Tim Russert moderates a discussion with Rep. Tom Reynolds, center, and Rep. Rahm Emanuel on Meet the Press.
January 16, 2005: Meet the Press
Russert forces Congressman Rahm Emanuel, who opposed a Republican proposal to privatize social security, to waffle on a politician's statement that there was a "looming financial crisis in Social Security" that would require a huge tax increase or a 25 percent cut in benefits. The speaker? Emanuel's former boss, President Bill Clinton.
Excerpt from the full transcript:
Russert: Let me turn to Social Security and put a quote up on the board.
"...the looming fiscal crisis in Social Security. ...If nothing is done by 2029, there will be a deficit in the Social Security trust fund, which will either require...a huge tax increase in the payroll tax, or just about a 25 percent cut in Social Security benefits."
Do you agree with that?
Emanuel: ...Democrats believe in individual retirement plans as a supplement to Social Security. Republicans believe in individual retirement plans as a way to supplant Social Security. Fundamental difference.
Russert: But do you believe there is a looming fiscal crisis in Social Security?
Emanuel: Looming — I think the crisis — if you want to use the word "crisis" — that we have today, it applies to the fact that people do not have retirement plans on top of Social Security. What crisis implies, Tim, is immediacy. OK?
Russert:...But I'm going to bring you back to that quote. Do you agree that if we do nothing, we'll have to either raise taxes or cut benefits?
Emanuel: ...Who's that quote — the quote is from?
Russert: Let me show you.
Emanuel: No. Who's it from, I asked.
Russert:Let me show you.
Emanuel: OK.
Russert: William Jefferson Clinton.
Emanuel: Right.
Russert: "There's a looming fiscal crisis. We either have to cut benefits or raise taxes."
Do you agree with your former employer?
Emanuel: ... I'm not going to negotiate and talk about the points here.