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>> dan simon, living the collective dream in san francisco. cnn newsroom continues right now. >> hello, everyone, president obama is just about to land in columbus, ohio, to campaign for the jobs bill that republican leaders of congress are openly rejecting. barely 24 hours ago the president showed off his american jobs act and demanded congress pass it with, and i quote, no games, no politics, no delays. but then came the details of how the $447 billion package would be paid for. two words. tax hikes. and you could hear the opposition digging in. the biggest hike by far would be a c...

And the treasury department, the left hand of the government is issuing the debt and the right hand of the government, federal reserve is buying the debt and here's the danger and gets to the point mary made. if interest rates start to rise, as inflation rises because those two things move in tandem, think about this, stuart. what impact will that have on the federal budget if federal borrow ing costs rise a couple f interest rate points and you are talk about a trillion dollars a year of borrowing costs, feen potentially, to finance the debt. >> how close are we to a real financial crisis, do...

Government is issuing the debt and the right hand the federal reserving -- the federal reserve is buying the debt. if interest rates start to rise as inflation rises because two things move in tandem. what impact will that have on the federal budget if federal borrowing costs rise by another couple of interest rate points? >-÷y you're talking potentially a trillion a year of borrowing to finance this enormous debt. >> stuart: steve, how close are we to a real financial crisis? >> i think the economy is getting better. the problem is, y?q@.7 can't pt that genie back in the bottle when you sta...