Sen. Isakson Talks 'Loosey-Goosey' on Top Line

Senator weighs in on the broken real estate market, Obama's jobs bill, and taxes
3:00 | 10/19/11

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Transcript for Sen. Isakson Talks 'Loosey-Goosey' on Top Line
Well -- -- yesterday with a very special person the only man in American history to ever ever. To defeat McCain election this right yet we asked him how He did it take -- this is a subway series and an actual subway. Georgia's Johnny Isaacson. OK you are. One of those members of congress -- got real. Experience in the real estate business leader -- that it. What was your sense. At this were the root of the crisis. Is that realistic but its winds that housing market combat and we -- what you're -- -- -- Got it actually knows it. First of all -- went through 68 recession 74 recession. Housing 8182 and 1991. I'm not an expert an inning but I am -- real -- recession and housing recession. And what brings them back is a positive policy the federal gov the award went off about problem. We got way too -- abusive lending standards way to lose -- -- -- underwriting standards. And now we have over reacted with Dodd-Frank -- some other legislation where you can't get alone and intensity or review do -- have it appraised three times during the course of the deliberation you have to have. Triple documentation lenders are afraid to even make loans the pendulum swung too far. Kay Hagan a Democrat and I -- legislation calling quality residential mortgage. To define what -- well underwritten mortgages and accepted from -- Frank's transportation -- Until we do some things like that this market is not coming back until the rules -- -- housing and they come back you're not to get on one -- and a half percent. So is a former real estate agents and what it spends much of his life in the real estate business. You see this. Residential real estate market still is -- it. It is and I've got friends all over the country in -- -- -- ministry and around the country on real estate issues and finance related issues. -- Georgia's one of the top seven but there are lots of place. Here. -- The two biggest components of the president's jobs bill terms of money are the payroll tax cut and infrastructure spending could you see yourself supporting those two. Payroll tax cut puts money in the pockets the American people and the American people will spend at that helps. -- roads bridges and highways make sense but those are the minority. The overall postal -- both -- teachers mercy medical personnel have the votes whether responsibilities. And local government and state government. Or buildings through buildings -- is not rocket system at all but the dollar got here -- mean that the construction. The infrastructure to connected and in the payroll tax cut. So why can't. You guys sit down why can't there be a bipartisan agreement on the bill the release does what there -- consensus on -- you know we've tried three times. We brought to present job we'll look we're gonna have a -- probably tomorrow vote one more time -- Then you'll probably see it come back piecemeal at a time when it does we're gonna have a point counterpoint reach base in -- -- -- look real you see any. Room for compromise on the issue -- taxes. Most of the democratic party's. It really vetted and this idea of taxing the rich. 1% of people paying their fair share. The fact of the matter is the rich create. Corporate America creates the jobs where we've got lots of capital sitting on the silence we've got two trillion dollars in overseas profits stranded. Because we can't repatriate him because of the oppressive double taxation the United States taxes so if we did what the president had recommended to him and He rejected -- -- We went through tax expenditures and deductions and call them out like Reagan -- -- they use those savings to reduce the rates so business new predictably what the right. Who's going to that you can't stop having so many -- guys we could raise revenues and raise prosperity things. -- 44. In the house and the senate have signed a bipartisan letter to the select committee we're ready for significant cuts -- we're ready to back it bipartisan proposal. Get our economy get our debt -- back -- -- that's. Unprecedented close -- to be clear you could see a compromise. Increase tax revenues absolutely it's time we looked at those select targeted benefits that -- put in the code. Because something positive to happen that hasn't happened -- why do we keep doing the same thing over and over. -- the insanity is doing the same thing over and over again expecting a different result. This time we have to reform will seems obvious that you need to do something like that to get a compromise of around here this seems like the obvious has -- -- impossible. Well politics and -- everything up here for right now with the election season looming. When -- well first Tuesday it I think from the standpoint of a lot of congressional leadership and the White House politics is driving what. And right now we've got the inspiration -- our country is. Our economy is struggling we have a lot of Americans out of work foreclosure rates are -- Like not to -- -- take an early Social Security net they'll have a job. We need to turn this thing around and bring America back we can do it now we've done it before that was our stops and -- to your right -- -- -- -- -- Now Isaacson ran against communicated 2004 for the nomination. That that senate seat Georgia Republican. -- the senate seat He won. And He debated and a half dozen times. Somehow -- it. Somehow we want anyway but -- C claims that He said back then that He knew that He -- not in the last of Herman Cain indeed well the check out more unless there is an ABC news.

This transcript has been automatically generated and may not be 100% accurate.

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