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About past spending approved by congress. default would cause an immediate financial collapse with long-term national and global consequences. it's estimated the 2011 standoff increased the nation's borrowing cost by $1.3 billion in that year alone. it amazing me that the people using the debt ceiling as leverage to reduce the deficit don't seem to mind playing another billion dollar game of chicken. it looks like some republicans might already be backing off this fight overall. but in "the wall street journal" in an interview, john boehner, house speaker, called the debt bill "one point of le...

Want to again re-evaluate the credit rating of the country, that affects the borrowing cost for the u.s. government, for states, cities. you name it. a lot of unanswered questions here right now. >> bret: cheryl casone in new york. cheryl, thank you. we will be watching the markets, especially the asian markets when they open in just 30 minutes. thank you. the question is now what happens with the u.s. house of representatives? how does speaker boehner move forward as the meeting is breaking up? we have inside scoop from behind those closed doors. and perhaps a strategy, path way forward. we h...

The austerity measures, it's given pause to how we handle our own fiscal issues. and why there is this sense of -- that the united states is afraid of doing -- being as astere as you guys were. basically you went back into recession. >> we now emerged from it. we cross our fingers we will stay out of it. you have advantages. you have the reserve currency. you're the biggest economy in the world. we did not have that. we're not part of the eurozone. if we had not stuck with the deficit reduction program our borrowing cost for sterling would have gone through the roof whereas partly because, lar...

Future. you may be able to do that. it depends on the bankruptcy court judge. what is he or she going to say? you don't know that going in. you are taking harsh medicine. >> steve: while there has been so many stories about bankruptcies out in california, have you noticed that other municipalities are suddenly going, you know what? we're at the tipping point. we can no longer afford this. so going forward, we'll have to be a little smarter about our budgeting? >> they are. there are other big cities that are right on the line. you don't want to name names and use the word bankruptcy in the sam...

San bernardino raised its pension costs for government workers in 2008 when the financial crisis blew in. that's part of the reason why they are in trouble. in the muni bond market, the cost of borrowing are going up, that is a concern for the state of california. borrowing cost are a full percentage point above what the average is. now it's 6.6% where the average for most states is about 5.6%. the other issues that cities in california have to deal with in considering bankruptcy is they have to look towards vallejo that filed bankruptcy several years ago. they are now paying $10 million to ba...