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>> in other words, the markets, our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our fiscal house in order. i think we've said for some time now, as have most, that we need to do on the order of $4 trillion o...

Doing it with just about $2 trillion of deficit reduction. that's not a solution. that's not going to fool our creditors. >> in other words, the markets, our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our f...

Our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our fiscal house in order. i think we've said for some time now, as have most, that we need to do on the order of $4 trillion of deficit reduction over the nex...