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the emphasis is now on the education of members about a default. that's why bankers like jamie dimon of j.p. morgan chase and jane fraser of citi group met with chuck schumer along with other senators today. >> mr. dimon, did default come up? what was your message to the leader? what would it do to the banking system? >> actual default would be a disaster. it's been said over and over, you're just repeating it. >> are you optimistic about a deal? >> let them worry about that. >> this is where wall street meets main street. the lead negotiator spoke today at the capitol. a sticking po...

is about the outlines of what the budget will look like. not about whether or not we're going to in fact pay our debts. >> mccarthy says that they will reach a deal but says was biden has left congress in a race against the clock. >> you know what i told the president 105 days ago? i had no conceived notion of what to do except two things. we're not going to raise taxes and we won't pass a clean debt ceiling. but we have to spend less than what we spent last year. let's talk about that. he decided no, i shouldn't negotiate with somebody. i'm going to do what i want to do. my way or t...

The president has an obligation also under the 14th amendment, but i respect his view that the litigation and the turmoil and the turbulence that results from losing it would be a result that we ought to avoid. >> within that, and given mistakes as you outlined, both wall street and main street, what do you believe? do you believe at some point the president will need to move off of his we are not negotiating on the government shut down. we are not negotiating on the debt front. do you believe that given all we have seen as a result of the shut down and the potential of this that he has to mov...

The economy shrinks, tax revenue goes down. long-term employment undercuts the economy's long-run productive capacity, which means lower tex revenue in the future. pretty much a slam-dunk. cutting spending, austerity, a lose/lose policy even on the debt front. >> give me an economy that is not in a depression, it is a very different story. i was actually a deficit hawk when george bush was trying to -- ran through tax cuts that were unfunded. ran through unsupported wars, wars without any revenue source to pay for them. right now is the wrong time to obsess over the deficit. incredibly misguid...

Disaster. it doesn't even help the budget position. the economy shrinks, tax revenue goes down. long-term employment undercuts the economy's long-run productive capacity, which means lower tex revenue in the future. pretty much a slam-dunk. cutting spending, austerity, a lose/lose policy even on the debt front. >> give me an economy that is not in a depression, it is a very different story. i was actually a deficit hawk when george bush was trying to -- ran through tax cuts that were unfunded. ran through unsupported wars, wars without any revenue source to pay for them. right now is the wrong...