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The threat of default. and it achieved nothing except for the harmful consequences to our economy that the president outlined. so rather than continue down that path, there's an opportunity for congress, including those lawmakers both democratic and republican, who helped forge the solution to the shutdown and the threat of default. in a way that moves the ball forward on all of these issues. there's no question they're all difficult. given the current environment. and some of these, especially the comprehensive immigration reform bill and a budget bill, these are big items and they require bi...

Together so we can compromise on those budgets as i said since march. i hope our colleagues are now ready to do that. >> senator patty murray, the chairman of the senate budget committee, paul ryan the chairman of the house budget committee will lead these is negotiations. you'll be involved, other senators, representatives will be involved, as well. here's my fear. as much as there's good intention right now, if you guys don't come up with a budget agreement acceptable to the house and the senate, are we going to have to go through this same crisis in january and february once again? >> well,...

I think that's not in his nature. he should be magnanimous. he won, and don't forget, he's going to be back at this again. he's got a lot of budget negotiations he's got to get through. he's got an immigration bill, an agenda, remember that? there was an agenda that he wants to deal with. so i think, of course, he should be magnanimous and come out and say, look, you fought the good fight, obama care is law of the land. i don't know if he mentions obama care, actually. i just think he moves on. >> do the republicans do this once again in january or february, and assume they don't have a grand ...

Number two -- he emma sized again, what he has -- emphasized again, what he has all along. negotiate on budget issues. the republicans have the house budget. we have our democratic budgets. what he is willing to do is hold the republicans of the faith and credit of the government hostage. to extract the outrageous demands. i think the most important thing coming out of the discussions is we will have established that principle and precedent. now, not that, not that the tea party guys will have learned that lesson. but will have demonstrated in the period of time that the president was absolute...

Our breaking news coverage continues. you are looking at a live picture of the senate floor. that's where votes are being cast on two crucial votes in the senate. the deal would extend the debt ceiling for the united states and the government shutdown and create a budget conference that would supposedly deal with broader budget issues. the first of two crucial votes, as i said. and there are different margins of victory needed for both but they both must pass and has notally for this to go to the house of representatives. dana bash, our chief congressional correspondent has been standing by. y...