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cataclysmic potentially to our economy and the global economy. >> i'll ask jay carney and pat tombey, what happens now? >> and one of the fun yift people on have the have the. i have a bone to pick with him. when i was on have the have the this happened. >> an old man sitting on his [ bleep ]? one of us is in his 50s. and the other isn't, ladies. >> tonight you're on my show, mr. lopez. old man. we'll see what happens, shall we? is it a good thing being single at 50? or is it fraught with pit falls and potholes? >> well, i'm 50. so i think i'm fraught with pit falls and potholes. if ...

nation last night. two men and two parties clearly are not on the same page. it's possible they're not even reading from the same book. here's the president, the speaker of the house and then a quick word from cnn's senior political analyst david gergen. >> temporarily raise the debt ceiling will force us once again to face the threat of default just six months from now. in other words, it doesn't solve the problem. >> i want you to know that i made a sincere effort to work with the president. in a manner that could secure bipartisan support and be signed into law. and i'll tell you,...

for post august 2nd if no plan is agreed to. if the treasury couldn't meet its obligations, a bill being circulated would prioritize payments, social security checks and paychecks for troops. everything else would be covered if possible with cash on hand or put off until we can take on more debt. two main default avoidance plans remain on the table right now. speaker boehner's plan would raise the debt ceiling twice, this year and next, with spending cuts now and an election year overhaul of the tax code and entitlements. in the senate, majority leader reid is pushing $2.7 trillion i...

the president will lay out his case within a minute or so. two minutes after the president finishes what is expected to be about a 15-minute speech to the nation, two minutes after that, we will hear a separate speech from the house speaker, john boehner. he is up on capitol hill. he will make his case, why the president right now is wrong. why the republicans are right. both of them presumably will say the stakes for the united states are enormous right now and the country must do everything possible. everything possible to avoid default. they've been negotiating publicly and privat...

evening here in the nation's capital. just to underline the peril facing the united states economy, and the american people, democratic officials familiar with the president's speech expect him to say the country right now is, quote, in imminent threat of default. with only about one week left for democrats and republicans to agree on a deal to raise the debt ceiling. in a speech earlier today, the president alluded to the bitter political grid lock between both sides. >> are we a nation that asks only the middle class and the poor to bear the burden? after they've seen their jobs di...