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Been released yet. it's a little bit late. can you tell us when we'll expect that on capitol hill? >> the president is doing everything he can to get the regular order back in order to make progress. the president has made repeatedly proposals for a balanced approach to get us on a sustainable budget path. he just a week or two ago posted on the web his proposal which outlined closing of tax loopholes so we can replace the sequester, which the longer it stays in place is going to be a drag on the economy. >> allen krueger, we appreciate it. have a good weekend. >> thanks. >> go back to the gag...

Regard is a lot the dysfunction nalt is alarmingly familiar. if we go over the cliff, we resolve too much of a debt situation all at once, unlike greece where they are today, interestingly, if you actually go over the cliff, you get on a budget path that's a far more sustainable than the current one, we do it much too quickly. >> except if you go over the cliff and given how tenuous this economic environment is right now, the message it sends to business leaders, employers, this place is not only ungovern ner rabl, it's dysfunction among dysfunction. >> freand of mine, a liberal, said if you t...

Fierce that if governor romney wins he's inheriting an economy on the up swing and would be able to step in and start taking credit for it? >> well, probably one of the democrats' figurest feabiggest simply that romney wins. i have heard this argument. there's something to it. there are very much economic cycles embedded in our economy. and the next president is absolutely going to preside over an improved economy relative to the last four years. that said, i think the important thing there is to look at their different policies and how they might impact not just the economy but also the budge...

Path and you get to 18 trillion. and 19 in 15. and 20.3 trillion in the yearr 20 16. that's using the president's budget path and that is the white house's own numbers and using extra trillion in debt in each of the next four years in a second obama term. >> gretchen: when the president took office and do a comparison. in 2009 it was 10.6 trillion and now cane.1. >> no. it is 16.225 trillion. >> gretchen: it is going so fast. ip want to make a point that the president's own projection is 20 trillion in 2016. i think it would be more and worse than that. the president's plan is to raise taxings...

But she recognizes, as i mentioned, others are beginning to do that we can't achieve a sustainable budget path without new revenues. and grover norquist has very successfully blocked that blatant reality for a very long time. if he can be broken on this and it takes going over the cliff or starting down a slope that we can reverse and come back up quickly, that would be a quite positive thing for the economy and for fiscal policy. >> the truth of january 1 in the first weeks and first month even is that it's not exactly a cliff. it's more of a gentle kind of driveway slope down from the curb b...