MSNBC host Lawrence O'Donnell confronted Newt Gingrich on Sunday during an appearance on "Meet The Press."
O'Donnell and Gingrich were both panelists on the program's roundtable. During a discussion on the fiscal cliff, O'Donnell reminded Gingrich that he falsely predicted in 1993 that the economy would suffer if then-President Bill Clinton raised tax rates.
"Who said this?" O'Donnell said as he started to read off a piece of paper. "'The tax increase will kill jobs and lead to a recession, and the recession will force people out of work and onto unemployment, and actually increase the deficit.' That’s Newt Gingrich in 1993 on the Clinton tax increase."
O'Donnell turned to Gingrich and said that "those working on the other side of that tax increase," which included O'Donnell, "have been waiting for [his] apology for 20 years for being completely wrong about that." From 1993 through 1995, O'Donnell served as staff director of the U.S. Senate Committee of Finance.
"I don't agree with you," Gingrich quickly said. O'Donnell argued that the "economy soared" after that tax increase and that there was no recession. "Baloney, baloney," Gingrich shot back.
"The fact is, if you look at all the indicators the day I was elected speaker, virtually all of the economic growth occurs after Republicans take control. Virtually all of the increase in the stock market is after the Republicans take control," Gingrich said.
"You did not reduce the rates, Newt," O'Donnell said. "You said the rates would cause a recession."
Gingrich argued, "When we balanced the budget, we balanced the budget with a tax cut. Four consecutive balanced budgets with a tax cut, not a tax increase."
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