$1.2 billion if the situation isn't resolved before congress returns in september. joining me now is robert reich, former u.s. secretary of labor in the clinton administration, he's now a professor of public policy at the university of california at berkeley and mark zandi, the chief economist for moody's analytics, he worked for the mccain campaign and the obama administration. thank you both for joining me tonight. professor reich, i want to go to the question of what have we done to the economy with this legislation? >> well, the good news, obviously, lawrence, is that the economy now doesn't have the sort of dam collies hanging over it, we can pay our debts, we are not defaulting on our national debt, and we won't face an economic calamity. the bad news is the president has essentially tied his hands and the hands of congress with
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