>> i don't think much at all. at this point i don't see any of it because he is focusing on the wrong things, not telling is what you will do about the economy, to focus completely on gun-control, we have seen that the applications for handguns have gone skyrocketing. people don't want it. lou: there is an amazing number, 65 million gun purchases since president obama took office. ninety-one percentage more than during bush's first term. >> some people are afraid that the president is going to take their guns away. but there is also -- lou: what is he doing? >> gun-control. mississippi. they do leave. [talking over each other] >> yes, but he is ot. we are almost out of time. i think he should be emphasizing background checks and expanding background checks, not trying to ban guns. >> one thing that the president is going to get through, though, and i hate to disagree, immigration reform.

taking the lead. i think we might see something with that. lou: india certainly stepping to the forefront of the party. >> an amazing speech. >> it has been quite an interesting discussion for me, and slick, and lee as the request since. it's good to have you all here. that's it for us tonight. that's it. thank you for joiniig us. congressman -- former congressman dennis kucinich will be joining us. among our guests. that's your tomorrow. we thank you for joining us. upcoming fox business live coverage of this to the union address and anchored by neil cavuto coming up next. good night from new york. ♪ >> eighty-one special report. the "sate of the union" here is neil cavuto. neil: nothing ever proposing tonight should increase our deficit by a single dime. barack obama's promise to the

nation tonight that it is not a bigger government we need, but a smarter government that sets priorities and invests in broadbased growth. the upshot from that centerpiece remark planned for a little more than one hour from now. the president of the united states is not going to go crazy cutting down the debt. in fact, the white house indicates today that he is largely -- he has largely done that already. the 4 trillion in budget cuts have already been largely committed to and for, and that is it. needless to say, 4 trillion is over two years, and the president's is factoring in the sequestration cuts that supposedly taken into weeks, and that is no slam-dunk. and the other cuts he is referring to are sort of rehash cuts. suffice it to say that however speeches the left, then there are the cuts. after that no more.

the president's battle to rein in the debt is done. and this housing big and bigger government is on. and if republicans don't like it , lump it. a little more than an hour from now we will hear a president espouse what he did a little more than three weeks ago in his inaugural address, the era of big government is only back with a vengeance. and this next element are we not too happy to hear that. former new hampshire governor john sununu. i don't think we are too surprised at that. what does surprise me is that the president really does not seem to care. what do you make of that? >> look. this president and all the democrats really have no idea how important it is to cut spending. nancy pelosi on sunday said it is a false argument to say that we need to cut spending. the president told the speaker that there is not a spending problem. until they get out of this

fantasyland you're not going to year anything constructive from them. they have an obligation under sequestration to cut another $1 trillion out of that spending side and now they're trying to tell us that would get it by raising taxes again. the president got his pound of flesh on taxes for the rich in december and what he ought to be looking at is admitting to the public that the state -- "sate of the union" is lousy. neil: if you were the speaker and you are looking in a president who is going to give on these issues, do you just choose this sequestration cuts as the lesser of evils, accept them because he sure as heck are not going to accept additional tax hikes. >> it is not a bad first kept, and if the president wants to come back and then after sequestration comes into play come back and talk a deal, that's fine, but we have got to cut spending.

the young people in this country are getting screwed. they're getting screwed in terms of lifetime taxes. they're getting screwed in terms of smoke and mirrors. they don't have jobs, and until we cut spending, no business is going to invest in creating jobs neil: some wondering if the president is going to use data of from the treasury today that shows in the month of january we had a small surplus. they will credit tax hikes for making that possible. there will credit the fact that for the first time in four years ago we are going to have a deficit under a trillion dollars and harold that as happy days are here again, and they're going to look at that and say that is proof that whenever we are doing is working. there is no reason to cut spending. on the surface it would pier slightly asinine, but it is what it is. what republicans do in response or do they just accepted? >> why the use a slightly asinine? is absolutely asinine. to say that $950 deficit is good news because it did not quite hit it trillion is insane.

the last quarter we actually have contraction. in. neil: you're right. >> if we have it this quarter we are back in recession. neil: talking in espousing government is good. bigger and smarter government is not necessarily an opposition. republicans need to be running with their tail between their legs. not coming up with an alternative, so they're scrambling. >> they have, but the alternative. the house passed a package of spending cuts as an alternative the sequestration. senate. the senate which has not passed a budget of four years is sitting on it. my own senator has put a package together that is the alternative is sequestration. without devastating and mac hitting the defense budget. there are ways to do this. the president's mind is closed. he just wants big government, and you're going to hear that

tonight. he's going to attack republicans because they won't accept new taxes. neil: here is the dilemma right now for the country. you can use this latest data that is up from the treasury. you will get into this market in the next hour. a warning sign that getting under a trillion in deficits is hardly reason to will put up, but the trend is my friend. austria, closer to a record. what is going on in corporate america, earnings, and he is going to say that is the improving trend. we don't need to do anything crazy because look at what these tax hikes have done. reality getting this under control. now, americans will say, well, that makes sense to me. maybe we don't need to do something drastic. how would you counter that? >> by pointing at you have a contract economy. you're going the wrong way. by pointing out that we are back

at 8 percent unemployment. by planting of that 40 or 50 percent of the young people that graduated last year still don't have career oriented jobs. that's a disaster. he may find the statistics year and a statistic there that picks up at the early part of the year recovering from the horrible numbers of last quarter, but the fact is the country is in serious trouble, and this president refuses to admit it. tonight you're going to hear him say things are wonderful. as you pointed out to me will throw a couple of positive statistics on the table and use that as justification for what you have called an asinine perception of what is going on in this country. neil: i think i call this lightly asinine. i'm kidding. it's always a pleasure. thank you. >> thank you. neil: well, whenever you want to college, the theme tonight will be in a little more than an hour the president of the united states saying this whole thing about hacking the debt and

cutting spending is not going to happen. we have seen some of these experts. nowhere in them is there this concerted push to get spending under control. now, we might look at the wisdom of that. we might talk about the fact that the president will say that the deficit as a percentage of gdp, the debt as a percentage of gdp really is not that bad. that would be like me saying on plato i would be felt. it just does not fly because for the time being of talking to you from planet earth. so what the republicans do in response when they're in that room tonight? louisiana republican senator david bidder will be there. we already have a pretty indication, senator, that nowhere in the president's remarks will be a clarion call to dramatically cut spending. what do you think? >> i think he is on a different planet. different planet than reality, also a different planet in the american people. they of the washington as a

spending problem. the president is saying washington does not have a spending problem. i think he is clearly out to lunch on that. neil: but it is always one of these things. we got into the he said, she said, they said. they're going to notice. you're the pressdent said and the governor just said. we are running a slight surplus in january. a lot of people get lost in this stuff. they're going to come away thinking whenever the president is doing is working, so don't go crazy and start cutting my favorite programs. respond. >> the responses simple. deficit is still nearly a trillion dollars. that is historic levels and growing. by the way, not coincidentally, last quarter was negative gdp growth. unemployment is still hovering around 8%. those are the fundamentals, and those fundamentals are very bad. neil: do you get a sense that republicans just don't know how to respond, senator? you make a pretty compelling case.

it was not that long ago that if he had deficits over 50 billion that was a big deal. libya showing my age, but now we get them under a trillion and think we have hit, run. but people forget that every deficit gets added to the dead. whether it's 800 to 900 billion, now were up to 17 trillion. the most optimistic plan. the president putting, you guys getting 4 trillion in savings over ten years. still looking at $5 trillion more in debt. so why is that point so hard to bring home or are you guys is not being given the opportunity to bring it home? >> a couple of things. clearly republicans have been on the defensive. that is natural given the election. but i think the playing field is changing somewhat. in the tax debate over the fiscal cliff, the default position favored the president, gave him all the leverage. i think exactly the opposite is true now over this sequestration .

the default position is cuts. that favors the republican position. neil: would you, senator, if you had your choice between those automatic sequestration cuts the cake in a march 1st or entertaining a new round of tax increases, would you take those cuts? >> absolutely. no question about it. i am not voting for any more taxes, and i am not voting for lessening the overall size of the cuts. we need to rearrange the cuts for sure. much better ways to do this, including ways that won't hurt defense the way this horrible sequestration well, but i am not voting for more taxes. i am not voting for fewer cuts. neil: senator, thank you very much. in telling you, a little under an hour away from the president's remarks were the headline will be the debt is gone. it is not a problem. it is not a fixation. it will not be a focus. it will not be a priority. wherever you stand, there will be other issues will come up, but that will not be paramount.

the president will talk a lot new spending initiatives that will add a dime to the deficit. what he is saying is that deficit the way it is right now, he will be taking a dive off the deficit. house republicans respond and how even moderate democrats take that will be an important theme for tonight. the president and then it marco rubio responding to the president. the tea party will have its own response. kentucky senator rand paul. and what of the tea party and what to make of this body that helped land the three republicans in the capital of little more than two years ago? what happens to their revolution ? tonight we are going to talk to one of those revolutionaries year to say the tea party a dead. and this lady pointing a finger, governor jim brewer, the arizona tied he took down the president by saying, i don't have to follow your orders.

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♪ neil: just getting word that energy secretary steven chu will not be in the house tonight. the designated cabinet official who will not be there in case everything goes terrific in washington. they always have a cabinet secretary who is not there. let me cut to the crew chase here. what that means is, should the capital blow up, he would be president of the united states. that's what that means. they always have to have a cabinet official on standby. it has never happened, but they always have to have a standby in case it does because they are all the powers that be, president, vice president, speaker of the house, joint chiefs of staff, every other cabinet members, supreme court of the united states. someone has to run the show, and

god forbid it should come to that it will be secretary to. he is not there. but hopefully it is that going to be a big deal one way or the other. one thing that will be a big deal is what the president will say in that building tonight. indications are that one of the things he was saying is that you have to go crazy cutting his head down the size. the president has indicated that more spending is to come and he thinks it will be spending that is paid for but inherent in those remarks, you won't be seeing much cutting. at tea party revolutionary from the fine state of utah joining us now. what do you think of that? >> first of all, thank you for opening with such a morbid thought about the place blowing up. neil: i hope that does not happen because i have enjoyed talking to you, but whenever. >> if it happens that happens. look, i am looking forward to hearing the president's speech. when i would like to hear is some kind of unifying, uniting message about how we need to shrink government back down to size, restrict government to its proper role and make sure that

we are not borrowing money against an unborn generations. somehow i suspect that my hopes might be-and that might be the opposite of what we hear tonight neil: let's say you had the choice and i raise this with your colleague. sequestration cuts and just to bring people up to speed committees of the ones that were delayed as part of the last agreement to push through tax increases and the border shut down in the calamity. and let's say what slated to kick in, and this is over the next ten years in cuts, that is going to happen march 1st. would you accept that if the alternative is raising taxes? >> look, what we have to look to right now was what the president is proposing. the house of representatives tried to fix this by passing targeted cuts. the senate refused to pass it. will we need a president to do is come forward with his

alternative, as those set of proposals. neil: i understand that. i guess we're being a little simplistic. sequestration or tax hikes. >> now is not the time to raise taxes. the president got his $800 billion tax hike just about a month a half ago. if we raise taxes again it is going to read chill or kill economic growth, and if that happens we have no. neil: to you feel that by what happened is the old argument, you don't give an inch or help take a mile. he has taken is mild. i get them to accept tax hikes. i can get into accepted again. they're disorganized and over the map. i have them on the run and that will go for more tax hikes. what do you say? >> i don't think that we're going to go for it. of the republicans in the house or senate will respond with anything other than a real sense of opposition to a proposal to

raise taxes yet again. neil: senator, he has opened to revenues and and not putting words in his mouth, but closing loopholes especial allowances, but he puts that out there right away. is that a mistake? >> well, to the extent that that is what he is suggesting, and that don't want to speak for him or any of my colleagues, but to the extent he is suggesting that, he may be an ally erin that regard, and i suspect he is and i don't think that is the right approach. i don't think that our economy can sustain and right now, and the thing that is going to lead to more job losses and economic sluggishness of the sort that have put us on this pass toward -- path toward trillion dollar plus annual deficits. neil: do you ever worry that maybe it times are passing now whether you agree or disagree americans, particularly young americans seem to embrace bigger government, they seem to like government more than they used to, not across the board, and

the republicans, if they are not careful, could be on the wrong side of this issue if they don't espouse something clear. >> no. i don't worry about that because that is not the case. we are not on the wrong side of this. to the extent that we become content with tax increases and the perpetual expansion of government, that is where we are on the wrong side of history and will get it wrong, where we will lose our soul and support as a party, and that don't ever want to see that happen. neil: thank you very, very much. always good seeing you. neil: thanks you. >> there will be a separate issue. in these addresses, i'm sure you have covered so many of them. it. neil: a laundry list of issues. afghanistan. he will reduce troops, cut the behalf. that will come up tonight. he is going to talk about more green initiatives, more strategic investments. you about your spending.

you hear stuff like strategic investments. you will also hear a lot on making -- a lot of illegal immigrants here legal. arizona governor jabber on this tricky road that the president has to follow because if he is not careful he could have a huge mess on his hands. look at the country. she's next. ♪ at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello?

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♪ neil: all right. this is -- the president is moments away from leaving the white house. he is supposed to be there in 20

minutes. the welcoming committee says this is in the will of the house. the great thing about being president, you never have to worry about traffic. you can go anywhere. presidents, this is what they miss once they are former presidents. traffic is never an issue. soon on route. once the president does speak to the nation a little over half an hour from now we are curious to see what you are making of the speech and his priorities. you can tweet to s, @teamcavuto. we will read a lot of them, if they are not crazy and you are not saying really nasty stuff about me. jump on this as an occasion. why don't we just house on kneele. that is not advisable. if you do that, i just will read them. conversely if he's a wonderful things about me and my coverage i tell you, i can almost guarantee will read them. it is your call.

arizona governor jan perot is on a push for erasion reform. the cases of the president's will be talking about that but maybe not to the governors liking. the governor ticket aerial tour of the arizona border earlier today and joins me right now. governor, as you know, many argue the president is in stages and will do so in a big way tonight setting the stage for what would amount to amnesty for those who are here illegally. >> thank you for having me on. from the border today. met with the ranchers and the border patrol of the national guard and took an aerial tour. bottom line is that i want to hear tonight that he will promise the people of the united states that he will secure the borders before he moves forward with any type of immigration reform. it just has to be done. the people are still living in

danger dealing with the debt -- drug cartels. we simply have to have our border security. tonight and multiple. neil: delivering the republican response. and it he is under this sort of delicate balancing act of not trying to sound too mean or too abrupt. still recogniie the effect of this country has laws and procedures for becoming yeah states citizens. what do you want to hear out of marco rubio because the fear is republicans are losing latino voters in droves year and that this issue is one of the reasons why. what do you think? >> i'm grateful to senator rubio. i admire him and glad he is taking a position on the celebration issued, would he also has said that he believes the border niece to be secure before we move forward. the senators are moving in that direction. they agree with him. they concur.

i want him to say that he was the border secure and, i have offered the president, i have offered the invitation to the director of common security. come down and see my border. i find it ironic that the president does not come to this state is facing these issues bigger than any other state and that the secretary of homeland security does not come. he is in al pesto and san diego. the borders are secured. we're the get away, the ones that are feeling the impact of the drug cartels and the illegal immigration. they need to come and for themselves and see it and secure our border before anybody can get on board to deal with all the other problems that have resulted from that open border. neil: we do know that the president will try to capitalize politically on the inroads teammate in the last election with latino voters and democrats seizing on what he potentially millions of new democratic voters, you know, in the end.

this will be as remarkable as you know in the state of florida where even, you know, a cuban-american voters thought to be safely republican voting lot aides to the president this go round. what is going on with this important voting bloc and what if anything can republicans to about a? >> we know that we have a large influx of hispanic voters immigrating into the country. we love them. we wanted to come into our big tent. the republican tent. the philosophy is aligned with republican principles. i also believe that, you know, we are a country of love. believe in the rule of law. we need to tell them that what we stand for and that they are welcome in our party. we need our borders secured. we just simply cannot allow the open borders to continue in the fashion that has been going on for years.

and before we move forward to address the issue of the dreamers we need to be sure that our borders are secure. we have been down this path. when ronald reagan, one of my heroes granted amnesty, i don't think the public is going to put up with it anymore in regards to just sitting there and allowing him by executive order to do what he is intending to do, and i hope that we don't hear that tonight. if we do i think there will be an outcry. i am certainly not going to sit back and take it. and i think america is. neil: always good seeing you. we will find out how much the president is going to offer in terms of trying to deal with this immigration mess and whether everyone who is here in legal, and stages, how you handle that? the president will spell that out set to leave the white house charlie. it's easily for everything, but it does not matter because

they're not doing this of it without you. he has to be there in 15 mystically reading committees and all that, but a lot -- he is is not leaving. that is the way it is. you're going to have to deal. ♪ [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzo.com we put the law on your side.

neil: everyone makes a big deal of who the president has in his box that sits with the first lady. that list has grown. it practically started with reagan to be fair, but it is now grown to include football team size groups that sit with the first lady. tampa, the apple ceo will be sitting in her area. i don't know about right next to her, but the president will be specifically pointing mr. cookout to say that, you know, he is bringing jobs back to the united states and taking advantage that cash largess and opportunity in the united states. the irony, of course, remarks a little more than a year ago under president steve jobs widow in the box with them. apple was famous for -- an infamous for having all their production. a bit of the irony tonight is one of his favorite friends will be tempted, apple ceo, never

mind that it is a stock that is fallen on hard times. of little have something to counter the lack of new ideas. does not like the optics of all this. he joins us right now. what to you make of this? >> i think we're going to year a lot of things tonight, what american businesses will be listening for specifically are things about the economy, things about the taxation, things about regulation. right now i think businesses are worried. they're worried they're not hiring. businesses are not investing. they're looking for washington to take the fiscal situation seriously. neil: i don't want to give you a fox days flash. is not going to happen in his address tonight. >> that's the problem.

everybody knows that we are spending way too much money. we can't keep piling debt and debt and debt. neil: spending is not a problem. >> every business in america knows the spending is a problem. we can't keep adding to the debt and are looking for long-term solutions. there has to be steps taken toward long-term -- addressing longer-term issues on entitlements, addressing -- [talking over each other] neil: you and i talked for years and that think you're a smart guy and have been on top of this . really this, bad man. the market keeps racing. the dow is just a stone's throw from an all-time high. people are getting giddy about the market. money is coming out the sidelines into the market again. is that just another universe, another reality, what? what happens every time.

>> what happens every time when the underlying economy is weak -- it's a trap. every time. every time it's not real. gdp decline in the fourth quarter. it does not feel any different in the first quarter. businesses are looking toward these long-term solutions. where there are now we hear tonight or not it does not make a right. we have to deal with the long-term issues. everyone knows this but no one is talking about it if it does not happen you're not going to see businesses invest in your not going to see jobs created, yet to see unemployment come down, and eventually the stock market will follow. neil: i don't -- the apple ceo budget to tout apple and it

makes great products, but a lot of those products are made overseas. and then to brag about the company that it might bring some of that, albeit a very tiny part of that back to united states and act like it is a big deal, isn't that weird? >> they're looking for positives. using the bully pulpit to tried to get people to bring jobs back that's fine. economies of like they're going to grow, politicians address the long-term underlying issues of entitlement, tax reform. we still have the highest corporate tax rates in the world. we still have all the issues around revenue. we still have deficits that are over a trillion dollars a year. these are the issues they're going to catch up with estimates and is going to hit the currency , the markets and fundamentally demand. businesses know this command this is why they are not hiring. neil: we're watching closely but is always a pleasure. thank you very much.

is there anybody? alysian the will of the house right now i'd want to jump the gun, but i do want to a -- this is held in the well of the house of representatives, and the reason why i mention that, there are a limited number of seats. one of 35 for house members. one hundred for senate members, the 20 some odd seats for the president's cabinet-the energy secretary. i guess he's going to go to perkins are something. and, you know, obviously the military, the joint chiefs of staff, the nine seats of the supreme court justice, very limited number of seats, my question is this. how is it that they can make room for all of these stars to come? a limited number of seats.

a lot of these congressmen are women. number of guests. the speaker has an area in the higher part of the speakers box, it's called. is not the box, a series of seats committee can have a dozen people. where the seats coming from? which adds a nose and rich as it is next. ♪ [ male announcer ] i've seen incredib things.

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let nothing stop you. good job ! it's red hot deal days. get the nokia lumia 822 in red for free and discover all the things to do on the go with city lens. or the droid razr m by motorola in pink for $49.99. everything droid does in aedge-to-edge display. hurry in, because the sale ends february 20th. powerful devices. powerful network. verizon. ♪ neil: all right. this evening, and joe biden is getting there. mitch mcconnell behind, harry reid. you know all of the people. they come down, shake hands. a formal procedure. some of these guys have been there for the better part of all day. new york, they come in there. people get there at like 2:00 a.m. the morning before and wait. they just wait and wait and wait. some people linaria knowing when

the president comes in they will get their shot with the president of the united states shaking hands. the cameras capture it all over the world. the same shot. what makes this extra no worthy today, dick durbin of illinois, the speaker of there with joe biden. there will be a number a pretty impressive folks in that audience. ted nugent, tony bennett, apple ceo tim cook. so few seats. talk about the cast of characters. who gets in there and how. >> well, you have to think of it as two different worlds. on the house floor, house members and senators and the total 535. they come over from the chamber. and there are members of the supreme court, the cabinet. those officials and the diplomatic corps are allowed on the house floor. above the house floor is what is known as the gallery. the public gallery that holds

623 folks. the journalist galleria to a hundred and 16. on a regular day there are some special seating. they squeeze extra seats in the last and the grim. also steps the people said on, and when you factor that then you have between 1450 and 1500 available seats within the house chamber including standing room, sitting on the floor and the steps. that assembly folks they squeeze in there. the tally given to us by the -- there of not been any structural changes since then, so these numbers of the latest and most reliable. neil: all right. debbie giffords there as well. about 18 months ago. she is in the audience, i guest of the obama's. but of course you will see a lot of this. is it unusual, so many, you

know, celebrities, big names? used to be just the presidents invite list, but the speaker can invite his own group. it just seems unusually high. neil: it is incredibly varied. ted nugent this year. tony bennett is here because of the position under control. that is what you have heard from the members invited them. house minority leader nancy pelosi inviting tony bennett, congressman inviting talk to us stockton of texas because of his support of the second amendment. severed as much about a political statement when you look at the various attendees. the headliners like the stars, but you also have, you know, folks like someone who is a pay discrimination victim, some of the white house, the first lady who graduated -- invited someone he graduated to the college for when a technician program.

the president's health care law. it also becomes a personal message. senator kirk of illinois you have the cell tissues is bringing his therapist with him. as you know, mark kelly and gabrielle giffords, ron barber who fills her seat, their family will be in attendance. it is as much about a message, as much about personal attendance. they will not be sitting with the members of congress. members of congress will be downstairs. senators will be downstairs. the first lady and her guests will be upstairs in the gallery along with all the other guests. neil: their is a designated number of seats in the gallery. >> one ticket each. those folks set up in the gallery and less sure the speaker. somewhere around a dozen. neil: remain and that thank you

for clarifying that. we will be going to rich tonight. that explains it. i would prohibit further be in the gallery. ♪

neil: welcome back. moments away from the president of the wettest days delivering his fifth state of the union address. the fourth -- a very star-studded gallery of guests, singers, you name it and they are all there. we have a big wig year. you know him very well. president, senator, far r-texas senator phil gramm.

all things, if anyone knew where the physical bodies were buried in the house and the sausages put together in washington, the senator does. order to have you. >> well, listen. i sat there for 24 years. i never went to a state of the union address that there wasn't a base of excitement that's. neil: this one is already worrying some in your party, senator. it is going to talk up more executive actions and measures to combat climate change and some other ills, but a lot of new initiatives. they're not going to beat all spending, but nothing that will shrink the dead, nothing. >> now, look. this is basically the same speech in this same program that the president caved years ago. that program over four years gave us $5 trillion worth of new debt.

yet today we have 3 million fewer people working them we had with the recession started. income for every man, woman, and child in the country is $700 less than it was when the recession started. so unfortunately, the sad thing about the whole process is, it is groundhog day. this is the same speech, the same program. the program had not worked in the last four years. we have had the most disappointing recovery in the postwar america. unfortunately i don't see any sign that it will work. neil: far from avoiding more spending, he promises in his remarks tonight, the answers to exercise have been released to the press that he will not anodyne to that debt. all separate issue. but the 16 trillion that you heard already, i'm sure he believes it is very close to the 4 trillion in budget cuts presumably over the next ten

years and that is set. this seems to be pegged to this sequestration cuts. two and a half trillion to rehash cuts that never happened anyway, but that's it. that is as far as the administration will go and after that this debt nonsenses done. what do you make of that? >> well, it is sort of an escapism. neil: that's the pelosi said spending is that a problem. >> obvious that the president believes it is not a problem, but we had a $5 trillion worth of debt the first four years. on our way to another 5 trillion. let me put that in perspective. that, if you take the average interest rate on of 5-year government bond which is the average gratuity of the last six years, that is $490 billion per year in perpetuity antilogies this cutback that we're going to have to pay in interest every single year.

that is what we're spending on defense, more than we're spending and non-defense, more than medicare. these debts buildup, and they hurt. i think it is clear -- the president talks about oil and gas, brags about oil and gas production. then get anybody who knows anything about his program knows he is for it every step of the weight. he rejected the xl pipeline. he has denied drilling rights on the continental shelf, public land, and tonight he will propose raising taxes on oil and gas. neil: so nothing new here, nothing you're looking forward to. a quick response, i do you think republicans should challenge? >> look, the president always has an advantage in these because he speaks with one voice. republicans speak with 280 voices. and they don't get to choose which one is run television. so the president has been very clever and very gives

politician, but in the end, we hire presidents to make america work. america is not working, and the constant attack on rich people is producing policies that basically hurt middle-class working families. neil: well, there will be looking at more tax on rich people. do you think they should? >> well, look, if you look at the top one, too, and 5% of income earners in america they pay a higher share of our total tax bill than any other one, too, or 5% of taxpayers in any other developed country in the world. so what does the president wanted? what is fair? i will say this, this is all sounding more and more like an excuse not to do anything about spending. neil: senator, thank you very much. joe biden, the vice-president wife has entered the room. pretty soon michele obama in on

we go. the president himself. we will be hearing from a lot of ceos and the like to say that this could be a golden opportunity for the presidents increasingly with what they're hearing in what we are reporting, it will be an opportunity. ♪ ♪ [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a colex, global economy. it's just one reason over 75% of our mutu funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's gohead and bring it online.

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that's where tots come from. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. 50% more spy stuff. what's in your wallet? this car is too small. neil: all right. one of the distinguishing factors of our could have rang on fox business is that we talk to business leaders. get their gauge and whether any of this will make them more inclined to hire people. it is all about confidence. corporate americans are worried about all the spending and all the debt. nothing more than restaurant ceo, and -- andy posner. not reining in the debt is what worries him a lot and fellow ceos. there is nothing this remarks we'll hearing that the president will give tonight that will disavow them of that notion. >> look, what we need to hear tht