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The first $20,000 of income from payroll taxes for at least two years. that would put money in people's pockets, give them enough to start spending. number two, amend the bankruptcy laws, so people who are troubled homeowners, distressed homeowners, can declare bankruptcy on their primary residence. that would give them more bargaining leverage with their banks and service lenders, that would enable them to reorganize their mortgages, as housing prices continue to tumble, as more and more people find themselves under water. number three, there ought to be a substantial tax benefit for employer...

Obviously there are some who work for the president who are saying every time you can get house democrats angry with you, it makes you look like you're a moderate. and i'm all for compromise and moderation. but you've got to look at the content. and from a political standpoint, it's just put out the headline, obama comp proo miromises with republicans. the content of that compromise matters. in this case, if we did not act, then in january the clinton estate tax bill would be in effect and if we had waited for that to happen, we would have had all the bargaining leverage needed to get a much b...

Years is in order to maintain their standard of living when their wages are going down, their hourly wages are going down, they're not experiencing the same growth in wages they used to experience, they had to go into debt. but now they can't go into debt anymore, and if you have so much of the nation's wealth and income going to people at the top, well, how is the middle class going to have the bargaining leverage, the buying power it needs to go back into the stores without going into debt to actually keep the economy going. so this is a fundamental question. i don't want to sound like a cla...

Testimony. >> i think they're picking some of the top people, some of the top lawyers. jamie ger ril lick under clinton. they're getting the best lawyers in the country. why wouldn't bp go for the best lawyers? they've got the biggest problem and the most money you. get the best lawyers. that's the way it works. what do you make of the $20 billion? there's been some skepticism about the $20 billion fund. can it mean faster payment under feinberg, under ken feinberg or look like it's going to be faster? >> i think two things. i think bp has zero bargaining leverage on any issue relating to the ...

The way understand it, bp will pass on it first, if they agree to pay, they pay. if they don't it, goes to the panel for review. that stounds like a fairway of a check and balance system to see can the right thing be done and can it be done quickly. >> strategic retreat. in military terms it means you go back to higher ground. if you know you're losing you go back and fight another day. is that what tony hayward and his people decided to do before they went to the white house to agree to the $20 billion? >> they have no bargaining leverage whatsoever. they are in deep trouble. if they want to ...