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Issue resolved. there's still going to be a lot of difficult negotiations that have to take place in order for us to actually get something done, and like i said, we have to have the fail safe that senator mcconnell and senator reid are working on. >> the white house announced today that president obama will hold a town hall meeting this friday at the university of maryland college park. now, that is not the sort of thing that gets added to the president's schedule in the middle of a serious summit negotiation on a bipartisan budget deal, but the president continues to use his outside game to ...

Deal that i know hasn't been well received on your side of the aisle is this idea that any of the loopholes that could get closed, any of that stuff, is basically being punted to tax reform. now, if the bush tax cuts go away for the wealthiest, if any of that happens. is that sort of trust but verified approach okay with you? >> well, i think it might be. clearly, we want to do away with the tax cuts for the wealthy. we tried to do that last december. and couldn't get the votes, but i know the president feels strongly about that. i know that most democrats feel very strongly about that. and i ...

So where does that leave us? it is crunch time, and washington is playing a dangerous game with our economy. the president knows what the stakes are. >> i think it is very important in these next couple days to understand we don't have any more time to engage in symbolic gestures, we don't have any more time to posture. it's time to get down to the business of actually solving this problem, and i think we now are seeing the potential for a bipartisan consensus around what that would take. it will be hard. it will be tough. there's still going to be a lot of difficult negotiations that have to ...

A little more blue. good morning from washington. it's friday, july 22nd, 2011. i'm chuck todd. july 22nd, a very important date to me. i'll tell you later. let's get right to my first reads of the morning. now we know there are really two sticking points holding up the debt ceiling deal. substance and ego. we'll start with ego. the house and the senate are each selling something that the other side won't buy supposedly. but as speaker boehner realized that the mcconnell/reid plan wouldn't fly in the house at all, he came back around to a bigger bargain and decided that he and cantor were ...

In the debt talks it appears the final deal is being cut by president obama and speaker boehner. probably the only way a final deal can get done, but that doesn't mean the senate and a lot of individual u.s. senators are happy about being cut out of the loop. with me now, senator kay bailey hutchison, republican from texas. senator, nice to see you this morning. >> thank you, chuck. thank you. >> all right, let me go with what we think we know about what we're hearing about this deal, and in particular the idea of the grand bargain penalty, that if the tax reform changes and the entitlement re...