Position for president s of the future to take because our economy is extremely dependent on the faith and credit that is invested in it by investors around the world. In other words, there is a real even if intangible value to the safeness of investing in the United States. As weve discussed many times over the past days and weeks, threatening that, you know, does real harm and obviously default would have even would cause even more harm. Weve already seen there is already a price that has been paid as we saw in october i mean in 2011 and weve seen again now in the various ways that the flirtation with crossing that line and flirting with default has brought about cups quencompanieses. He feels its the right position to take and applauds the leaders of the senate for coming together and working out a bipartisan solution. Is there any concern even with this deal being made that a downgrade from some of the Credit Rating agencies can still be pending . Well, i would refer you to tr treasuries for those assess mpts. We focus on the things we can control which is calling on congress to quickly act on this compromise agreement and ensure that the government reopens and that the threat of default is removed. And lastly, this is leading to additional budget talks later this year. Once those talks are under way will the white house and president insist that revenue continue to be on the table . The president has insisted that in these budget negotiations hes been calling for all year, everything has to be on the table. And that will be his position going forward. What he believes is a fair approach to resolving our budget challenges is reflected in the budget he submitted. He knows even though that was a compromise proposition and reflected the offer he made to Speaker Boehner at the end of last year that he will not get in budget negotiation everything he wants and neither will democrats and neither will republicans and thats the nature of compromise. But he firmly believes that balance when it comes to further reducing our deficits and building on the work that has been done over the past four years in which we have reduced our deficits and by half, we need to continue to take a balanced approach so that no sector of society unfairly has to bear the brunt of that project. Thats always been his position and it will be his position moving forward. Yes. Thanks, jay. Can you give us a little color on how the president was informed of the deal, who told him, what his reaction was . No. None . Right now, brianna, i think were looking to capitol hill for action to be taken. The president as you know has been in contact with leaders in congress, as have members of his team and we are encouraged by the progress that weve seen and i hope that it is fulfilled through votes in both the senate and house. Can you give us any more about how he was involved in the process . As ive said, hes been, as you know, hes had meetings with leaders of congress, hes had phone calls with leaders of congress. He invited all members of both houses to the white house and it is also the case that we dont inform you of every phone call that he makes. Either do members of congress or to others. So hes been engaged in this process. His team has been engaged in this process. Ultimately our position has been consistent and clear and therefore not that complicated to communicate either to you or the public or to congress. We have simply urged all sides to, you know, put down sort of or put aside the efforts to achieve partisan advantage and leverage and instead to move forward with an agreement that opens the government and raises the debt ceiling so that the threat of default does not hang over us at the time at this time. The president said yesterday basically once this whole mess was resolved, he said once thats done, the day after, im going to be pushing to say call a vote on immigration reform. Does he really think a recipe for success on im migration reform, one divisive issue is to deal with it right after another divisive issue . The president believes one of the consequences of these manufactured crises is that time is taken away from the pursuit of other goals that we have as a nation and that includes economic goals that go to the heart of his agenda to build a better building a Better Bargain for the middle class. All right. That is White House Press secretary jay carney summing up where we stand right now. And the senate says it has a deal to avoid default and reopen the government. But not forever. It would reopen the government until january 15th, increase the Borrowing Limit until february 7th. Plenty of political opra this week and as the saying goes it aint over until the fat lady sings. The house and senate need to vote. Now to john harwood on the hill. Tyler, as quickly as you can imagine the people in washington have moved from crisis mode to selfcongratulation victory lap mode. And thats what you heard from jay carney, what you heard from members of the democratic and republican parties in the senate now that they have a deal. This is going to pass the senate first. House leadership aides told me they expect the senate will act first, House Republican caucus will meet at 3 00 p. M. To discuss a way forward with their members but theres no longer any doubt leadership aides tell me this will pass the house as well. They hope to vote later today. So what that means is, that this can pass both chambers, reopening the government through december 15th, creating a longterm budget negotiation during that interim time, lifting the debt ceiling to february 7th, that is going to pass the congress and go to the president some time today before midnight. That deadline that the treasury had set october 17th for when we had the potential for breaching the debt limit, tyler. John harwood, thank you very much. Down to simon and bob pisani at the new york stock exchange. Yep. For some quick Market Reaction to whats been going on. Youll know tyler, people coming in now, we had our reaction before 10 00 a. M. Eastern when bob costa tweeted this deal was in the offing. We shot up 200 points, give or take on the dow and thats basically where weve stuck through. Weve given a little ground but in the magnitude of things, bob pisani, were ten points away from the record high on the s p. Yes. And about 400 points on the dow. It is interesting and were near the highs but we did have a little bit of sell on the news as that deal was confirmed. People speculating, of course, about buying into the market it goes up and there are some who would sell on the news. We did see that. Take a look at other things. Volatility has collapsed here. The vix almost 19 yesterday. Were at 15 today. Thats a multimonth low. Maybe a threeweek low for the vix. See that just collapsing there. I want to note Interest Rates moved down, the tenyear moved down. Helped Interest Rate sensitive groups like lennar all moved up. No selloff in the Home Building group. That moved up quickly. Gold, simon, had a nice rally. I talked to gold traders, were back to basics, less tapering now, well see perhaps some inflationary issues emerging potentially down the road on some of the debt deals. Finally look at the major sectors all of them are up. Notice industrials not contributing much. Some of the big multiindustrial names are on the downside. Finally well get data and know what the economy is doing and have our taper tool. It will be interesting to know what happened on the jobs report last month because im not sure they collected the data at all. Im not sure they made the phone calls. What are you going to do, call them and say do you remember if you had a job four weeks ago. Market flash with dominic chu. Talk about aerospace and defense here were talking about boeing soaring to an alltime high. The stock got really floating near the session highs riding the wave of optimism over a debt deal in washington. Despite the latest incident, though, involving a 787 dreamliner plane, this plane operated by air india had a bottom panel of the jet fall off during a landing in bang glor, air india and boeing said there were no risks to passengers. Back over to you. Thank you very much. Lets check where we are at the nasdaq site with seema mody. Clearly a lot of optimism on the street. Were looking at the nasdaq as well as the nasdaq 100 hitting new highs. In terms of the different sectors feeling the nasdaq. Lets start with large cap tech. That sector on the whole posting gains. Youre looking at yahoo intel, both of which kicked off tech earnings last night on the move. Semiconductor stocks that sell their chips to the Technology Companies are outperforming the tech heavy nasdaq and given the focus on the debt ceiling, whats interesting is that john at oppenheimer said investors are become more cognizant to the Debt Companies carry. Out of all the companies on the s p 500 that are debt less 50 are in the technology space. Technology has the lowest debt to total asset ratio. Experts say that could be a catalyst for the tech sector in the coming months. Lastly another bright spot for the nasdaq. Biotech. In comeback mode. Looking at reagain ron shares leading the index to new highs. All right. Seema, thank you very much. Joining us from capitol hill is representative james langeford of oklahoma, republican policy chair. Thank you very much for taking time out and joining us today. Youve heard the latest from john harwood. You probably know more even than we do. I gather your caucus is going to meet at roughly mid afternoon, 3 00 or thereabouts, what do you expect to happen there and do you expect that this senate hammered out deal will pass the house of representatives . I would expect it would pass. Obviously looks like the senate is going first on it. Preppal will come over to the house. There are folks that have seen some of the preliminary things they like on it. There is a little bit of buzz happening here. People that like some of it and then well get a chance to see all the final details. Should be voted on by this evening. Do you suspect a majority of republican members will vote in favor . We dont know yet because we havent seen all the details. Weve seen rough outlines. But theres a lot of paperwork. We want to read it and go through it real quick. I read something you wrote yesterday i believe in the oklahoman and i want to quote from it if you dont mind and get your reaction here. You said, as our nation faces another debt ceiling debate its the Perfect Moment to determine how we stop piling up so much debt. Right. America has 17 trillion in debt and over 71 trillion in obligations that we cannot pay. Debt of that size will not solve itself. The temporary crisis of a Government Shutdown pales in comparison to the longterm debt crisis we face if we do not change course. I think an awful lot of americans would agree with that statement. The details of how we solve that debt crisis is obviously where the political collision occurs. I wonder how you feel right now today, in light of that statement, with the idea that so much of this discussion that weve had over the past few weeks, has not really been about our nations debt and that fiscal challenge that we face, but its been about such things as obama care and other, my word, extraneous issues. Is that a distraction here and have we really missed a moment that you seem to think is at hand to truly address the fundamental problem that the country faces . We have missed a moment. A lot of the debate ended up being around whether members of congress would be in or out of obama care when we have trillions of dollars of debt and deficit. Two deadlines that came down dealing with the continuing resolution or the end of the fiscal year september 30 to october 1st, that was really to deal with the Affordable Care act and then the debt ceiling coming up deals with the longterm big issues. We are nibbling around the edges at this point when debt continues to climb. We go back to some of the rating agencies, fitch two years ago, didnt downgrade us because of our negotiations around the debt ceiling that we looked like we were taking things seriously and starting to bring things down. The president talks about weve cut our deficits in half during his presidency. That was done during a debt ceiling debate two years ago. During this one, that debate did not occur. We have missed a moment. Weve got to find times when we look at how much debt is piled up to slow down and talk it and say how do we talk about the growth of the spending we have. That didnt occur thisti congressman, it was clear when we saw harry reid talking in a sober way about the new Budget Conference Committee that now meets that hes trying to say look, what were offering the gop, but what is the atmosphere like within the house gop at the moment . Because from the outside, it looks like you went in, you took the pain on behalf of the party well, see it in the polls, by shutting the government down for two weeks. And yet you havent really from the outside it appears come away with a big prize. I mean, what do you think of the tack it ticks and does Speaker Boehner keep his job . I think he does keep his job. I dont think thats at risk at this point. Were navigating through difficult waters. The people in our districts are telling us they have been taken from full time to part time, Small Businesses that actually called me this week and said they have 17 people in their small business, theyve just been notified by their insurance carrier the type of insurance they have is no longer available. Theyre on the exchange and extremely frustrated. Issues that are happening in real life situations now that Affordable Care act is rolling out and people are calling us and saying make this stop. At the same time, were trying to deal with the funding of the government and so we do have two conflicting voices. Some saying im so excited i can get this coverage at the same time flooded with people saying there are real problems here. Part of what were trying to do is raise the flag to the president who said there are issues to say when will we deal with those. As any of us who have tried to sign up knows it has not been easy to do so. You give us, congressman, a perfect segway to john tucker the ceo and founder of laser plus imaging an l. A. Based company that provides Office Supplies to dozens of federal agencies and i want to bring mr. Tucker into the conversation, which you teed up so perfectly, you, mr. Tucker, have been hurt by this. Your workers have been hurt by the Government Shutdown. What would you like to say to or ask the congressman . Well, thank you for having me, tyler. Yes, hi, congressman, thank you for the opportunity. Hi. Its been a struggle for us. We have a lot of people out of work and struggling to feed their families and the concern for me, congressman is, is the stop gap measure, hopefully the government does reopen for business, but i cant help but feel its like putting a bandaid on an amputation. What is what has the lawmakers of our country done to instill any confidence in us, the american people, to say that youre going to get done in the next eight weeks, what you havent been able it to accomplish since 2009 and thats to actually put forth a budget, a longterm plan, to move the country forward, and keep us working . Thats our major concern right now because its difficult for us to plan a business in eightweek intervals. I totally agree. Let me make a statement to you. Being an oklahoma representative i can tell you weve got a lot of Companies Moving from california to oklahoma. We call it the reverse grapes of wrathp. If you want to come to oklahoma the economy is doing great there. Youre right. We need to get a chance to get a longterm perspective. A lot of what were pushing is uphill to restart a process that is stopped. This is the first year in three years the house and senate have passed a budget. Now were actually having major debate about getting to a conference to actually work out the differences to settle that and then we still have to do appropriations bills. The house has done four appropriation bills the senate has done zero. This is the basic mechanics of an economy. Until those get restarted ap longterm planning no one can plan on that and that is a real problem we have. Were trying to take the baby steps. Mr. Tucker, tell me, bring us up to date on where you are with respect to your furloughed workers, and how quickly you could bring them back to work if the government opens soon . Were hopeful that this deal gets passed and the government does open for business again and we will bring our people back. Theres a lot of uncertainty for us because were not sure how this is all going to play out when the government does reopen. I mean we could have our clients and our customers come in and buy on a feeding frenzy to stock up on Office Supplies in the event were in the same position were in eight weeks from now or had they could hold on to their money for dear life and spend it on only Mission Critical essential expenditures. Were not sure. Theres a lot of uncertainty. We really believe for us and for the nation, we need a longterm plan to keep this country moving forward and allow us to get back to work and get our people back to work. Mr. Tucker, thank you very much for being with us. Congressman, let me ask you one final quick question. How quickly will the government reopen . Yeah. Let me make one quick comment on that as well on what johns statement was. When you have 17 trillion in debt this is the result of it. We have all these constant fights over money. Like a married couple that has gone deep into debt, they fight about money all the time. Thats where we are as a nation right now. This will not get resolved with one big as i hear people talk about, if we did a grand bargain and solve it. Weve moved from car loan to jumbo mortgage. As far as how quick we can get the Government Back open, senate votes today, the house votes and the president signs it could start limping back in by tomorrow. Things can it turned around quickly on that. Matter of getting everything signed and done. Thank you very much. Congressman langford if the congressman thing doesnt work for you, i have a job in fm country radio. You have a good voice. Only if i introduce them and not sing with them. Set you up with blak