Treasury secretary janet yellen. the u.s. government could run out of money by october 18. it would mark the first default on our debt in american history. that s unless congress does something about it, unless congress raises the debt ceiling. the debt ceiling is like our country s credit card limit. if that limit doesn t go up, we can t pay our monthly bills. it s hard to overstate how potentially catastrophic that would be. no social security checks for almost 50 million seniors. our nation s military would go unpaid. millions of families with children who rely on tax credits will likely see delays. and if none of those apply to you, here s what could. if the government actually defaults, u.s. credit ratings would take a hit which means everything from mortgages to car loans to credit card bills would get more expensive. joining us now is punchbowl news co-founder jake sherman, great to have you with us live and in the flesh. yes. help us understand how what s happening now is different from the debt limit debate of 2011 when the country almost defaulted but didn t.
so every debt limit debate i ve been a part of, which is way too many at this point, came with a price. john boehner said we either need to cut spending, reform entitlements, a variety of hostage demands. this does not. mitch mcconnell has said republicans aren t lifting the debt limit and that s it, they re just not doing it, and democrats need to do it with budget reconciliation, which is the fast-track 50-vote process that you could raise the debt limit with just democratic votes. there s not much time. we re 19 days to the limit. democrats just congress needs to get going because everything takes a long time. i want to play for you what senator pat toomey, pennsylvania republican, said about the debt limit. it is not about past spending. it is about future spending. consider for instance this 3.5, which is really $5.5, trillion spending bill. last time i checked, that hasn t passed yet.
Matter of spending it is a matter of meeting the spending obligations that congress has already agreed upon, that democrats and republicans have signed bills that spend public resources that take us above this debt limit. so they have to raise it in order to meet their own spending obligations that they ve agreed to. this debt limit has been raised or suspended 80 times, including three times in a bipartisan manner as jen said under the trump administration. so, yes, that s nothing but obstructionism in an area where congress should come together because they ve already obligated these funds. the analogy i like to use, alex, it is as if congress is sitting at a table, they finish their meal. now, maybe they re putting some stuff in doggy bags to take home, that s the outlays that haven t been spent out yet in this somewhat tortured analogy, and they get the check and say, no thanks. that s what the debt limit debate is very much like. so then how are gop members
You hold them there as you need them. sure. you only need the ones so you don t hurt them at home. it looks to me like pelosi is doing something in football, the prevent defense. we let a couple a day release from the corral. you can be for impeachment, shakowski. you re from the lake shore. i m not going to hurt you with your well-educated peeps. it s june, it s going to be july. she s not going to do impeachment. she has decided that months ago and yet she keeps talking about timing and all of that. i thought today was the clearest statement made, we re not doing it ever, ever. chris, she s running out the clock. six weeks until august recess. they ll come back to a debt limit debate and keeping the government open. they ll be looking at the holidays. she s dragging her feet because she does want to run out the clock. the irony, originally nancy pelosi said we re not going to move until the american people want us to until we ve convinced the american people there s a
Piece that trump repeatedly predicted to advisers that house speaker nancy pelosi would cave and surmised that she had a more liberal stance why are they so loyal, she asked in one staff meeting anyone who s studied democrats for four seconds knows that democrats never stick together is my analogy too simple here that nancy pelosi let trump cry it out no, she s a mother and grandmother and she s seen children with temper tantrums. the other point that she made is that if you let the temper tantrum rule the day, you re going to face multiple temper tantru tantrums there s going to be a debt limit debate and close the government down for whatever hostage taking he likes
Held firm. why are they so loyal, trump asked in one staff meeting, complaining democrats so often stick together while republicans sometimes break apart. first of all, anyone knows democrats never stick together is my parenting analogy too much here that essentially nancy pelosi let trump cry it out yeah, i think it s absolutely right. she said herself, she s a mother and grandmother and she s seen children with temper tantrums and she doesn t going to succumb to that. if you let the temper tantrum rule the day, then you re going to face multiple temper tantrums there s going to be a debt limit debate, there s going to be other times where he can close the government down for whatever hostage taking he would like and she said finally and totally and absolutely no. i also think we re at the beginning of a presidential debate the democrats are running for
Cave and surmise that she had a problem with the more liberal members of her caucus but she held firm. why are they so loyal, trump asked in one staff meeting, complaining democrats so often stick together while republicans sometimes break apart. first of all, anyone knows democrats never stick together is my parenting analogy too much here that essentially nancy pelosi let trump cry it out yeah, i think it s absolutely right. she said herself, she s a mother and grandmother and she s seen children with temper tantrums and she doesn t going to succumb to that. if you let the temper tantrum rule the day, then you re going to face multiple temper tantrums there s going to be a debt limit debate, there s going to be other times where he can close the government down for whatever hostage taking he would like and she said finally and totally and absolutely no.
More going out. isn t that strange. more red, yet more revenue coming in. this sounds like a very poorly run wall street company. and you have beloved jack i love you, jack . the treasury secretary. thank you for the caller who is talking about the debt limit showdown and hold is this over the american people residents head, we re not going to send oat social security checks. are you kidding me? they re using that as an excuse to push the debt limit debate through. you re a democratic strategist so you always provide the little colorful commentary we so value on the view from the left, and i found that a little much. when we have a lot of money coming in, we can prioritize our bills. i would imagine top would be interest payments on the debt. i would imagine after that social security payments, medicare related payments so we honor our elderly.
Target. $40 million customers credit and debit card accounts may have been stolen. you should double check your statement if you shopped at target between november 27th and the day before thanksgiving and december 15th. this past sunday and we ll have more on the threat and what target is doing to address it later in the hour. hillary clinton closing out barbara walters list of the most fascinating people. she did explain why it s so important to have a woman in the white house. it matters because we have half the population that has given so much to building this country, to making it work and of course, i want to see a woman in the white house because, you know, if i look at my friends and former colleagues who are now in the senate, it was the women senators on both sides of the aisle who finally broke the fever over the government shutdown and the debt limit debate. they have been working across party lines and we need more of
So the democrats can control her narrative of time and benghazi or everything else. she was able to get away from the health care debate and debt limit debate not having to get into domestic politics for that few years at the state department was best gift. the mix of foreign policy to describe her time in state and seem to all agree he was a more cautious secretary of state. but i think that can stem from a number of things. i think she by nature is a more cautious person and maybe thinking about 2016 and also could have been a lot of pressure from the administration to be cautious. i m with luke, i think the american people have short term memories and b i don t think foreign policy is on their radar. if you look at things they care about, foreign policy is nowhere on that list. they only care with foreign policy as it connects to the economy. if anything, her time at state will benefit her. if you can picture her on the