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With the bill. why didn't you tell us what you passed? >> we cut 111 billion in the first year, as you say. we also capped spending. we bring spending down to cut six trillion over a 10 year period. then we move into passing a balanced budget amendment with taxpayer limitation and spending limitations. the problem we have is spending. you have to cap spending. we capped total government spending as a share of the economy. so we don't let the government grow on its trajectory. right now government is at its spending levels since we haven't seen since world war ii. we bring it back down and keep...

You are dealing structurally with the bill. why didn't you tell us what you passed? >> we cut 111 billion in the first year, as you say. we also capped spending. we bring spending down to cut six trillion over a 10 year period. then we move into passing a balanced budget amendment with taxpayer limitation and spending limitations. the problem we have is spending. you have to cap spending. we capped total government spending as a share of the economy. so we don't let the government grow on its trajectory. right now government is at its spending levels since we haven't seen since world war ii. w...

Their cut, cap and balance approach while minority leader mitch mcconnell works with harry reid on a contingency plan. the president's top advisers are assuring americans that their boss is still aiming for major savings. >> the president made clear he wants the largest deal possible. he wants to do the most we can to reduce the deficit. that would be the right thing to do for the american people. he made it clear he's willing to go into areas that he's not in the past been comfortable going into. >> nbc's kristen welker is live for us at the white house this morning. kristen, bring us up to s...

the deficit and raise the debt ceiling. meanwhi meanwhile, the specter of default comes ever closer. frankly, it's the tone of these debates that has a lot of people scared and this is a guy who's scaring a lot of folks tonight. congressman joe walsh, republican from illinois, a freshman backed by the tea party. he's been known to say blunt things when criticizing president obama. these comments might just take the cake. i want to show you a video congressman walsh shot and posted to his website yesterday. >> president obama, quit lying. you know darn well if august 2nd comes and goe...

[ male announcer ] make it yours. make it mio. sun life financial should abe a household name..., we're working on it. so,you're suggesting that we change our name from florida the sunshine state to... florida... ...the sun life state. the posters will be so cool. sooner or later, you'll know our name. sun life financial. we're back. all 47 republicans senators, that's all the republicans in the senate recently signed onto a proposed balanced budget amendment to cap spending by the