that according to would more than double the nation's debt over the next decade i want to say this again in january two thousand and one which is your designated nonpartisan scorekeeper projected surpluses of five point six trillion dollars in january two thousand and nine before the president stepped into office those projected surpluses turned into eight trillion dollars in projected deficit so let me just repeat that over the course of eight years we went from the summit of five point six trillion dollars in projected surpluses to eight trillion dollars in projected wing of thirteen trillion dollars now this recession caused tremendous damage and today millions of americans are still living with the consequences of that recession and we all know that the road to jobs to greater economic security and to fiscal responsibility starts with economic growth in large part to the actions congress took that we took to put out this financial our economy is now growing again in the fourth quarter it grew at the fastest rate in six years this is progress but it's not enough and that's why we need to work capital to community banks that have historically been at the center of lending to small businesses and we need them if we're going to be able to grow and create jobs that's why the president also proposed to substantially expand what the small business into the budget the total number would be really about three trillion dollars in tax increases in the budget so last year i look at the increase in spending by about eighty four percent in last year alone  and on the surface i think that sounds pretty good but as i look at the present budget his tax increases would hit small businesses particularly hard because you're increasing taxes on nearly half of all small business forty four percent and when they do that they talk about two hundred fifty and two hundred fifty thousand and maintaining not maintaining the tax code for those people and they include the marketplace that occurred in the last administration but the question i want to ask you about relates to job growth in this tight budget time i believe one area where we have job a chart that shows how many years of deficits we had and quite honestly when you total it up it turns out to be a lot of debt annual deficit a lot of debt and we ended up having a doubling near doubling of the size of the national debt under the previous administration well it will go to the next chart it's tough to turn that whole into a pile of good news while it hasn't been the best of news for americans totally this year this past year things have gotten much better as you know economic growth for the first time consistently for some time has been about two years as we saw consistent economic growth and now we're beginning to experience that and if we go to the next chart we'll see how that now uptick towards economic growth and i believe some of that due to the policies of the ministration we now begin to see jobs not necessarily being washed in the numbers they were a year ago they were lost to the tune of seven hundred forty one thousand that's twenty four thousand jobs a day when president obama got the keys from president bush to the point where now we actually saw a little bit of  sure you agree with that my dad came to america literally on a boat and got a job as a man in a manufacturing plant he made less than others when he made last we spent less when he lost his job two point five trillion dollars to spend their money we spent two point two much the deficit that year was one hundred sixty billion dollars by the way after several years of two wars and  because of tax increases we're going to take from the american people three point six trillion my dad would say wow ok we spent three point five we're now going to what we point five now we're going to take point six long then you can answer this question we talk about small businesses both sides talk about small business in this proposal in this proposed budget we give you and the i r s the authority to now reclassify independent contractors independent president even put his hand on the bible we had a one point three trillion dollar deficit last year the question of course is how we go forward and i think this discussion is very healthy because we hear some ideas from the other side the more we hear that they want to turn back the clock to some of the proposals from the bush administration that got us in this mess to begin with let's just talk about tax policy we've talked about that this morning the recovery bill provided tax relief for ninety five percent of working americans ninety five percent of working americans the head of the republican house conference the other day describe those tax cuts tax cuts and then turn around and ask the president if you would do a tax cut that helps the wealthiest and we've heard again this morning the idea that we should continue the tax cuts that benefit the wealthiest americans and at the same time you guys got to get those deficits under control you can't have it both ways bush tax cuts that the president has proposed to allow expire on their own terms that portion of it benefits on average americans who have income of eight hundred nine thousand dollars on incomes over two hundred fifty thousand with average incomes over eight hundred thousand and doing that we will reduce the deficit by eight hundred  twenty billion dollars over ten years almost a trillion dollars so it's interesting to hear the notion that we should turn back the clock once again disproportionate tax breaks to the wealthiest americans and then turn around and say well let's work together t different standard our foreign competitors do not have this is one small advantage because the great disadvantage american business does have an international competition how do we compete with the chinese with our average rate being around forty percent of their is about risk where that's already a challenge now congress rejected the proposal to to repeal it last year you brought it back to us you told me there was a difference of opinion on that but we have very broad bipartisan support