we'll talk to jack lew live in studio. the white house is in damage control mode pushing back hard against author ron sus kind's new book which paints an unflattering portrait, were top officials misquoted? >>> guess who else is in the new york, none other than the republican front runner, rick perry who plans to dip his toe in the israeli political waters today. it's tuesday, september 20, 2011. this is "the daily rundown," i'm chuck todd. good morning. let's get to my first reads. in case you had any doubt that the president's speech marked the end of the governing season, white house communication director dan fire confirms it, we were in a position of legislative compromise by necessity. that phase is behind us. the president released his deficit plan and it was greeted with a thud by republicans. middle east peace may look more attainable to the president than selling republicans on his plans for the economy. >>> the president laid out a $3.2 trillion deficit reduction package which includes $1.5 trillion in new tax h

we just got the details from jack lew, the president's budget director, and they're pretty dramatic. basically, this white house is now coming out and saying flatly that they are going to be raising taxes on a whole slew of people all around the country. in order to try and pay for this jobs bill. the biggest one of all is they say they want to raise $400 billion over ten years by limiting the types of itemized deductions our viewers can get. they will limit the deductions if you're an individual making at least $200,000 a year. quickly, they're going to want to raise $18 billion as well by changing the way carried income is treated, this investment 23478. they also want to raise $48 billion by changing oil and gas provisions and finally a pretty small sum, $3 billion, by changing corporate jet depreciation. but let's go back to the biggest one, that's the one that effects our viewers the most. this white house is saying flatly they want to change the way people can itemize detuxes on their taxes. if you write off medical expenses, state and local taxes, mortgage interest, charitable

we're going to talk to the president's budget chief, jack lew, about the plan.ch of your questions to bring to him. he'll be live from the white house, next. >> the usual defenders of these kind of loopholes saying this is just class warfare. i reject the idea that asking a hedge fund manager to pay the same tax rate as a plumber or teacher is class warfare. jen the president unveiling a new decifit reduction plan this morning. you're seeing videos out in the rose garden. he wants to slash more than $3 trillion from the national debt and this is part of his jobs plan as well, all wrapped into one. we have a lot to work through today. jack lew is budget director for the white house and is joining us os our guest. good to see you. >> good to be with you. jenna: i was struck by something i saw on the cheat sheet that you send out to the press ahead of the president's speech today, it says the president's plan for economic growth, and it got me thinking that we've seen economic growth really over the last year or so, gdp has been a positive -- in positive territory,

i have with me today jack lew, the director of the office of management and budget.you know, as you heard from the president, he will be submitting the american jobs act to congress later today. you've been briefed i think pretty extensively on the provisions that create jobs and grow the economy in that act. part of the act the president presents to congress today has what we call pay-fors -- has the mechanisms by which those provisions will be paid for. jack is here to discuss those with you, explain them to you. if you want to ask him questions that he can handle, and then i will, of course, remain and take your questions on other subjects. thank you. jack lew. >> thanks, jay. let me start by putting the whole pay-for package into perspective. when the president spoke to congress last week he said he was going to present the jobs and growth package -- it's roughly $450 billion -- and that it would be paid for. and today he's sending legislation to congress that has both the growth package agenda and the pay-fors in it. he is presenting a series of specifics -- whi

plan to cut the deficit were outlined by treasury secretary to tim geithner and budget director jack lewthey spoke together at the white house. >> good morning, ladies and gentlemen. thanks for coming to the white house for your daily briefing. as you were told in advance, i have with me today the secretary of the treasury, tim geithner, on my left, and on my right, jack lew, the director of the office of management and budget. they are together going to answer your questions about the president's plan for economic growth and deficit reduction. i know you just heard the president speak on this. jack and tim are here to take your specific questions. after they're done -- if you could just keep on topic with them -- i'll remain to take your questions on other issues. all right, we're going to go right to questions. so, darlene, if you want to start. >> yes, thank you. would someone explain why the president knowingly put forward a plan that includes these tax increases that republicans are -- i mean, they rejected them even before the president stepped into the rose garden? >> i think repu

on my right, jack lew, director of the office of management and budget. e to answer questions about the president's plan for growth and deficit reduction. jack and tim are here to speak to your specific questions. after they are done, if you could just keep on topic with them, i will remain to take your questions on other issues. >> why did the president put forward a plan with tax increases the republicans rejected before the speech in the rose garden? >> we have a long-term deficit problem. we have to bring that down to earth. we agree in the magnitude of cuts and changes over time. four trillion dollars is what you need to bring the deficit down to a level we can sustain over time, a level where debt as a share of the economy is stabilized. the debate we are having is how best to do that. but the president laid out is a balanced package of reforms on all parts of the government, combined with some modest reforms to our tax system designed to make our country more competitive and make sure the most fortunate americans are paying a greater share of their

that's over ten years, according to jack lew, the president's budget director. 400 billion of that 467 billion comes from limiting these itemized deductions. this is really the bulk of it. keep in mind, though, it's actually lacked support in congress and i'm not just talking about republican support. i'm talking about support from moderate democrats as well. so it's pretty interesting to see the white house really not emphasizing this tax increase as much as the other ones. listen to jack lew. >> if the american people were asked to make a choice between tax breaks for investment fund managers who get preferential treatment for carried interest and oil and gas industry tax breaks that treat oil and gas more favorably than other investments, and corporate jets that are treated more favorably than commercial, that is not a hard choice for most americans. >> reporter: so, brooke, you'll see he didn't mention the itemized deductions. he mentioned the corporate jet tax increase. i should tell you that would bring in, the white house says, $3 billion. so 3 billion of the 467 billion. the in

i sent a letter to the president's director of the office of management and budget, jack lew, asking that this information be provided to the congress at once, but so far we've had no response. part of the reason we need this information is that the total cost of the president's bill may be much higher than advertised. that's been the pattern around here. no one should be surprised. when the president said his plan would be paid for, he did not specify if he meant the total cost to include increased interest resulting from the borrowed money to be spent immediately or just the cost of the jobs provision alone, actually how much goes out the door. depending on when the money is spent out and when it is paid back, assuming it is ever paid back, interest costs resulting from just this bill's borrowing could top $100 billion. in other words, the interest on the money over the ten-year window, the ten-year budget we're talking about, you spend $450 billion now, we pay interest on that money. it's borrowed money. people loan us the money, we pay interest. interest rates are low know. c.b.o

this afternoon i received word from jack lew of o.m.b. and fema that they'll be able to get through the week without additional funding. that means they can get through the fiscal year without more money. i think that it's very clear this is the right way to go. it shows us the way out. it means we no longer have to fight over 2011 funding. i repeat what i said, mr. president, at the very beginning, and that is the way out is to focus on 2012. if we no longer need 2011 funding, we can paos a bill that funds -- we can pass a bill that funds 2012. this compromise should satisfy republicans. it includes their 2012 fema funding number. it should satisfy the democrats because it does not include the offsets we talked about so much here. it will be a win for everyone because we couldn't win without another -- end without another government crisis. i appreciate senator mcconnell for being understanding in this regard. but i end where i started: senator johnny isakson. let's fight when there is something to fight about. there is nothing to fight

yesterday i asked jack lew the budget director about the issue of the fact that the president seemed to sort of back off the compromised plan in grand bargain. he was negotiating with john boehner. here's what he said. >> six weeks ago, we were hoping to do something very big in the context of a very contentious political debate over the debt limit. when you go to bottom lines in a negotiation, that's a very different context than when you put out your vision. >> senator, this is a little backwards. usually you put out your vision first, then you get to the negotiating bottom line. you know, can the president's debt plan be seen as a credible idea if we already know what his bottom line negotiating principles will be down the road? >> no, here's the difference. three different occasions now, the white house, the president and vice president reached out to republican leadership and said let's work on a very good approach to reducing the deficit. first, of course, was vice president biden, and congressman eric cantor, the republican leader in the house walked out on it. then two direct

budget director jack lew, his message is everybody has to sacrifice to get our financial house in order. >> i think that if you look at the details of what's in the plan that the president sent to the congress this morning, there is a lot of pain and it's spread broadly and we think fairly. >> starting to see the pattern here. share the pain, assign the blame. that task fell to white house press secretary jay carney who reminded report hes that president obama inherited a big mess when he got into office. >> the president spoke and has spoken clearly about the decisions that were taken in the previous administration that took surpluses and turned them into deficits, massive deficits. and they include the two tax cuts. they include an unfund eed medicare prescription drug program, they include two wars put on credit cards. now, we have spent a lot of time in this administration cleaning up the tent, the elephant tent, if you will. and it hasn't always. >> brian: been an easy task that involved tough decisions that had to be done to prevent a great are depression from happening again in t

i'm going to add that now because this is just crossing, i know you don't have access to this but jack lewing with jay carney at the press briefing, one of the things he's saying is one way the bill will be paid for will be tax increases, including limiting deductions on families that other than more than $250,000, so they could eliminate itemized deductions. susan, that looks like that's the stance from the white house. we don't have the details, we'll get those next week from the president, but we're almost into the middle of the month and september 30th is an important date and deadline and explain why that matters within this conversation we're having now about the jobs bill. >> well, september 30th is the end of the spending year. beyond september 30th, we have to have a whole new set of legislation to pay for the upcoming fiscal year. that's not agreed to yet. so i think at this point, you're going to see some fighting over a stop gap spending bill to keep the government funded in much the same way you saw earlier this year where the two sides are going over making cuts as we spend m

he was joined by secretary timothy geithner and jack lew.hey will be at this morning's white house briefing. it was originally set for 11:00 this morning but it was pushed back due to the president's remarks. we will have to live on c-span when it does get under way. our next call is sean from massachusetts on the republican line. caller: good morning. i'm from massachusetts, one of the most tax states in the union. everything the president is for, taxing the rich and corporations sounds good. but, we have a saying here in massachusetts -- the more you make, the more they take. i'm for a much more balanced tax code where everybody pays a fair share. even if you have a part-time job. what this president does not understand that these democrats do not understand is that you get more revenue by putting people back to work. when someone is back to work, you have taxes right there on their paycheck. we can go back and forth all day for years and years and years and did not fix the problem. this president is out in 2012 and we can get someone in t

to at least acknowledge in their writing, if not in the phrasing in their questions which is what jack lew just talked about which is the forecast made for in early 2009 were based on the economic data available to any economist inside or outside the administration. and what we didn't know, in fact, what we only learned this summer is that in the fourth quarter of 2008, the american economy contracted at 9% before this president took office. the next month when he took office at the end of that month, by the end of that month the american economy had shed in that month alone 770,000 jobs. again, i certainly don't think that you are suggesting that president obama regardless of his forecast of his economic team is responsible for that. so i just think that we need to -- and i would go on those 770,000 jobs we talked about losing about in january of 2009, were part of a total that reached 8 million as a result of the recession that was in full bloom as we know now when he took office. at least as a reporter acknowledge that there's a separation between a talking point and the facts on the gr

before i get started and tell you why i have jack lew here, i wanted to give you a sense of for the week is headed for the president. he announced that he would be presenting specific legislative language on that bill today. he is still asking congress to take up and pass the bill promptly. tomorrow, he will travel to columbus, ohio, where he will visit a school that was recently modernized. the tangible benefits to the students, teachers, parents, and community that this work will provide. that is why he has included for school construction and modernization. on wednesday, he will visit a small business in raleigh, north carolina. i have with me today the director of the office of management and budget. as you know, he will be submitting the american jobs apt to congress later today. you have been briefed pretty extensively on the provisions that create jobs and grow the economy. part of that house what we call pay-fors. jack is here to discuss that with you. if you want to ask him questions, that he can handle, and then i will, of course, remain and take your questions on other subject

with jack lew, senator nelson, in which we really hunkered down, i think on the timetable going forward, because we do want to be on the same page, and i have the commitments now from everyone that is in the decision making process that i believe really are going forward now all as one with one goal, and that was important to me that the o.m.b., the administration, nasa and the members of congress be all together. and i think now, from everything that i have been told, and the commitments than made that we are. i am very excited about this rocket system. this is the piece that i believe is going to be the true long-term future. you can't have the preeminence in space that we have enjoyed over the past decade without seeing beyond the immediate-term goal, which of course, is the space station, and making sure we fully utilize the space station. that is the intermediate goal. the long-term goal has to be what's out there that we haven't discovered yet? so i don't want the trays hopes that everything is going to go exactly in a box, by an outline that has been put forward, because we are p

jack lu. >> i don't see it. it's not clear when or why lew adopted the creative john hancock. his name. and that's a quick look a your headlines for this half-hour. now, at the debate last night. >> right, steve. >> there were some zingers. >> yes, there was. we're a nation of bumper stickers. one liners and we got a lot of them last night, let's take a look back at the candidates at their highest point. >> let me tell you the title that i want to hear said about president obama. and that is, former president barack obama. i don't think we're doing a service to the american people to keep banterring about what you call it or what you don't call it. the solution is fix it. >> but i believe it's fundamentally wrong to give people money for 99 weeks for doing nothing. that's why we had welfare reform. >> i love this kuncountry. i spent my life in the private sector, not in government. i spent four years as governor, i didn't inhale. >> my neighbor's two dogs have created more shovel ready projects than this current administration. >> very, very funny. when you only have one minut

this afternoon i received word from jack lew of o.m.b. and fema that they'll be able to get through the week without additional funding. that means they can get through the fiscal year without more money. i think that it's very clear this is the right way to go. it shows us the way out. it means we no longer have to fight over 2011 funding. i repeat what i said, mr. president, at the very beginning, and that is the way out is to focus on 2012. if we no longer need 2011 funding, we can paos a bill that funds -- we can pass a bill that funds 2012. this compromise should satisfy republicans. it includes their 2012 fema funding number. it should satisfy the democrats because it does not include the offsets we talked about so much here. it will be a win for everyone because we couldn't win without another -- end without another government crisis. i appreciate senator mcconnell for being understanding in this regard. but i end where i started: senator johnny isakson. let's fight when there is something to fight about. there is nothing to fight