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House correspondent john harwood and kirsten bowers. good evening. john, mitch mcconnell finally offering democrats an out to avoid the first ever default in u.s. history. this debt ceiling mess is not over yet. where do things stand on capitol hill tonight? well, first of all, have to say that what mitch mcconnell and the republicans did today was good for the country, good for the economy, good for the global economy to avert the rising risk of a crisis. i have always thought in this situation that it was going to turn out okay because mitch mcconnell is a rational actor who understands the consequences of a debt default, as i does of things like government shutdowns and he tries to avoid them because that s going to reach down to the detriment of the republican party. this is different than in 2011 when barack obama was president and house republicans who took us to a brink of a crisis, they were willing to take that risk. but this is a case where he stepped away from the brink, ....
Interesting because it does test this notion of how texas is trying to evade review all together. so i think by the end of this supreme court term in june we are going to know whether the justices are overturning roe v. wade and we may know how they view the shenanigans out of texas as well, which, by the way, has proven to be a copycat type of situation where other states are looking to evade federal court review in the same way texas has here. it would be important for the court to speak on that as well. always a pleasure. thank you so much. i want to turn to the latest on capitol hill with cnn white house correspondent john harwood and kirsten bowers. good evening. john, mitch mcconnell finally offering democrats an out to avoid the first ever default in u.s. history. this debt ceiling mess is not over yet. where do things stand on capitol hill tonight? well, first of all, have to say that what mitch mcconnell and the republicans did today was good for the country, good for th ....
Explanation. thanks very much. wall street clearly worrying about the debt ceiling mess. nervous investors sent the dow down another 136 points today. the s&p and the nasdaq indices were also down almost 1%. so what s the answer to the shutdown stalemate, the debt ceiling dispute? joining us now, two members of congress. republican jeb hensarling of texas, the chairman of the financial services committee, democratic congressman steve israel of new york, he chairs the democratic congressional campaign committee. i just want to make sure both of you agree with that dire scenario, congressman hensarling, first to you, that tom foreman just laid out. do you accept that? oh, i think it would be quite dire for america to default on its bonds, on its sovereign debt. that s why house republicans back in may put forth h.r. 807, the full faith and credit act, to say that the united states cannot default on its debt. basically it takes payment of ....
neil: it would explain even if you want to just cynically step back from this, it would explain the posture like on the cliff deal that was whatever it was, 40 plus to one tax hikes over spending cuts because they didn t see the need for spending cuts report need to address the underlying problem with entitlements when so many blocks of democrats ultimately decided don t touch it and this deal doesn t touch it. now, a word from a key group of democratic senators meeting with the president when it comes to the debt ceiling thing we will give you the is power whether it is the 14th amendment or not to just raise this sucker yourself so you can find creative hoops around the debt ceiling mess without addressing the underlying spending that led to that mess. it does explain a lot. the arrogance of hai harry d today and other senate leaders when they said we will not ....
$1.2 trillion, half in the pentagon, half from nonmilitary spending. what do you think are the chances that the pentagon trigger, the $600 billion from the pentagon will be changed so that yes, you will still get $600 billion but won t all come out of the pentagon? i hope it will be changed. the secretary of defense leon panetta said cuts of ma magnitude with hollow out the national defense. i would hope congress and president of the united states would listen to him carefully. i want people to know that i will be committed to ensureing that the american people get the deficit reduction that they were promised but under the law congress will have 13 months to do that in a smarter more prudent fashion and i plan to be part of that process. chris: finally, less than a minute left. during the debt ceiling mess this summer there was a 2,000 point drop in the stock market and the approval ratings for everyone in congress jumped just as sharply. assuming and you certainly are leading me ....