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Negotiations stand and whether a deal can be reached before the deadline we are joined by michigan democratic congressman. thank you for being here today. we are learning that negotiations have hit a major setback over a republican offer that includes entitlement changes. what exactly you hearing? >> i'm hearing just that. i think that the decision by senator mcconnell to bring up chain cpi is not a helpful step. it will effect the benefits for social security recipients. also for veterans, also for those on disability. so in a word i think it is not a step forward. i think they need to essent...
veterans group there at pennsylvania avenue being briefed on what could happen to their ranks if the debt ceiling is not raised. also cnn is learning some states making contingency plans. california specifically taking out a temporary $5 billion loan just to help pay its bills in case congress fails to act and turmoil in the credit market makes it difficult to borrow money after august 2nd. take a walk with me. i want to look at what exactly is proposed here. we have two different plans, two different bills on the table. one from democratic leader, senate majority leader harry reid, ...
somewhere chairman mao is smiling. president obama went on record of his account of how last night's turbulent meeting ended. you'll recall house majority leader eric cantor said the president sharply warned him not to call his bluff said "i'll see you tomorrow" and walked out of the cabinet room. >> no. look. at the end of the meeting after we'd already met for a couple of hours, what i said to the group was what i think the american people feel, which is we have a responsibility to do the right thing. we shouldn't be overly partisan. we shouldn't be posturing. we should solve probl...
averted. and the people's republic of china, red china, urging washington to raise the debt ceiling. somewhere chairman mao is smiling. president obama went on record with his account of how last night's turbulent meeting ended. you'll recall house majority leader cantor said the president told him not to call his bluff, said "i'll see you tomorrow" and walked out of the cabinet room. >> look, at the end of the meeting after we'd already met for a couple of hours, what i said to the group was what i think the american people feel, which is we have a responsibility to do the right thi...