This is a rush transcript from "Glenn Beck," April 14, 2011. This copy may not be in its final form and may be updated.
ERIC BOLLING, GUEST HOST: Hello, America.
The House passes the continuing resolution to keep the government open, 59 Republicans voting no. After last week's showdown that ran right down to wire, this resolution seemed to pass with a lot less drama. In fact, no drama.
And while the Senate is now mulling over the resolution, the House is set to take over the battle over the budget. This battle over the president's budget is a symbol of the great divide in this country: do we keep spending or is it time to start slashing your way to fiscal sanity?
Yesterday, we saw President Obama make his pitch for fiscal responsibility, pledging to reduce the deficit by over $4 trillion over the next 12 years. Was it a slam dunk? Or just another brick shot? As Senator Orrin hatch called it.
Well, let's ask his right-hand man, the president's right-hand man, Vice President Joe Biden.
It looks like a brick shot.
OK. Now, it's time for you to decide.
Here's how it all breaks down.
Number one -- last week's $38.5 billion budget cuts. Here's how he address them, take a listen.
(BEGIN VIDEO CLIP)
PRESIDENT BARACK OBAMA: The first step in our approach is to keep annual domestic spending low by building on the savings that both parties agree to last week. That step alone will save us $750 billion over 12 years.
(END VIDEO CLIP)
BOLLING: Well, there is a little bit fuzzy about that math, here's why -- $38.5 billion times 12 comes out to only $462 billion. I'm not sure how Mr. Obama came up with $750 billion. Fuzzy math I guess.
Number two -- cut defense. The president applauded $450 billion in defense cuts over the last couple years, he says he can make the savings again. Do I need to remind you about Libya, Iraq, Afghanistan, Al Qaeda, the Taliban, shoe bombers, underpants bomber, mailbox bombers? Cut spending now? Are you sure?
Number three -- Obamacare. The president says his health care law is going to reduce -- reduce the deficit by $1 trillion. Premiums for regular Americans like us are on the rise. Help me out here. How will Obamacare save the Fed's money?
And, by the way, $1 trillion, did you just make the number up?
And number four -- get this -- reduce spending in the tax code. Listen how this is supposed to work.
(BEGIN VIDEO CLIP)
OBAMA: The fourth step in our approach is to reduce spending in the tax code. In December, I agree to extend the tax cut for wealthiest Americans because it was the only way I could prevent a tax hike on middle class Americans. But we cannot afford $1 trillion dollars of tax cut for every millionaire and billionaire in our society. And I refuse to renew them again.
(END VIDEO CLIP)
BOLLING: The key phrase is "reduce spending in the tax code." Tell me how raising taxes counts as a spending cut. Come on, Mr. President. We're not buying this fuzzy math, Obama math after all.
Do you think we're dummies or something?
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