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The markets are cheering that deal. the banking sector is the best performing this morning after strange gains in yesterday's session. this deal is touted to be a landmark deal and it is designed to finally stop contagion in the eurozone. let's go through the technical details in this deal. there will be $157 billion in official loans on top of that the private sector will contribute as much as $60 billion over the next two years. yet, they will face a hair cut of around 20%, and, yes, it may trigger a default. but really just a temporary default. and so far the rating agencies have been mum o...

Republican party that it's time for conservatives to step back from the brink. >> apparently norquist is rescinding that hall pass. he quickly walked back his comments during an interview with msnbc. >> there's certain things you could do technically and not violate the pledge but that the general public would clearly understand it's a tax increase. so i can be clear, americans for tax reform would oppose any effort to weaken, reduce or not continue the 2001/2003 bush tax cuts. >> and by not extending the bush tax cuts lawmakers could potentially bring in as much as $4 trillion in new tax reve...

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Tax cuts, extending them, but you to offset them with spending cuts is that correct? >> no, not the income tax rate cuts, keeping them the same, no, i don't think you have to offset letting people keep more of their own money. with regard to unemployment extension, yes we republicans have said all along that if we are going to do it, we should offset. that's a 57 billion dollar item. with social security, it is a little different that's a dedicated tax for a dedicated purpose. we may well want to do this. if we do, let's at the same time recalculate benefits on the other side or recognize that...