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tv   Lou Dobbs Tonight  FOX Business  April 10, 2013 7:00pm-8:00pm EDT

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we're covering it all. thank you for joining us for "the willis report." good to have you with this. thank you for joining us. have a great night. we will see you tomorrow. [laughter] ♪ lou: good evening, everybody. thank you for joining us. the dow jones industrial average and the s&p 500 closing at all-time highs today despite the president's delivery of of budget proposal that would increase spending and taxes and never balance the budget. the dow jones industrials gaining 129 points to close at a record high of 14,802. that is the 13th record high close of the year, and the s&p gaining 19 points to close at a new record, 158773, the second record high close of the year for the s&p.
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nasdaq rounding out a day of major gains on wall street, picking up just about 60 points shy, closing at a new 52-week high of 3297. the highest close for the nasdaq since november of 2000. year today a record rally in the market amounting to a paper gain of $2 trillion for the wilshire 5,000 index. and president obama facing criticism from republicans after he submitted a budget proposal that calls for more tax increases to more spending, while upsetting many in his own party by proposing cuts to the entitlement programs. a proposal that amounts to the largest budget in american history and does not ever balance. we will take that up tonight and talk with the chairman of the house judiciary committee, congressman bob good law who reveals more shocking issues on our tax dollars, this time from the department of justice. also tonight, one fox news
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reporter fighting for first amendment rights, facing the prospect of prison. "dobbs law" is on the case, and a leading light in the republican party, senator ted cruise joins us to talk about immigration, border security and the assault on the second amendment and the future of his party. we begin tonight with president obama's vision of the secure fiscal future, the president's 2014 budget, not only the biggest spending ever pumping out nearly 4 trillion, but does little to solve the nation's major entitlement programs, slow, booming national debt that will rise to more than $25 trillion in the next decade. the president's budget has both republicans and democrats saying this is not a good plan. fox news chief white house correspondent ed henry with our report. >> reporter: president obama declared in the rose garden today that he can have it all. more tax increases and more
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spending increases on his priorities with promises of spending cuts elsewhere. >> the debate in this town has raged between reducing our deficits at all costs and making the investments necessary to grow our economy. this budget answers that argument because we can do both. >> reporter: get the top republican on the senate budget committee quickly noted while deficits shrink in the short term, the president's budget would add over $8 trillion in long-term debt increase government spending by 56 percent of the next decade, so the president's plan to include a cut the social security benefits to who republicans on the grand bargain did little to when the speaker's part. >> she does deserve some credit for some big criminal internal reforms. i would hope that he would not hold hostage this modest reform for his demand for bigger tax cuts -- hikes.
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>> reporter: they know that it is designed to win over rank-and-file republicans, not the leaders. quickly shot back, the speaker cannot pick and choose the concessions. >> the offer that is there for the speaker is not a menu. you cannot decide to only pick of the concessions that the president has made. >> reporter: a bigger problem is the push for change in cpi, recalculation of the consumer price index that will result in less government benefits and is still sparking anger on the left and among senior citizens with a powerful a r.p. declaring they are deeply dismayed by the president's plans for social security and medicare cuts by saying, it is wrong for the president to try to balance the budget by weakening the programs that provide the very foundation of retirement security for current and future generations. as for all of his priorities, the president simply does not use the word spending. >> my budget makes these investments to grow our economy
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and create jobs, and it does so without adding a one dime to our deficit. >> reporter: how does the president do that? over 1 trillion in new taxes, including a tobacco tax of $0.94 to pay for that free universal free-day. it changed cpi is that is controversial because it cuts in social security but it changes the tax structure, so it ends up raising taxes on the middle class, something you will recall on the campaign trail the president said he would never do lou: thank you very much. chief white house correspondent. my next guest says the president's budget does nothing to secure our financial future, but it does raise our deficit and debt, and it does raise taxes. joining us now, the chairman of the house judiciary committee, congressman bob goodlatte of virginia. good to have you with us, congressman. >> good to be with you. lou: let's start with this budget come if we may. senator mitch mcconnell said it
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is more of a left-wing wish list that a budget. how you see it? >> let's start with the fact that 65 days late. the purpose of the president providing a budget to the congress, the congress writes the budget. the president does not giving it to sign it into law, so the purpose of providing it is to advise on the needs of the administration. so after the house has passed a budget, after the senate has passed a budget finally he comes in with the budget? is of no help. and as you noted, it includes $8 trillion in new spending. over 1 trillion in new taxes that never balances, and 964 billion, almost 1 trillion of that spending is new spending, new proposals, and it reminds me of the stimulus that the president offered a few years ago that was supposed to jump-start the economy and get the jobs created in this country that had in many people's opinion the opposite effect.
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lou: and the obama budget, if we are to look at it and simply say , at what point does it bottom? the answer is never. the spending programs, is asking for another 50 billion. of trying to be as generous as i possibly can. there seems to be no strategy, no architecture to this. irrespective of the partisan or any logical views that surround it. >> no connection to the realities that we are facing and dealing with writing a budget, working up the differences with the senate. this is a budget he could never balance. at the key would be irrelevant to most american families and businesses who have to balance their budgets and have to meet their obligations, and not live beyond their means. in spite of all the debate that we have had over the last several years the fact that we
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have not balanced the budget and a long time does not seem to matter to this administration. that is very disturbing. i am proud that we have a budget in the house that balances. that is an improvement over our budget from last year which did not balance. a budget that balanced in four years. serious problem with overspending by our government. we have to tackle that. the few changes with regard to the entitlement reforms. modest steps in the right direction, but he should unchain those from his requirement for yet another tax increase. let's give him the process of looking at that two-thirds of our budget that has been largely untouched and needs to be reformed because that is the part that is growing in the case of the health care program. four times the rate of inflation caught totally unsustainable, eating up the tax increase and the spending savings that we have accomplished through
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sequestration and other reductions. and out of control series of entitlement programs that badly need to be reformed. lou: mr. chairman, i looked at $200 billion which is considered the number. wasting medicare. and you have examined much of the waste and fraud going on in government. you have identified some things most recently in the justice department. i find it extraordinary. i have to start with $12 coffees and $116,000 in sunglasses. how they spend money on sunglasses? >> that is a truly amazing thing. even if you have a law enforcement agent who needs to have some kind of protection for their eyes when they're out and about, it certainly does not need to cost the taxpayers
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$116,000 to buy sunglasses. the big ticket item that we found so far is $165 million for a prison in the president's home state of illinois that the taxpayers of this country bought from the state of illinois when the bureau of prisons, the u.s. bureau of prisons already has four and the presence waiting for use. he has added a fifth one and it is going to cost $6 million a year to maintain the empty prison and to get it ready to be occupied, another 70 million for something that clearly we don't need if we have for on line waiting to be used already. lou: extraordinary and we thank you, as always for being here. the chairman of the house judiciary committee. good to see you, sir. much more on the president's budget. gun-control legislation, immigration legislation. we will be talking with the
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republican leading light, senator ted cruz here next. much more ed. stay with us. ♪ lou: democrats certainly seemed determined to destroy the second amendment. they don't seem so eager to fix a lot of other problems that are certainly far more pressing. we examine all of that in tonight's "chalk talk." now, 15,000 wall street marking another record session. the markets and the economy. ♪ the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone but her... no. no! no. ...likes 50% more cash. but i don't give up easy... do you want 50% more cash? yes! yes?! ♪ [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase, plus a 50% annual bonus
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♪ lou: stocks rising to record highs. this all, fed chairman ben bernanke's rally? is there more? something to do with the of entrepreneurial economy?
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chairman of gilder wealth management joins us tonight. first, let's take a quick look at what happened on wall street. all good news. the dow jones industrial with another all-time high at the close. the 13th of the year. the s&p 500 moving to another record high. second of the year. the dow jones industrials rising to up 14802. the s&p 500 up 19 points. the nasdaq, no all-time high, but doing pretty well sitting at just about a 12-year high. three and a half billion shares traded today on the big board. all of more than 2% on the day. as predicted. churchill downs, kentucky derby, stock up more than 4%. the commodity market announcing it is bearish on gold. responded, dropping $20 per
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ounce. twenty-three year highs with crude oil of $0.44 nonetheless. the treasury auctioning off 21 billion in two-year notes. rising. all but a few fed officials say they want to keep the $85 billion a month bond purchase program going at least through mid year. i thought in the year. not according to minutes released from the policy meeting. joining us now to define what is going on with the fed, his own economic outlook, one of the best political and economic thinkers, george gilder. good to have you with this. >> great to be here. lou: trying to sell bonds. various other quarters. the kind of like to look at the truth and see where it leads us. we are watching an unprecedented rally year today. >> well, we have an entire
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economy skewed to favor the government's and the big companies and the crony capitalists. it is an infinite loop of free money where only the powerful and privileged get any. lou: but if those individual retail investors wanted to get in there, they could have. missing a huge rally. 2009, this is unbelievable. >> it's like employment. we get lower unemployment by shrinking the work force. we get a higher stock prices by shrinking the number of shares. lou: that is something we need to focus on because i know think anyone is paying much attention. and that is, the number of issues are shrinking quite literally. and in that in itself, they're giving this market a lift, as if it needed anymore help. what do you think? >> the big companies that operate around the world are having a heyday.
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but the entrepreneurial economy is in paralysis today. virtually no ipos. it is the venture capital field. the search for subsidies, losing green projects. lou: and just about sick of those. most americans are. if i hear about one more razzle dazzle idea about a battery in a car in a plug-and the maid is nauseating. there has to be more innovative energy in this economy than that . and a half billion dollar loan guarantee with the government. >> that is absolutely right. huge opportunities, and that think once we get through this lag we're going to find the world economy opening before us with capitalism thriving in eastern europe. russia. russia now has a flat tax.
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more billionaires' that new york . they are coming over here. lou: we have to be fair. the oligarchs in russia. they had extraordinary statist help in achieving their wondrous riches. >> but, still, the russians have shown the route to the bumbling government revenues by enacting a 15 percent flat tax. the flat tax is all over eastern europe's. we now have -- we have a less entrepreneurial and capitalist system today. we have lots of entrepreneurs, but less entrepreneurial and capital system than the former communist. lou: as we look at this economy right now, it seems so difficult to jump-start growth, to start -- to increase the labour force participation rate, to create jobs for 23 million people who
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desperately need them. we have a president who does not even talk about it, let alone do anything to encourage it, allied interests, or incentivize the creation of the jobs. we talked about an innovative sector nothing could be worse than the leaders. >> fed policy. so if you change policy can transform the economy. that is possible. that is why i think that we have prospects in america. lou: your outlook. very quickly. your outlook on these markets. >> not the slightest idea.
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the shrinking work force. may lead to a sh issues facing the nation. maybe he should think about it in addition to the second amendment and its destruction. we will have that in tonight's "chalk talk." a new leader in the republican party. ted cruz of texas, joining us for frank this session on guns and border security. the obama administration and the direction of this nation. stay with us. ♪ ♪
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♪ lou: well, a very narrow window of opportunity, and this, his second term, to sign major legislation and create a meaningful legacy. the president is intent on making gun-control one of those achievements, if you will. and i think he thought it would be a little easier than it has turned out to be. according to voters gun control is the eight most interesting problem, most important problem in the minds of americans. ranks behind education to immigration, health care, debt, deficit, jobs, dissatisfaction with the government and the economy, which consistently poll as the -- consistently pulls as the biggest problem that we face and we thought we would enter our own list of problems and we thought might warrant the president's consideration rather than an attempt to dissolve work
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to crush the second amendment. maybe the president can find time to address some of these issues in between all of those golf outings and white house conference. i don't mean to be picking of the president on this sort of thing. it is odd, though, don't you think, in national liberal media does not take much note. think about eisenhower and his golf games and how much the press, you know, gave him all sorts of grief. anyway. lots of examples come to mind in history. but from time to time, we will remind everyone of what is going on. let's start with a couple of things that we think the president might consider ahead of gun control. they are now 90 million, 90 million working age americans , 90 million of them. not in the labour force and the lager. they have dropped out of our labour force. 90 million folks. around 81,000 americans, 81,000
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went on disability last month. that is almost as many disabled folks know as the 88,000 jobs that were created last month. this, to me, is an extraordinary parallel. and let's turn to another issue. the president did not take note of that, did he come in any of his recent speeches. the government is spending, right now, $260 billion, $260 billion per year on what? on disability programs. that is more than it spends on food stamps and welfare combined do you hear people talking about it? no. you will hear people talk about the food stamp president. that is balderdash. this is the number on which we should be riveted. this number and this number and
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this number. and, of course, food stamps, and roman has soared 70% since 2008 to a record no over 47 million americans. 47 million people. the fifth issue we might put forth for the president's consideration, the government spent the record $74 million on those foods stamps that sixth issue that we would commend to him is nearly 50 million americans. 50 million americans. one in six people are now living below the poverty line in this country.
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when is the last time you read this president talk about economic growth, creating jobs, the american dream, opportunity? 20 percent of americans as well. number seven, the national debt. i know these things are unimportant, but i'm putting them out there for his consideration to see if one of these eight sites his interest. $16 trillion. the national debt. by the way, none of the gun-control measures that congress are considering, thinking about, negotiating over , none of them, extended background checks, none of them, zero. none of them would do a single thing to prevent the tragedies that spawned such interest in the legislative action against
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the second amendment, none of them would prevent tragedies like the town. before she was a killer she was a stalker. the latest claim from the prosecution. "dobbs law" next. former vice president dick cheney warns congress not to step in it when it comes to a rising star of the republican party fighting to protect the constitution. senator ted crews is it straight ahead. my mother made the best toffee in the world.
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ ♪ lou: senate judiciary committee announcing today he will hold a single hearing, one hearing on the gain of eight immigration reform legislation, and that will be next wednesday. that, despite the fact that we don't know what is in that
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legislation or exactly when it will be released. earlier today, tens of thousands of immigration activists were in washington rally outside the capital in an effort to pressure congress to move faster on immigration reform. two senators have reached a bipartisan agreement on background checks one day before the senate prepares to debate gun-control legislation. senators announcing their agreement to expand background checks to cover all commercial sales, including those at gun shows an online, private 1-on-1 sales would be exempt. my next guest has threatened to filibuster. joining us now is senator ted -- ted cruz. the list of assignments so long we will take up your time. i am amazed that you have time for all of the assignments. it is great have you with us. >> great to be with you. thank you for having is.
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lou: in no particular order of developments on the date, the budget from the president, long awaited, long overdue. your thoughts? >> welcome it is unfortunately continuing a pattern from this administration, a pattern that was reflected in the budget the senate democrats' past two weeks ago which is a pattern of advocating more tax increases on top of the trillion in tax increases we have already seen. a pattern of not making the hard decisions we have to make to get out of control spending under control and the turnaround unsustainable deficits and debt. the president's budget does not pretend to balance at any point in perpetuity. it runs massive budget deficits permanently into the future, and i don't think that is a serious solution to the fiscal and economic problems we have right now. lou: we have watched continuing resolution after continuing
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resolution take over what has been that the traditional role of the budget. are we to see a additional round as a result of the blueprint the president decided to advance 65 days after was do? >> i think we may well. the president made his decision not to submit his budget while the senate was considering its own budget despite the fact that he legally required to do so. and part of the reason that we have seen government by continuing resolution is congress has not been doing its job of passing appropriations bills and making the hard decisions that all of us are elected to decide. i don't think it is a particularly conservative philosophy. but to not want to bank of the country. unfortunately for the last four years the senate has been under willing to make any real steps. lou: it is extraordinary to think that conservatives, now
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somehow an equation that results and the traditional values of governance and provide oversight as well as appropriation and follow the constitution. that is pretty radical stuff, isn't it? >> who get used to be bipartisan. they used to be wide agreement. sadly, we are in a different era where for four years the democrats refuse to pass a budget and all, and when they did the budget would raise taxes in an additional one-half trillion dollars on top of tax increases doesn't cut spending in any meaningful way and it does nothing to save and reform entitlement, social security, and medicare to preserve those programs for seniors and make sure they are strong and vibrant going forward so that next generations can rely on those critical bulwarks. lou: the senate, much of its
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time being taken up, as with the house, on gun control. the senators coming up with the deal. i don't remember the last time that it became a big deal for two senators to reach a deal. that is the way it is. that is the environment there. is that deal of there's between the two of them something that is going to move forward that will be taken seriously by both parties? >> i think it will be taken seriously. i don't know whether it will pass are not. in my view what they should be doing is focus on prosecuting and punishing and preventing violent criminals. we should be safeguarding the constitutional rights of law-abiding citizens. i think all of us were horrified by what happened at sandy hook. i have two little girls at home, and no parent could see children senselessly murdered and not be
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anything but speechless and just taken aback at the horror of it. but i think it is also sad that so many politicians are trying to take advantage of that tragedy -- tragedy not to pass legislation targeting violent criminals but instead working to take away the second amendment right to keep and bear arms of law-abiding, peaceful citizens. let me tell you something interesting that most people don't know. lou: can i do this, can i go to break very quickly. if you would not mind, we will take a quick break and come right back. we are talking to senator ted cruz, and you don't want to miss a moment of what he has to say and the other side. ♪ @
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lou: we are talking with senator ted cruz, and i interrupted you. i apologize for that.
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if you will, sir. >> what i was saying it, unfortunately in the obama administration has not made it a priority to prosecute felons who tried to illegally purchase guns . in 2010 over 15,000 gallons and fugitives tried to illegally purchase a gun and were turned down. out of those 15,000, the obama justice department prosecuted just 44. let me repeat those numbers. out of $15,000 fugitives illegally trying to purchase a gun, the obama justice department only prosecuted 44. i am introducing legislation to create a task force with the department of justice to prosecute violent felons and fugitives and go after them to protect ourselves against violent crime, and we should not be stripping away the second amendment right to keep and bear arms of lawful, peaceful citizens. lou: the majority leader, as you know, has called for a vote at 11:00 tomorrow morning.
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you and a number of your colleagues have all said they will filibuster, should the need arise. is it your sense that the need will arise, and do you still -- are you still committed to a filibuster of gun-control legislation? >> what i think is critical, along with senator paul and lee and the number of others, is that for any bill that a breach is the bill of rights and in particular and undermines our second amendment right to keep and bear arms at a minimum bid should be subject to a 60-low threshold. the senate should not adopt it with 51 votes. we should have a higher threshold for protecting the bill of rights which is what we are insisting upon and what the cloture vote will produce. lou: immigration reform, it is becoming very difficult to understand some of what is happening because the senate is becoming all of these very important senators weather in groups of two or gains of eight, and the american people are not getting exactly the clearest
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view of what is being deliberated by our guest senate. i know that many of you are not being briefed by the gang of eight. what is the conservative you? what does senator ted cruz feel on the way in which business is being conducted by both parties right now in the senate? >> i will confess, lou, my mom always told me to stay away from guns. i have not been involved in the gain of eight deliberations. i want to wait and see what they produced. at this point we have not seen the statute. we have seen some outlines and press releases. there are rumors that the bill is as much as 1500 pages. as certainly hope that is not the case. in my view, there is a lot of bipartisan agreement on immigration. if we focus where there is agreement, number one, we would get serious about securing the borders, providing manpower and technology to finally stop the problem.
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a number two, we would devote resources to improving and streamlining legal immigration so that we can welcome and celebrate those who follow the law and come here seeking the american dream. that is where we should focus, and i am concerned the president is focused on insisting on a path to citizenship for those here illegally designed to scuttle the entire bill because he wants a political issue rather than actually up path to common-sense immigration reform. lou: we will have to leave it there. i wish we had much more time and i hope he will come back soon. we would like to hear more of your thoughts on the issues. it seems like an ever mounting number of issues that are critically important to the nation. thank you for being with us here tonight. >> the key for having me. lou: senator ted cruz. and obviously one of the leading lights of the republican party in just about six months he has become one of arguably three leaders in the u.s. senate in washington d.c. for the
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republican party along with marco rubio and center rand paul. we want to get your thoughts on all of this. billing to our facebook page. e-mail me at tell us what you think. his views on the issue. up next, colorado passing some of the toughest gun-control laws in the country. sheriff's say they're not too happy. they're going to court. that is next. ♪ so let's break down this play. charles? uh, charles couldn't make it. his single miles card blacked him out here and here. he should have used... the capital one venture card. he's coming to us from home. hey fellas... hey baby, you want mama to iron your undies? nice tightie whities. i didn't know mrs. barkley made quilts. really? looks like a circus tent. is that the best you got? now if you put this, with this, you have a sailboat. what's in your wallet?
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♪ lou: vice president dick cheney offering what is the best prediction about the north korean crisis, telling lawmakers in a closed-door meeting yesterday, you are in deep doo-doo when it comes to north
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korea. both the pentagon and south korean officials are warning north korea do of missile -- missile test at any time, preparing to mark its birthday of its founder, when it likes to flex military muscle. up next, the first amendment on trial as a fox news reporter may be forced to reveal sources on an exclusive story on our rorer shooter james holmes, facing jail time and the necessity to protect resources. "dobbs law" on the case next. ♪
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every passing day. listen to this, exchange between the domestic violence expert and, juan martinez, the prosecutor. >> are you saying that mr. alexander, when he was speaking with the defendant was in same relationship as you were with the defendant when you were speaking to her? >> if you were in my group i would ask you to take a time out, mr. martinez. >> judge, would you please admonish the witness. lou: whoa. what do you think? >> getting feisty the. lou: he was into the moment there. >> funny you say domestic violence expert. we can use the word hired gun. if it wasn't this expert it would be another expert. as a former prosecutors we put those goggles on times and we think about, what she's relying on, what she's saying and how credible she really is. lou: you struggle to find anyone credible in this trial. >> oh, my goodness.
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this is proof positive, lou, you can pay anybody to say anything. i mean at this point, i don't think the jurors believe a word that is coming out of anybody's mouth. this expert may as well be testifying as to the existence of unicorns because she has based her entire testimony on facts that do not exist. they don't exist. >> when your own father calls you a liar, where do you go from there? >> your father doesn't believe you. come on. lou: i've got to show you one more piece of video. because this is, extraordinary. a lipstick -- please watch. [shouting] [bleep]. blooip. [bleep]. [bleep]. lou: you can imagine. perhaps not. it's, it's amazing. orange county man was
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blinded in his right eye and suffered a broken nose when the pink shirted bounty hunt pursued him. i laughed. there is nothing funny about you it for him. this is legal? kim, your thoughts. >> absolutely not. there was no warrant issued for his arrest. in fact he had gone into court, found a new bail bondsman and posted the bail. this is a civil matter. they were owed money. so think went and attacked him. this is amazing lawsuit. big bucks. >> i absolutely agree. they basically chased him down like a dog because he bounced a check to the bail bondsman. this guy went in for a happy meal and came out missing an eyeball. that is not okay by any stretch. not okay. lou: that is elegant way of the facts of the case. >> i got to call them as i see them. lou: i love it. new york police doing something a lot of people have been talking about. vice president biden calls them the black helicopter crowd. it is happening in new york. new york police confiscating
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a firearm from a man who was taking anti-anxiety prescription drugs. it is unclear the police knew that he was taking that drug. your reaction? >> people are going to have to decide between their meds and their guns? i would rather have somebody who is on their medication and medicated as opposed to somebody suffering from depression. there are major hipaa violations and civil rights violations. this is encouraging people not to seek treatment when they have health issues. lou: it is not clear whether this is, one or two people or whether it's a large number of people now, in new york, facing exactly the same circumstance. >> and how are they selecting them? where are they getting medical information from? you just can't go, you need an act of god for a court order. and it is a lot easier to get an act of god under these circumstances. you can't get your hands on somebody's medical information. it is a complete hipaa
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violation. how is it happening? we're watching this collision and there will be even greater collisions in all likelihood if we see more states and perhaps the federal government create registries. i know. they said they won't but that is precisely what they're working toward. the colorado sheriffs saying they're going to sue the state because they don't like the gun control legislation passed in colorado. what is the, what are the odds of prevailing in suit like that against the state? >> i think that would be a brand new, i don't know if the sheriff can sue, basically, well it is employer. the sheriffs are employed by the county but can you see the state because you don't like laws it passed? we can do similar things in new york. for example, if you don't like a regulation a state agency passes you can file a petition against that but i don't know wholesale they can succeed in a lawsuit like that. lou: we're out of time. great to have you both here. great to have you with us. 's


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