CNBC Press Releases

DYLAN: DO YOU BELIEVE IT'S SUSTAINABLE IF HOUSING MARKET CONTINUES THIS DETERIORATION?

GUTIERREZ: YOU'VE GOT TO LOOK AT EMPLOYMENT NUMBERS. WE SAW OVER 110,000 JOBS ADDED IN SEPTEMBER AND IMPORTANTLY WE'RE SEEING REAL WAGES INCREASE THAT IS WHAT ADDING TO THE CONSUMER FUEL.

DYLAN: TO THAT END, YOU SEE THE REVENUE LINE, HAVE YOU SEEN ANY SLOWDOWN IN THE RATE OF GROWTH OF COLLECTIONS, OF REVENUES THAT THE GOVERNMENT AS A RESULT OF THE SLOWDOWN -- YOU KNOW WHAT IS GOING ON IN OUR ECONOMY.

NUSSLE: WE'RE STARTING TO.

DYLAN: CAN YOU ELABORATE ON THAT?

NUSSLE: THE SIGNAL YOU'LL GET FROM ALL US WE'RE HAPPY WITH THE GROWTH BUT WE DON'T TAKE IT FOR GRANTED AT ALL. IT'S THE REASON WHY WE'RE SO FOCUSED ON EXCESSIVE SPENDING, ON NO TAX NCREASES. ACTUALLY, PROMOTING TAX REFORM AND EXTENDING THE TAX RELIEF WE'VE SEEN. WE KNOW THAT EXTENDS THE ECONOMIC GROWTH. WE DON'T WANT TO TAKE ANY OF THIS FOR GRANTED. THERE IS ENOUGH WARNING SIGNALS OUT THERE WE DON'T WANT TO TAKE ANY OF THESE ISSUES FOR GRANTED.

DYLAN: GIVE US INSIGHT INTO THE RATE OF HE SLOWDOWN YOU'RE SEEING IN THE GROWTH RATE OF REVENUE RIGHT NOW AS A RESULT OF SLOWING RATE OF ECONOMIC ACTIVITY.

NUSSLE: WE SAW A GOOD STRONG YEAR LAST YEAR. DEFICIT DOWN AS A RESULT OF GOOD STRONG REVENUE GROWTH. AS WE PROJECT FORWARD, BLUE CHIP AS WELL AS TREASURY IS SAYING THERE WILL BE SLIGHT MODERATION OF THAT GROWTH. NOT NEGATIVE. NOT RECESSION BUT ONE OF THOSE THINGS THAT MAKE US SAY, HEY, WE CAN'T TAKE THIS FOR GRANTED. WE CAN'T ALLOW EXCESSIVE SPENDING AND WE CERTAINLY DON'T WANT A TAX INCREASE AT THIS POINT.

LAZEAR: NOR IS IT SURPRISING PICKING UP ON JUMP'S POINT IF YOU THINK ABOUT EARLY PHASES RECOVERY THAT'S WHAT YOU WILL SEE MOST GROWTH BECAUSE YOU'RE COMING OUT OF DECLINE. ONCE YOU GET HEARD YOU BASICALLY RECOVERED AL, MADE A POINT WE'RE DOWN 4.7% UNEMPLOYMENT YOU TEND NOT TO SEE GROWTH TO BE AS PRONOUNCED AT THAT POINT AS SAW EARLY IN THE RECOVERY. THAT'S JUST NATURE OF RECOVERIES AND THAT'S THE WAY IT IS. BUT DOESN'T MEAN IT IS FORETELLING ANY KIND OF DECLINE OR ANY SUBSEQUENT RECESSION. WE THINK THE ECONOMY IS STRONG. AS LONG AS WE CONTINUE WITH GOOD POLICIES WE'LL CONTINUE.

GUTIERREZ: THAT IS THE KEY, GOOD POLICIES TO JIM'S POINT. THERE ARE TWO THINGS WE NEED TO KEEP IN FOCUS. ONE IS WE DO NOT NEED AND DO NOT WANT TAX INCREASES. NO TAX INCREASES. PRESIDENT SAID MORNING, NO TAX INCREASE, THE LAST THING ECONOMY NEEDS NOW. OTHER THING AT A TIME WHEN OUR EXPORTS, ARE ADDING TO OUR GROWTH, 40% OF OUR GROWTH CAME FROM EXPORTS IN THE SECOND QUARTER. 40% OF OUR GDP GROWTH. EXPORTS ARE CONTRIBUTING. THEY'RE BECOMING A MAJOR CONTRIBUTOR TO OUR ECONOMY. THAT SAYS A LOT ABOUT AMERICAN WORKERS AND BUSINESSES. WE'VE GOT TO KEEP THAT GOING AND KEEP ON OPENING MARKETS AND KEEP ON LEAVE BELIEVING IN THE POWER OF FREE TRADE.

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