On Tuesday evening, 35 days before the "fiscal cliff", "Piers Morgan Tonight" welcomed experts Robert Reich and Carol Roth to the program where the two debated the statement by business magnate and investor Warren Buffett. As paraphrased by Piers Morgan, Buffett is of the opinion that "the combination of reduced spending and a few higher taxes for the wealthier people in America is the perfect answer."
"You're comparing apples to oranges," responded Roth. "The amount of tax hikes we're talking about here, Piers, are about three percent of the GDP."
"Having a three percent increase in taxes as a percentage of the GDP," continued Roth, "will throw us back into a recession."
"I don't think that's correct." argued Reich. "We have an almost record percentage of total national income going to the wealthiest one percent of Americans."
"They are paying a lower tax rate today," said Reich, "and effective tax rates that they paid in about 80 years and it will help solve the problem because that means more revenues into government. Almost everybody, everybody who has looked at this issue, common sense party people, will say that you've got to have some balance between spending cuts and tax increases, particularly on the wealthy."
Earlier in the program, chairman of the Republican National Committee, Reince Priebus emerged from "below the parapet", as described by Morgan, and talked about his thoughts on the election, saying "I think that what we can conclude is that we've got to be better, and that's something that we're committed to doing."
"I think our grassroots and our donors are all committed to doing more and doing more of a sustained operation in the years to come."
Priebus also reaffirmed that even in hindsight, Romney was still the ideal presidential pick for the GOP. "I think he would have made a great president," said Priebus. "I think most people that were polled actually thought that he would make a better president than even Barack Obama."
Watch the clips, and listen to the interviews, as "Piers Morgan Tonight" continues their coverage of emerging politics and developments on the fiscal cliff.
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