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Economic calamity. details of the proposal obtained by cnn with deep spending cuts and tax increases. that sounds like austerity. now the leaders have a few days to debate and decide greece's fate. cnn isa soares is live in athens covering this economic and political whiplash. good morning, isa. >> reporter: good morning, john. it sounds like us t austerity because it is more austerity. you remember the one we discussed before the referendum was called on sunday, john, practically the same. people said no to us te austerity. and tsipras said he would not

Rate to 5.5% and we've done this while reducing the deficit by two-thirds primarily because the economy grew much faster. you know, it's been my view with respect to europe that it's not an either/or situation, but it's a both and situation. sometimes it gets framed as, what's the right answer for europe? is it austerity or structure reform. my attitude has been yes, you need structure reforms of the sort that matteo is initiating. if the labor markets are too stuck, then it's very hard to hire, particularly for young people. if there's too much bureaucracy to start a few business, then busine...

Until we get serious about growing your economy and creating more jobs, obviously it is not the congress that creates jobs. but the american people are the job creators and we have a number of bills laying on the desk in the senate waiting for those to be moved forward. the president has it all wrong and wants to spend and tax. it hasn't worked. we have given him five years and the stimulus program didn't work. he calls it austerity when we added 6.8 trillion in debt since 2009. >> it is stale, stale, stale. >> i heard from a colleague on the senate side, they believe the budget would add 8 tr...

New government, but dealing with as tearty measures there and this is on the table, austerity and some have said in europe that this is not working and they needed to come to some sort of agreement also getting some pro job growth instead of just cuts which is what the european union has been working on over the past year. >> alisyn: yeah, that was topic number one and that photo shop you see right there is kind of the culmination for the grand base, what measure would kick start the economy best. is it stimulus as the u.s. did or is it austerity, as angela merkel and obviously other european ...