Rep. Pascrell: Social Security not on the table in fiscal cliff negotiations, tax rates will have to be raised

This morning on "Starting Point," House Budget Committee Member Rep. Bill Pascrell (D-NJ) talks to Soledad about upcoming fiscal cliff negotiations. Soledad asks him what Democrats are willing to compromise on to avoid passing the Dec. 31st deadline without a deal.

"We need to compromise," Pascrell says. "There's no question about that. And we will not, however, in any way, shape or form, jeopardize the planned benefits for Social Security. I mean, that's kind of in stone in the American people. We changed Social Security over the years in order to meet the demands that the program insists upon. We will do that. But we'll do that in a bipartisan fashion."

When pressed on what entitlements could be revised, Pascrell says Medicare could be looked at and deductions limits are possible. But in the end, Pascrell argues that the only way the deficit can be managed is to raise taxes.

"The math doesn't add up if you simply say we're going to do away with some of the deductions," Pascrell adds. In order to get the cuts that are necessary, in order to get the revenue that's necessary, we will have to raise some rates or else the math doesn't work at all."