what could be the largest municipal bankruptcy in u.s. history. good morning to you all. thank you for spending part of your weekend with us. i m t.j. holmes. we do need to start with a debate that was supposed to be over already. we are less than three days from a possible u.s. default. this clock is still ticking and a deal is not done. we are expecting a lot of action on capitol hill today. both houses in session, but whether there s going to be any real progress, that s anybody s guess. this is what we ve got going on today. the house starts debate at noon with the likely vote on a democratic proposal expected some time after 1:00 p.m. not expected to pass, however. then over on the senate side, they kick off debate on the democratic proposal around 1:00 eastern time. they could be debating that for up to 12 hours before they even vote on whether to vote. kind of a procedural vote would take place, possibly around 1:00 a.m. we did hear from president obama this morning
this reid plan sometime this afternoon. expected to vote it down. it will be just a demonstration that the reid plan as is is not going to pass the house of representatives. meanwhile, the question is, what s going to happen in the senate, were there any meetings? no meetings scheduled among the leadersh leadership, a top republican leadership aide telling me mitch mcconnell doesn t want to meet with the democrats unless a representative from the white house is involved because the democrats don t have permission to sign off on anything unless the president says so. i also talked to one top democrat from the house this morning about what he thinks, that s congressman barney frank, the chairman of the house financial services committee. let s listen. significant reductions going forward, not immediate, in domestic and military spending, deferring the tax issue for when the bush tax cuts expire and not cutting social security and medicare benefits are things we can look at in