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Could possibly go back home and tell our constituents that we have no clue what six people have come up with and the president apparently to some extent has embraced it. >> the gang of six's proposal could face difficulties passing the house, as we've just heard, where republicans have the majority and are signaling their opposition to new revenues, while the democrats are against those entitlement changes. as lawmakers race to reach a deal before the august 2nd deadline, "the new york times" is reporting today that wall street is working on a fallback plan to save the country from a default...

Away approximate from his agreement and demanded more money. >> reporter: in the after math of last night's blow-up, both sides reveal details including political volatile changes to social security, medicare and medicaid and a dramatic overhaul of the tax code, making it simpler with fewer brackets and lower rates. now both sides agree that default must be avoided, but with 11 days before potential disaster, the path forward is unclear. >> we have run out of time, and they are going to have to explain to me how it is that we are going to avoid default. >> reporter: all along you remember that...

Democrats in the congress have been meeting with the president and vice-president in the oval office for just over an hour at this point. we know senator harry reid has come up with his own fallback plan which we understand would cut two and a half trillion dollars and run the government until early 2013, it would not increase taxes, today the white house chief of staff put more pressure on congress to get something done. >> the congress must pass this. it is their responsibility to extend the debt ceiling and so, my sense is that in the end, they will act. we may have a few stressful days com...

Of last night's blow-up, both sides reveal details including political volatile changes to social security, medicare and medicaid and a dramatic overhaul of the tax code, making it simpler with fewer brackets and lower rates. now both sides agree that default must be avoided, but with 11 days before potential disaster, the path forward is unclear. >> we have run out of time, and they are going to have to explain to me how it is that we are going to avoid default. >> reporter: all along you remember that mitch mcconnell working with harry reid, they had a plan viewed as a fallback plan scaled b...

They're not healthy for washington. >> i think it's an insult to the congress that we have to go back to a gang of six, much less the senate for a solution to the problem itself. it's a very complicated issue. i, for one, can't see how we could possibly go back home and tell our constituents that we have no clue what six people have come up with and the president apparently to some extent has embraced it. >> the gang of six's proposal could face difficulties passing the house, as we've just heard, where republicans have the majority and are signaling their opposition to new revenues, while the...