Marc Faber on the Debt Ceiling increase in America

Economist Marc Faber publisher of the gloom Boom and Doom report interviewed by Financialsurvivalpod on the debt ceiling in America and what should happen to fix the debt situation : "...well I think the problem is this you have two parties , the democrats they want to spend and the republicans do not want to increase taxation , as an economist I would say that the republicans are probably closer to the right way namely to spend less and to actually lower taxation for everybody , but my argument has always been the best for the US would be to have a flat tax on everybody say 12 or 15 percent and no exceptions no interest rates deductions and so forth and so on and everybody who works has to pay tax and the people that do not work and are on social security or they are on unemployment benefits they should have lower representation in government in other word their words should be diminished " ..."the Democrats will say well we'll cut spending and the spending cuts will come in five years time and the Republicans will say yeah we increase taxation and the tax increase will come in three years time , you perform the problem again ...."