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Think the deadline is. >> what mystified me and confusing to a lot of other people i read about it in "the washington post" last night's speech from the president sounded more like a political speech, a 2012 speech. he was talking about a balanced approach the very day that the white house signed off on the harry reid approach which was not balanced because it didn't have any taxes in it. the bottom line is why come out and give the speech he gave last night when he had already endorsed a fall back position which did not include taxes, the harry reid position? >> i have to say i've read some s...

>> in other words, the markets, our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our fiscal house in order. i think we've said for some time now, as have most, that we need to do on the order of $4 trillion o...

Doing it with just about $2 trillion of deficit reduction. that's not a solution. that's not going to fool our creditors. >> in other words, the markets, our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our f...

Our creditors are going to look at that and say that's not a fall back position, that's well short of what they should be doing. >> i think looking at the markets, they're saying two things. first, the united states cannot default. and that is the bare minimum. i say that, again, only because it has to be clear that there are some extreme views in some places that think that's something we can do. we can't. the second is, we need to get our fiscal house in order. i think we've said for some time now, as have most, that we need to do on the order of $4 trillion of deficit reduction over the nex...

35% if your estate is worth more than 5 million as an individual, and 10 million as a couple. >> reporter: yes. democrats wanted to be the negotiating point, the cut off to be 3.5 million, the exemption and they wanted it to be 45% on an estate tax. that was their fall back position. the white house has gone further and reprieve bone to republicans to try to get this deal to all come together. it is not sticking well on capitol hill with the democrats, and they are all in revote, and this is a president that is under siege from his left. megyn: at the end of the day, we are talking about an ar...