Leader Cantor Discusses The Debt Limit and Entitlement Reform on CNBC's "The Call"

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On Former Speaker Pelosi Putting Medicare on the Table: “If former Speaker Pelosi is going to be true to her word, then I expect that we finally can come together and realize these programs, like Medicare, have to be changed if they're going to be around for our children. We're going to go back into the Biden commission meetings next week and I suspect her representative on that commission, Chris Van Hollen, perhaps may present an actual reform plan; something that's been lacking on the part of the Democratic Caucus to date.”

On The Markets and Debt Limit: “The markets are smarter than to think a date is what makes a difference. It is really whether there is going to be movement on actual reform, and that's what investors are looking at, as far as the U.S. government is concerned. Are we going to get our act together, are we going to reduce spending? Are we going to reform these entitlement programs to manage down the debt? If we are able to do that, I think you will see passage of an increase, but only if there is at least a commensurate, if not a greater reduction in spending through the reforms that we're offering.”

On How Much The Debt Limit Will Increase: “It all comes down to how much we can effect reform. We're not interested in kicking the can down the road and we're not interested in raising the debt limit for the promise that in the future we are going to achieve some savings or accomplish reform.”

On Meetings With Vice President Biden: “I’m in meetings twice a week with the Vice President trying to see how we can come together on some of the issues that we're talking about. We have a long way to go, and a lot of work to do. Certainly, there is an air of willingness in the room, yet I can tell you there's nothing to date that shows me that the big issues are going to be resolved. We are focused on doing that. I hope that we can get it done before the day comes where Secretary Geithner says the alarm bell goes off. I am where Paul [Ryan] is right now, I’m a little bit cynical about where the other side is, although I will say, Larry, your interview with Nancy Pelosi gives me a little bit of heart. If she's going to be true to her word, Chris Van Hollen has the opportunity next week to come in with that plan.”

Watch Leader Cantor’s Full Interview HERE.

 

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