GOOLSBEE: -- and added two-and-a-half million jobs over 2010 for the 17 months from the --
HANNITY: When are we going to see it?
GOOLSBEE: We've got to get the growth rate back up, Sean. That's what we've got to do.
HANNITY: He said if he didn't do it in three years, he would be a one-term president.
GOOLSBEE: Rather than argue about what happened three years ago, and how deep the recession is, let's talk about the things that we can agree on. Whether it is infrastructure, investment in education, free trade agreements.
HANNITY: Spending, stimulus, taxes.
GOOLSBEE: Let's cut spending. Let's have a balanced approach to get the deficit down.
HANNITY: All right. Last question.
(TALKING OVER EACH OTHER)
What is wrong with "Cut, Cap and Balance"? Why wouldn't you support "Cut, Cap and Balance," why wouldn't you support the Connie Mack Penny Plan?
GOOLSBEE: Well, if we get into the details, I think it is an extremist version of a balanced budget amendment that even the Ryan budget would not satisfy. So, I think if you start unpacking the details, it would hurt the education and the investment budgets of the country.
HANNITY: Wait a minute. Balancing our budget is extreme?
GOOLSBEE: Let's have a debate about that. Let's have a debate about that.
HANNITY: But balancing our budget is extreme?
GOOLSBEE: It is not extreme. But we've got to do that in a balanced way.
HANNITY: That 49 states have a balanced budget --
GOOLSBEE: Let's have a discussion about it. But they float bonds and issue debt while they balance the budget. So that the federal government's accounting is slightly different.
But my point is, there are things we can agree on. There are hundreds of things Sean, that you and I would disagree on. But there are five or six that we could agree to do right now that would help the economy. So let's start with those. Let's put off the argument for six months. Let's just do the stuff that we agree on right now and then let's argue about it.
HANNITY: You agree to cut taxes, I'll support you. You agree to end burdensome government regulation, I'll support you.
GOOLSBEE: I'm for that. I'm for that.
HANNITY: How much are you willing to cut the tax rates? Are you willing to eliminate the capital gains tax?
GOOLSBEE: If it would be effective.
HANNITY: All right.
GOOLSBEE: Now, the president cut -- he eliminated the capital gains tax for people starting their own businesses, or investing in small businesses because there I think the evidence is pretty good that it can be effective. In others, as long as we do this in a balanced way, I think it could work.
HANNITY: All right. Austan Goolsbee, I do give you credit. No one else in the administration would have the guts to come on this show and I appreciate it.
GOOLSBEE: Sean, any time. It's great to see you.
HANNITY: I'll hold you to that. Thank you for being with us.
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