Page 28 - Debt Ceiling Issue News Today

Question, and that is, will the idea of caps on spending survive to get us through this debt ceiling issue, and then perhaps, an agreement on the budget? >> what the presidents proposed is a cap on the deficit and debt. thats what we are all interested in and need to address. >> republicans said you need to cap discretionary spending and then the cap -- >> its a question of balance. we want to reduce the deficit, involving spending cuts and the revenue increase. by saying spending, youre saying ...

[ everyone talking at once ] >> thats over $700 billion. thats a big chunk of the money. now look, the bipartisan groups have said you need balance. if you want to come to the table, we have a forum. the vice presidents leading some talks. the republicans have said that theyre not going to deal with revenue as part of that. democrats have said were prepared to deal with the cuts, were prepared to make cuts. >> on the entitlement side. >> its a two-way street and -- >> let me ask, congressman -- ...

obamas starting point proposal for peace between israelis and palestinians. >> while israel is prepared to make generous compromises for peace, it cannot go back to the 1967 lines. because these lines are indefensible. >> appalling and indefensible. but are they insolvable equations? today, the congressional impasse over taming a ferocious u.s. debt with the senates number two democrat, dick durbin. mid aeft promise in peril with leaders of the intelligence committee. chairman mike...

Illinois, with me from the capitol. good afternoon. >> how are you, marten? >> great to have you with us on the show. john boehner the other night in a roomful of billionaires refused to raise tax but was i imagine many of your constituents will not be so happy when their children are in larger classes with fewer teaches and when local services begin to suffer more and more cutback. how does what he said in new york relate to your constituents in illinois? >> you know what, martin? my constitu...

The spreadsheet. they took the political climate into account and called it very divisive. from what im hearing it doesnt sound like there is much common ground right now. how much of a burden do you feel that the divisiveness on the hill is factored into the downgrade by the s&p? >> it is a big factor because we went to the midnight hour on what was a released fively simple question on keeping the lights on in government. this question of the debt ceiling and paying our bills will be much more ...

Senate on your side, pushing for big spending cuts before we authorize anymore borrowing. >>guest: you will see more of a shift. everyone is going to get it but for the white house. look, a month ago they were not talking about tying a raise in the doubt ceiling to any other sort of spending issue. we are borrowing $188 million each hour of every day. i propose, i have introduced a balanced budget amendment in the house, something that all 47 senate republicans signed on to, a balanced budget am...

But still republican leadership and also democrats in congress say that raising the debt ceiling is absolutely necessary. >> a failure to raise americas debt ceiling would mean a failure to keep our commitments. and that would put us on the short list of countries that have defaulted on their debt. and we dont belong in the company of countries that dont keep their promises. to be clear, lifting the debt ceiling, raising it, is not giving a blank check to the administration. as senator kirk said...

To do. fox news shows if the gas price increase to $7, seven out of ten of us would demand more u.s. oil drilling. that would add fuel to political season that already has plenty of fire. shannon, you know that better than anybody. >> shannon: it sure does. brenda, thank you for breaking it down for us. >> thank you. the clock is tick on the government self-imposed debt ceiling. just three weeks, the u.s. is expected to hit the limit. the fight continues over whether to raise that limit. some ...

The whole debt ceiling issue. what is it? what happens if congress refuses to raise it? here is correspondent james rosen. >> since 1917, the federal law limited how much debt uncle sam can run up. ten times since 2001, congress passed a new law to raise the debt ceiling including four times since president obama took office. now he and the treasury secretary take turns issuing grim warnings about what will happen if we dont do it again. >> it could really destabilize the world financial markets...

Things that everybody hopes ill get to play politics with it and you do the right thing, because everybody gets this has to go through. >> susan raises a point. when you look at the debt ceiling issue a difference between the politics pla uds in managing the budget. i like to say the winner friday was the american taxpayer not just because government kept running but we didnt run up a big bill, the cost to shut government down. >> whats important here, when you look at the -- whats going to be t...