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What is your response to what he was saying. >> i agree with him. in 1979 when the printing presses went down for a while we saw the basis point go up and it cost us money down the run. there was a technical default in 1979. let's look at happened in japan this january, they went from a double a rating to a double a minus and that sent ripple affects through the financial markets that got the yen to go down and at the same time interest rates went up, so that could be a possibility also for the united states. martha: just a couple of months ago if i understand you directly, you were against ra...

To downgrade and let's say s&p lowers us to a double a . that is a split rating? i covered the bond market all of the time and institutions go with a higher rating. i will say this, neal and your last guest hit the nail on the head. we have a chance right now to do some good things and cut the budget. this august 2nd deadline. >> we are going to be up against the deadline. >> it may not mean anything. we are not going to default. people are going to get their social security checks. >> i am sorry we are having serious audio. and we remind you we are back on sunday with special

>> i agree with him. in 1979 when the printing presses went down for a while we saw the basis point go up and it cost us money down the run. there was a technical default in 1979. let's look at happened in japan this january, they went from a double a rating to a double a minus and that sent ripple affects through the financial markets that got the yen to go down and at the same time interest rates went up, so that could be a possibility also for the united states. martha: just a couple of months ago if i understand you directly, you were against raising the debt ceiling. what changed your min...

Fight over big spending cuts and let's make it clear here, we're talking about reforming entitlement spending, medicare, medicaid spending to try to get into a debt limit negotiation and force the president of the united states to reform medicare if he doesn't want to i think is fruitless and they discovered that and now they're trying to climb back down from the mountain they climbed up on and i think that mitch mcconnell has given them an opening to get past a bad situation. >> do we have a dissent here, james? are they giving up too easily? that's the core of of the argument. now what, let'...

U.s. debt from triple-a to double a if that happens and then we can drive the reform. that's what they think could happen if only republicans had the nerve to take it that far. >> there's a little time here and we could see a few more cards. republicans hoping they get close to the 2 trillion in cuts they want out of the senate. the hope is that senate democrats up for reelection, clare mccaskill, missouri, and ben-- they're probably going to lose anyway, but definitely going to lose if there's no reform in this and they have to end up having to vote for it. >> that strategy is smart for takin...