Page 10 - Fallback Plan News Today

Could possibly go back home and tell our constituents that we have no clue what six people have come up with and the president apparently to some extent has embraced it. >> the gang of sixs proposal could face difficulties passing the house, as weve just heard, where republicans have the majority and are signaling their opposition to new revenues, while the democrats are against those entitlement changes. as lawmakers race to reach a deal before the august 2nd deadline, "the new york times" is...

Away approximate from his agreement and demanded more money. >> reporter: in the after math of last nights blow-up, both sides reveal details including political volatile changes to social security, medicare and medicaid and a dramatic overhaul of the tax code, making it simpler with fewer brackets and lower rates. now both sides agree that default must be avoided, but with 11 days before potential disaster, the path forward is unclear. >> we have run out of time, and they are going to have to e...

Democrats in the congress have been meeting with the president and vice-president in the oval office for just over an hour at this point. we know senator harry reid has come up with his own fallback plan which we understand would cut two and a half trillion dollars and run the government until early 2013, it would not increase taxes, today the white house chief of staff put more pressure on congress to get something done. >> the congress must pass this. it is their responsibility to extend the d...

Of last nights blow-up, both sides reveal details including political volatile changes to social security, medicare and medicaid and a dramatic overhaul of the tax code, making it simpler with fewer brackets and lower rates. now both sides agree that default must be avoided, but with 11 days before potential disaster, the path forward is unclear. >> we have run out of time, and they are going to have to explain to me how it is that we are going to avoid default. >> reporter: all along you rememb...

Theyre not healthy for washington. >> i think its an insult to the congress that we have to go back to a gang of six, much less the senate for a solution to the problem itself. its a very complicated issue. i, for one, cant see how we could possibly go back home and tell our constituents that we have no clue what six people have come up with and the president apparently to some extent has embraced it. >> the gang of sixs proposal could face difficulties passing the house, as weve just heard, whe...

2040. the balance, the budget they voted for would require you to lift the sent ceiling by $8 trillion between the years now and -- >> chris: gentlemen, we have a lot to cover. lets move on to the next thing. we will get back to a bunch of the issues. if cut, cap and balance fails. most people say whether it is good policy or not that the chances it is actually going to pass in the next two weeks are pretty slim. the most likely fallback is some version of mitch mcconnells fallback plan. it woul...

Do for the american people. he made it clear hes willing to go into areas that hes not in the past been comfortable going into, and others will have to do that as well. >> but he used that figure. >> but he also said that if we cant get the most done, then in addition to extending the debt, we should do as much as we can. there are a number of ways to get there. we aspire more -- >> but my question is on the number. if you get beyond $1 trillion and he still cant get any tax increases, the presi...

Lot to cover. lets move on to the next thing. we will get back to a bunch of the issues. if cut, cap and balance fails. most people say whether it is good policy or not that the chances it is actually going to pass in the next two weeks are pretty slim. the most likely fallback is some version of mitch mcconnells fallback plan. it would allow the president to raise the debt limit $2.5 trillion without any spending cuts but there is talk about including more than a trillion dollars in cuts and se...

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