to come up with the money to fund our transportation train structure in this country. we need to find the courage to step up to the plate. we won't be raising any taxes. and that's not what i'm advoc e advocating, but i do advocate that we accept right now as a bridge -- excuse the pun, but as bridge to getting us out of an election season in which we can address seriously how to fund robust long-term transportation infrastructure in this country. that's the bottom line. that's why we're in the standoff that we appear to be in now and not only transportation but so many issues it appears that congress cannot get anything done. and for the most part, it's money. it's how to come up with the courage and the political will

to address financial problems that we face as a country. i happen to believe that not only do we need to cut spending but we need to raise revenue. and it's a balancing act that we cannot just have spending reductions. totally unfair to the american people, if we were just to take an ax across the board, have one broad stroke of cutting, every spend that we do in this country, including defense, that's not, in my opinion, a responsible way because we would be throwing out too many babies with the bath water, programs that work for our american people and save our economy in the long run, thrown out by that way. we have to pick and choose. and that means that we have to find revenues on the revenue side, as well. that means that the wealthy, the super wealthy in this country, the million and above bracket ought to be paying more than they are today. they ought to be paying their fair share as well.

call it the buffett rule or whatever. >> mr. rahall, that's it for our time. thank you for being here this morning. >> thank you. enjoy it. we're up to the white house coverage this weekend on c-span. senator lmarco rubio gives the key note address. we'll also hear from the two u.s. senator, lindsey graham and jim demeant. that's live tomorrow starting at 8:00 p.m. eastern on c-span and c-span radio and online at c-span.org. bonnie frank is the top democrat on the financial services committee. he was first elected in 1980 and retiring at the end of his current term. congressman frank it was first congressman to acknowledge being gay. 2010 he and former senator christopher dodd wrote the financial regulation law that bears their names. barney franks joins us on "news makers" on c-span sunday.

when people are saying to him don't take the vice presidency right now you are the most -- you are a powerful majority leader. don't take the vice presidency. you won't have any power. johnson says, power is where power goes. that is i can make power in any situation. his whole life i said, nothing in mislife previously makes that seem like he is most because that's exactly what he had done all his life. >> sunday night, conclusion of our conversation with robert karo on the passage of power. volume four in the years of lyndon johnson, multi-volume biography of the 36th president. sunday night on c-span's q and a. british prime minister david cameron spoke in manchester, england. he will not change his plans for budget cuts to get the country reese debt under control. the prime minister's speech was

about 20 minutes and then he took questions. thank you, ladies and gentlemen. thank you, ann, for that introduction. and can i first of all thank the institute of directors for the work that you do. not to take the easy course but to take the right course. not to dodge responsibility for dealing with the debt crisis but to lead our country through this to better times.

we are moving in the right direction. not rushing the task but judging it carefully. and that is why we must resist dangerous voices calling on us to retreat. yes, we are doing everything we can to return this country to strong stable, economic growth, but, no, we will not do that by

returning to the something for nothing economics that got us into this economic mess in the first place. we cannot blow the budget on more spending and more death. it will scorn the progress that we made these last two years. it will actually mean tough decisions lasting enlonger. it would risk our future. it is not an alternative policy. it is a cop-out. in keeping britain safe and building the recovery that we need, we face three challenges. first, the struggle to recover from a long and deep recession at home. second, the turbulence coming from the eurozone. and third, the uncertainty over whether the world is on the right economic path with debate raging about trade policy and how best to support growth. we need to find the right answer to all three of these challenges. now, our answers must be rooted

in the reality of the global situation. this is not a conventional economic crisis of the kind britain has had to deal with in the recent past. this is a debt crisis. deficit reduction and growth, there are not alternatives. delivering the first is absolutely vital in securing the second. if markets don't believe that you are serious about dealing with your debts, your interest rates will rocket and your economy will shrink. now, britain cannot cut itself off from what happens elsewhere. as our biggest trading partner the problems in the eurozone are affecting britain, too. and as we prepare for the potential storms, we should, i believe, be both resolute and comforting. resolute because we will do what it takes to kell ter the uk from to weather the storms. outside the euro we do have greater flexibility. we have our own currency, our

own central bank with responsibility for monetary and financial stability. we have trade relationships with all parts of the world. we actually invest more around the world per capita than america and last month our trade in goods with countries outside the european union hit a new record 13 billion pounds. so we will make the most of this flexibility to drive the strong deficit reduction program and secure the strong banks that will be necessary to keep our interest rates low. we should be confident because of our strengths. just today here in the northwest, general motors has given britain and its workforce fantastic confidence by backing production. the uk government gave this its fullbacking. the union supported the necessary changes. the workforce responded magnificently. at success story. general motors is not alone. look across the country at

honda, land rover, toyota, nissan, britain's car industry is growing. indeed, this week a balance of trade in cars turned positive in the first quarter for the first time since 1976 when jim callahan went to the imf. it's not just our car industry that was strong. information technology, aerospace, the creative industries, britt stan has a strong base from which to grow. we have a global language. we have a time zone where you can trade with ashah in the morning and america in the afternoon. we have some of the best universities in the world and a government that is committed to making britain the best place in the world in which to start a business. we w. these strengths, i believe we can see britain through the storm. but to do so we need to act at home and together with our european and global partners. first we must continue to get the grips with the deficit and

to build our recovery at home. let us be clear about what we inherited. an economy built on the worst deficit since the second world war. the most leverage banks, the most indebted households, one of the biggest housing booms, and unsustainable levels of both public spending and immigration. with a budget deficit of over 11% of our gdp, one pound in every four that the last government spent was actually borrowed. bit tan still spends over 120 million pounds every single day just to pay the interest on our past borrowing. and that amount will continue attorney crease every day until we start to live within our means as a country. now, a central policy of this country and one of the key tasks that brought the coalition together was to deal with this deficit. that is the only path to prosperity and that is exactly what we're doing. despite headwinds from the eurozone, we are on track.

it's a long-term project. it is painstaking work. but the tough decisions that we've taken on deficit reduction really are beginning to yield real results. and they can be no deviation from this. those who argue that we should spend more want us to borrow more. driving up our deficit and our debt and putting our hard-won credibility and low interest rates at risk. higher interest rates would mean higher mortgages, that would mean lower employment, and even more of the money that people work so hard for actually being wasted paying interest on our national debt. we must not and we will not let this happen. getting our debt under control is necessary for growth, but it is not sufficient. our responsible fiscal policy is being matched by an active monetary policy. that is the best way to support demand and to rebalance our economy away from debt-fueled consumption and towards exports and investment.

an independent bank of england is able to do more to support the economy, if necessary, or if inflation falls below target. fiscal responsibility and monetary activism i believe is the right macro economic mix for our over indebted economy. but the initial ingredient that the government will deliver and needs to do even more is a radical program, economic performance, to make our economy more come pet siv, including come pesive tax rates, planning reform, deregulation, all of the things that business has rightly asked for and that we are delivering. some things are absolutely essential in the short term. our companies need to invest more so we're cupping corporation tax to the lower level in the g-7. banks need to lend to small and medium size businesses so we're creating the national loan guarantee scheme that would provide 20 billion pounds. builders need to build more so

we are scrapping almost 1,000 pages of planning move. and those who want that, need the confidence to get out there and into the housing market so we're backing mortgages for people to get new homes because it's absolutely clear to me that there is a massive shortage of housing in a market that is stalled and we need to get that market moving again. then there are other things that will take longer but will still make a vital difference. we need to rebalance our economy. so we're supporting the new enterprises that will spread growth and jobs right across the country. with 24 enterprise zones and 2.4 billion regional growth fund that is securing 328,000 jobs nationwide. we need to get behind the industries of the future so we're backing the skilled, high-value industries like green technology, aerospace, life sciences in which britain has a real comparative advantage. we need to make it easier to take on new workers so we're

forming a employment rule including tribunals and we need to develop the skills on our workforce which is why we've delivered over 450,000 new apprentice ships in the last year alone, successes today welcomed by the committee. but we need to do more embedding high quality vocational education which is why we're creating university technical colleges for 14 to 19-year-olds, that should never have been left out. then there are other things for the very long term but there is a government about long term and focused on delivering in them them. investing in infrastructure, finding new ways to finance roads and securing the house supplies of to remember. reforming welfare so it always pays to have a job, to get a job shs and we want to build a country that commits everyone to work not a life on benefits. of course shs we're reforming our schools so the next generation has the knowledge and

ambitions to match the very best in the world if if you like, this is our plan for growth. short term, medium term, long term. i believe there is still more we can do. we can use the hard-won credibility of the countries's balance sheet to help the economy grow without adding even further to our debt. let me tell you what this means. in many areas we're already using the credibility we've earned to pass on the benefit of low interest rates to businesses and to families. so we have the credit's and programs for small businesses. we have the mortgage help for people who want new homes and then there are the guarantees for new infrastructure projects. asked the treasury to see what more we can do to boost credit for business. we have taken the tough decisions to earn those low interest rates, so let's make sure we are putting them to the best possible use. building recovery is hard work, because we're not reflating the

bubble, but we are building a new model of growth. some people ask why we did not have more economy bills in the queen's speech. let me tell you, if you can legislate your way to growth, we would. the truth is, you can't. you need to get in there, you need to pick the problems apart. you need to find the things that hold our economy back and sort them out, step by step, hour by hour. a government that is resolutely committed to being on the side of enterprise, entrepreneurs, businesses large and small, and hard-working people right across the country. that is what i'm committed to delivering. now, just as in britain we need to deal with the deficit and restore competitiveness, so the same is true of europe. this is a debt crisis, and the deficits that cause those debts, they have to be dealt with. but growth in much of the euro zone has evaporated completely.

i realize that countries inside the eurozone may not relish advice from countries outside the eurozone, especially countries such as britain who have debts and difficults the of their own. but this affects us, too. as the governor of the bank of england said yesterday, the biggest risk to recovery in the uk stems from the difficulties facing the euro area. based on trade flows alone, britain is more than six times as exposed to the eurozone as the united states, that's even before you factor in the impact on confidence and our closely connected financial systems. this coalition government was formed in the midst of a debt crisis in the eurozone. two years later, and little has changed, so that is the back drop against which we have to work. so i believe it's only right we set out our views. we need to be clear about the

long-term consequences of any single currency. in britain, in the united kingdom, we've had one for centuries. when one part of our country struggles, other parts step forward to help. there is a remorseless logic to it, a rigid system that locks down each state's monetary flexibility, yet limits fiscal transfers between them, can only resolve internal imbalances through painful and prolonged adjustment. so in my view, three things need to happen if the single currency is to function properly. first, the high deficit, low competitiveness countries in the periphery of the eurozone, they do need to confront their problems head on, they do need to continue taking difficult steps to cut their spending, increase their revenues and to undergo structural reform to become competitive. the idea that high deficit countries can borrow and spend their way to recovery is a dangerous delusion, but it is

becoming increasingly clear that they are less likely to be able to sustain that necessary adjustment, economically or politically, unless the core of the eurozone does more to support demand and to share the central bank does more to support demand and to share the burden of that adjustment. now in britain, we're able to ease that adjustment through loose monetary policy and a flexible exchange rate. we're supplementing that monetary stimulus with active intervention such as credit easing and guarantees for new infrastructure or projects. so i welcome the opportunity to explore new options for some activism. for example, through the ideas for project bonds. you need more fundamental support. germany's finance minister is right to recognize that rising

wages and in his country can play a part in correcting these imbalances. but monetary policy in the euro zone must also do more. second, the euro zone needs to put in place governance arrangements that create confidence for the future. as the british government and i've been arking for a year now that means following the logic of monetary union towards solutions that deliver greater forms of collective support and collective responsibility of which euro bonds are just one possible example. steps such as these are needed to put an end to speculation about the future of the euro. and third, we all need to address europe's overall lack of dynamism with remains its achilles heels. most eu member states are less competitive. the single market is incomplete. competition throughout europe is too constrained. indeed britain has long been

arguing for a probusiness, progrowth agenda in europe. s that why ahead of the last european council i formed an unprecedented alliance with 11 other ex-leaders setting out an action plan for jobs and growth in europe pushing for completion of the single market and services in energy and detail. these are gains sitting there waiting to be taken if we can show the political leadership to get it done. the euro is at a crossroads. it either has to make up or it is looking at a potential breakup. either europe has a committed stable successful euro zone with an effective firewall, well capitalized banks, a system of fiscal burden sharing and supportive monetary policy across the injure roe zone, or we are in uncharted territory which carries huge risks for everybody. as i have consistently said, it is in britain's interest for the injure roe zone to sort out its

problems. but people should be in no doubt whichever path is chosen i'm prepared to do whatever is necessary to protect this country and to secure our economy. protecting britain's economy of course, know, the not just about the measures we take at home or the steps that your neighbors take in europe in a world that is ever more connect and ever more competitive, it's also about the steps we take with our global partners to protect ourselves against global contagion and promote global trade. over the coming weeks i'll be flying to camp david and to los ka boes in mexico to fight for what's right for britain. that means committing together to make the reforms we need to get our economy's growth and the global economy working again including involving organizations like the imf. it means persisting those reforms to make sure our banks are safe by implementing high quality global financial regulatory standards. it means recognizing the risks

to recovery from the rising and volatile energy prices and working together to ensure our energy security. but most of all, i believe it means getting together to give the world economy, the one big stimulus that could really make a difference and expansion of trade freedoms, breaking down the barriers to world trade. now we all know that the doha -- that doesn't mean we have to give up our free trade. in fact, far from it. there's good work from doha that we can salvage. the measures to break down the democracy over getting goods across borders. i want to see a commitment to open markets and to eroding protectionist measures that are already in place. most importantly i want us to move forward with what i call coalitions of the willing to countries who want to can forge ahead with ambitious trade deals of their own. we all benefit from the increased trade in the investment that these deals can bring.

for us that means eu agreements finalized with canada, singapore, launching negotiations with japan and above all preparing to negotiation with the u.s. that would be the biggest single bilateral deal that could benefit britain. why is this all so important? because the opportunities for britain abroad have never been so big. we need to work harder than ever before to seize them. yes, competition for every job and every contract has increased. of course, the last ten years have seen an extraordinary rise of economies in latin america, asia and indeed africa. but the globalization of supply has meant new competitors making products and yes sometimes more jobs going abroad. but now these countries are not just brucers they're consumers too. as nations get richer they spend more money or products where britain can sell. on everything from pharmaceuticals, jet engines,

computer games, the globalization of demand means new country demanding our projects and that can fuel new jobs here at home. if we make the most of it, there's a huge opportunity to secure a great future for our country. and that is why as we get through this crisis, i believe we can look ahead with confidence. now i cannot predict how this crisis will be end for others. and i cannot pretend that britain will be immune from the consequences either. but this i can promise. that we know what needs to be done and we are doing it. getting the deficit under control. getting the foundations for recovery in place. defending the long-term interests of our country and holding to our course. as prime minister, i will do whatever it takes to keep britain safe from the storm. thank you very much for listening. and i look forward to answering your questions. thank you.

[ applause ] >> let's have the gentleman here. >> thank you. good morning prime minister. we certainly welcome your comments about the gm announcement this morning. today there was a survey on manufacturers saying that only 17% of northwest manufacturers believe the government is adopting the right strategies to help develop the sector. and nearly half are not confident that manufacturing be a core sector of the uk economy in the next decade. given the government's point on the importance of mfrtsering, i wonder what your opinion would be. >> i think manufacturing is absolutely a central part of the british economy. we should stop talking down the good parts of the economy that we have that we can build on. we are one of the world's top ten manufacturers. if you just take the car industry, it is an important figure. for years people thought that britain had stopped making cars. today we are making an exporting more cars than we import.

it is difficult to find a car manufacturer in brit tape that isn't in investing and expanding. i've been to almost all of the major plants over the last year. sunderland lull going all guns and great new orders of cars going to be made there. on a housing boom, on a financial services boom, an uncontrolled migration, on government spending it is hard and pain staking work to rebalance that model that couldn't work anymore. that we've now seen what a mirage stfs. we have to rebalance away from

that model into make things again. into expanding the growth across the country. in making sure that we're exporting all over the world. so this is hard and pain staking work. but i would say to manufacturers here in the northwest and elsewhere. the government's behind you. we're cutting business tax. we're investing in apprenticeshi apprenticeships. we're building the infrastructure that we need. we listened to you carefully about problems like energy costs. i think the car industry to those who say britain can't do it, but somehow everyone now has to be made overseas that we can't compete in these markets the car industry demonstrate that's not the case. this can be done and the government is committed to making sure it is done. let's have vicky young from the bbc. >> do you think it's helpful to speculate publicly about the breakup of the euro given that just a few days ago your own chancellor said that was causing a lot of the instability? and secondly,