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For acting childish. and point nine: you cannot say spending is not a problem and then say you worry about whether you can send out 80 million checks to people getting paid to the government only a small portion of social security and medicare. that is a lot of checks. a lot of government. a lot of the problem. and be clear point ten, mr. president, this is for you: you cannot say the other side has brought us to the bring on this budget when your side did not offer a budget. not this year. not last year. and not the year before last year. so, that my friends is where we stand. sorry to go on ...

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Rating agency will not give us a pass if we just meet the deadline, they will still cut our debt if there is no real spending restraint attached to that deadline. be clear, point five: we're on the brink of a downgrade not because we are bumping up against the deadline but because of the spending and deficits that led up to this deadline. point six, you cannot say tea partyers are holding up the process because they will not budge on taxes and not say the same about the liberals because they will not budge on spending. be fair. point seven, democrats cannot say republicans are playing licks no...

Here to help sort out the fact from the fiction is the best business reporter open the planet. we all feed to take a chill pill. >> a default is catastrophic. when you default people talk about going down to from aaa to aa. >>neil: but we are not six days from that. >>guest: the president has the power to pay the bondholders. it will not look pretty. we spend a lot more than we take in. we spend $2 trillion a year, $3 eight or nine a year and we take in $2 trillion and we have to make up the difference. and we can pay off bondholders, service on the debt is $200 billion. of the $2 trillion we ...

Debt problem. democrats fought every cut in spending that's come along the way. we only had -- as country of three of these pressure points you talked about, 2011 budget. debt ceiling and 2012 budget. we should not hold it hostage. we will be left with only one negotiating point yet. the 2012 budget and nothing left to show for it. >> you are on a one point there, you say only republicans get it. no. they get it when it comes to social security. they get it when it comes to medicare and medicaid. they love the bypass defense. the argument i kept make sing simple. democrats cannot talk about th...