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American people won't tolerate is obstructionism. the majority needs to be given a chance to work as well. >> as you know, we are facing a more potentially disastrous deadline, october 17 for the nation's borrowing limit for the debt ceiling to be raised lest the country default on its obligations. let me put this to you very, very clearly. is october 17 also the day the country defaults? >> let me be clear. we actually hit the debt limit from may. from may until this week, we've been using what are called extraordinary measures to create a bit of additional headroom. on tuesday i informed con...

To stretch the county's borrowing company. they lose the ability to borrow money on october 17th if they don't raise the debt ceiling by then. here is lew. >> the dangerous thought that there is always something in the drawer. on tuesday i took the last steps i could take to create borrowing capacity. i don't have any more what used to be called extraordinary measure. >> once they run out of the ability to borrow it will have to operate on cash which lew says won't last long. the law has no play book for what happens next. if they default on the debt that will be the first time it ever happene...

No more. this is your johnny boehner, ladies and gentlemen. i said several months ago -- maybe i ought to repeat this. maybe this ought to be it. rather than calling it obama care, we should call it boehner care. boehner won't even fight. is the word pathetic appropriate? i think it's appropriate. >> you must be really miserable listening to a guy like that on the rodeo. welcome back to "hardball." conservative right-wing radio show mark levin calling speaker of the house johnny, first of all and then calling him pathetic. he is also under pressure from the wild bunch in his party for potentia...

Nation's debt if president obama doesn't cede to their demands in negotiations leading up to the end of the year. in other words, the fight is on now. will boehner, it seems like he wants to do it, willing to risk those who want to default. the treasury secretary jack lew, there he is, urged congress to act right away, because as our fiscal year ends, the united states will also run out of its money to pay our bills. our borrowing capacity will be exhausted by the middle of october. the republican party wants to turn u.s. savings bonds into junk bonds, refuse to pay our bills and tell creditor...

>> they just said we might not have school this week. >> we talk about the budget control act and the sequester, it's easy to lose sight of the fact that the place for austerity is hitting hardest is on states and local municipalities that don't have the federal government's borrowing capacity. the places getting squeezed the hardest are the places that don't have a lot of money to begin with. the medium household income in buena vista between 2007 and 2011 was just over $26,000. state and local government revenues were absolutely gutted when wall street imploded but many were spared the most ...