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If we don't raise the debt ceiling the government cannot issue new debt. we take in 60 cents for every dollar we spend. we spend 40% more than we take in. you can choose to not pay the interest on your current debt, which amounts to effectively a defau default. how would the markets react to that. >> that's bad. >> we think so. >> okay. >> currently the u.s. used as a safehaven. would markets continue to think of us that way? we don't know. the second choice is more scary to me, that is we have to cut spend big 40% and that comes from social security, medicare. >> that's a big cut. >> it's a h...

>> we have over 50 tlts in unfunded liabilities, medicare, medicaid, all unsustainable. i think we need to do something in connection with the decision to raise the debt ceiling. it deals with the debt. both medium and short-term, medium term and long-term. that what it would take to get my vote. >> a cnn contributor, secretary geithner said not raising the debt ceiling would be catastrophic for the economy. now, he concedes no one knows for certain what could happen in the event that it's not raised. are republicans willing to risk sending this fragile recovery that we're in into ch...