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A go. it is irresponsible and reckless to take that chance. there are no good choices if we run out of borrowing capacity. the first time since 1979, the united states would not be paying its bills. >> your take is a bit unique. is he crying wolf there or not so much? what happens to the economy if there is no agreement by october 17th? >> the reality is we don't know that he's crying wolf because none of us know what would happen on october 18th if we don't know what we're supposed to do before then. do i think that the ratcheting of the rhetoric of doom, the debt-apocalypse that it allows ea...

Latest updates on this topic from reliable sources.

Latest updates on this topic from reliable sources.

The american people don't want that. they want washington to work. they are fed up with this kind of partisan stuff. they want compromise. >> jay, as you know, there is question out about exactly how insistent the president is and how insistent is he about what. there is nothing that clarifies presidential insistence more than a veto, either a veto threat that is specific or the actual issuance of a veto. how insistent is the president on a single debt ceiling increase? will he veto any bill that does not raise the debt ceiling to a level that gets us through 2012? >> what i will say is that w...

They are fed up with this kind of partisan stuff. they want compromise. >> jay, as you know, there is question out about exactly how insistent the president is and how insistent is he about what. there is nothing that clarifies presidential insistence more than a veto, either a veto threat that is specific or the actual issuance of a veto. how insistent is the president on a single debt ceiling increase? will he veto any bill that does not raise the debt ceiling to a level that gets us through 2012? >> what i will say is that we have been absolutely clear, the president, i, and others, have be...