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Affordable because the payments are more. but if you think about it, over time, the extra 15 years of interest can have you not paying any principle off for the first 10 years. >> that's exactly right. >> jamie: at what year should you be considering converting the 30 year you went in to save mon tote all-time-low 15-year rate? >> typically, a 15-year mortgage is going to double your mortgage payment in comparison to a 30 year. the people that are going to benefit from refinancing right now into a 15-year are those who have about 30% equity if their properties and if they refinance into that 1...

Budget cuts. we have a senior capitol hill producesser in the thick of t. we will have the guy behind that amendment in just a second. first to chad on where this aid is going now. what can you tell us? >> reporter: this is an amendment on the floor right now, offered by republican congressman nick mulvane tow institute an christmas-the-board cut of 1 pbt.6% of all discretionary spending, the funding that congress is responsible for each year, including defense. what mulvaney wants to do with this amendment is offset some of the costs of the sandy bill, worth $17 billion. mulvaney said, look, ...

Experiencing unemployment. it's because in president refuses to unleash the power and the creativity of the individual. he believes we should pay more money into the government. the republicans be, let's give more mon tote people and let them generate jobs and buy property and buy equipment and hire people. that's the difference. >> eric: 63.5% of americans are working, that's the lowest level in 31 years. >> that's certainly the number that you are citing, but teachers and firefighters and police officers, those are real jobs, too. we are not just talking about the private sector and the weal...

Taxpayers $63 million each to modernize them. >> greta: you know what? here's another thought. at least i think this, who would be so dumb to lend the mon tote school district that can pay 35 or 40 years? because the way that california's going to go, they are not going to make the next budget in june. why would you lend this money to california? i think if you are smart enough to get a loan that you don't have to pay back because you will be dead and if you are stupid enough to lend the money and wait for payment for 25 or 30 years when the state will be in the ocean financially, there are so...

Modernize them. >> greta: you know what? here's another thought. at least i think this, who would be so dumb to lend the mon tote school district that can pay 35 or 40 years? because the way that california's going to go, they are not going to make the next budget in june. why would you lend this money to california? i think if you are smart enough to get a loan that you don't have to pay back because you will be dead and if you are stupid enough to lend the mon and wait for payment for 25 or 30 years when the state will be in the ocean financially, there are some real smart people and some re...