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Detailed text transcripts for TV channel - MSNBC - 20131012:18:05:00

Now, whatever deal comes out of the senate, most likely will be bipartisan. should pass by a wide margin. but house republicans are going to hate it because they re going to say they were kept out of the deal. then john boehner has a decision. he can put it on the floor or try and offer something at the last minute. but then where it ends, we don t know. all we know is it s on reid and mcconnell s shoulders and the white house is being kept informed of every last detail, we re being told as well. i think the thesis there is, where it ends, we don t know? luke, we ll come back to you later in the broadcast. thank you as always. i want to bring in kayla tausche and the national political reporter at the national journal. kayla, five days from now, five days, looks like we very well could hit this so-called debt ceiling. the stock market so far seems to be taking it in stride. dow closing higher yesterday. what will a default look like? ....

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Detailed text transcripts for TV channel - MSNBC - 20131012:19:07:00

Weekend might be falling apart. monday could be very hairy in the markets if this dealmaking over the weekend doesn t seem to bear any fruit. it s difficult to predict when exactly wall street will start to totally panic. but you can guarantee they will at some point as we get closer. let s talk about the debt deniers as luke dubbed them. a column in the daily caller makes the case that not raising the ceiling doesn t niecely mean that america defaults. quote, if republicans refuse to raise the debt limit when the government has reached its borrowing limit, congress will simply be forced to live within its means by rerouting current spending to previously accrued debt. are fears of a default unfounded at all? reporter: no, fears of a default are not unfounded. that is true. but there s a couple of layers of nuance and complexity to that. a lot of times you hear the question of default on the debt or default on obligations. those two terms get smooshed together in this. ....

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Detailed text transcripts for TV channel - MSNBC - 20131012:18:19:00

That faces our future. why not open the government and do that? why not open the government and have that conversation? past experience has shown us without any doubt that the only way to get those in the united states congress and the white house who are financially irresponsible and pay attention is to do so in this kind of mechanism. i don t like it. continuing resolution adversely affected our economy. not raising the debt ceiling is going to have an adverse effect on our economy. this is going to destroy our nation. how real is the threat of default? totally within the discretion of the president of the united states. he does not have to default on our obligations to our creditors unless he wants to. there s a general accounting office, opinion from 1985 that says that. moody s this week, if you re familiar with their report, they also say that there s not a credit risk unless the president wants to default. now, the president uses default in a much broader term than ....

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Detailed text transcripts for TV channel - MSNBC - 20131012:18:14:00

Bills and we need to do that before we have any agreement on what goes after that. this is not a concession. this is basically doing our jobs. this is what we re supposed to do. default is four days away. and i say again, i m grateful and thankful senator mcconnell reached out to me. i was happy to do that. i had a piece of legislation on the floor today to extend the debt ceiling for a year. it s hard for me to comprehend, but every republican voted against this. this was a motion to proceed to the measure so that we could debate it. if they had allowed us to invoke cloture on this, we would have 30 hours, use every minute if we wanted to, to see if we could ....

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Detailed text transcripts for TV channel - MSNBC - 20131012:18:20:00

People who are in the financial sector do. default means you re not paying your credit obligations in the financial sector. the president uses it to say, we re not paying all the things that we want to spend money on. that s his deflection of default. stand by. that s an argument i ve heard a lot of. kayla tausche, i want to bring you back in. we ve heard from congressmen who have said that. is that true? under the 14th amendment the president does have the right to ask the federal reverse to print more money to pay for that interest payment that comes due on october 31st. some are saying, why doesn t the president just ask the fed? the problem is, guess who has the enforcement right under the 14th amendment? congress. if the president decides to print more money, congress can say, we re striking that payment down. the risk is too high. that s why the executive branch said it s not an option. i think the markets have given congress way too much credit. they are very lucky when the ....

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