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the time is ticking for congress to take action, because it's congress that has an exit constitutional responsibility here. they swore an oath to -- and the 14th amendment of that constitution says, the validity of the public debt of the united states shall not be question, which presumably means, you need to pay the debt. june 5th is only nine days from now. the house of representatives has adjourned for the long memorial day weekend. republican leadership said, they will provide 24 hours notice before scheduling voting days, and addressing the potential default. while some republic...

Considering a two step process to get this done. if it gets done. will it fly with lawmakers facing tough election battles? fox news editor keeping track of it. what do they want to do here? >>reporter: get out of this with their skins intact. i don't know what they want do do about money but they want to survive this. right now it is looking like it will be challenging. >>neil: by punting in a to step process the bottom line is, any of the cuts or savings are not until 2013 regardless. what is the problem? >>guest: well, the problem here is there are two negotiations taking place, one public ...

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Veto the automatic cuts and does not like the a to entitlements so a deal is not happening but a likely credit downgrade could be and moodies will spans if they punt. and it could go down at thanksgiving. as all of the guys collectively belch. former republican house majority leader dick armey says it is time for congress to suck it up and make the tough decisions. but, they are not doing that. does that worry you? >>guest: well, it worries me. first of all we have an absence of presidential leadership. the democrats particularly in the senate are refusing to do anything as they did on their o...

Crisis going, senator simpson. i cast blame on both sides and am reluctant to leave the key talking points which means we are not going to have a deal by thanksgiving and we might not even have the automatic backup deal which is really kind of a mamby-pamby backup. >>guest: i know dick and she a strong guy and powerful if his views but he is right if you get rid of ethanol which coburn did, who is one of his, i think, backers, and he got rid of that and $6 billion and norquist, and i am not obsessed with him, and he is as much a smart alec as i,