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>> it's a question of what is their value statement. and if we all agree we have to reduce the deficit how do we do that? but we don't start by saying let's give a tax break to the wealthiest people, let's not pay for it, now we're deeper in debt. >> the reality is the danger of a downgrade comes from continued inaction on the deficit and our piling debt. not for calls for action. >> that was house minority leader nancy pelosi and house speaker john boehner earlier today setting the stage for a battle between democrats and republicans over how to tackle the debt limit. joining us is north dako...

A lot of people in business say that this whole style of piling debt on companies to buy them out had a lot of cause. so i think we actually could have a actual real economics argument here in all of the cross fire of the advertisements. >> yes. and i actually think e.j. is exactly right. this is more core than that. this is about the argument that's been made about, you know, guys, we're going to lower taxes on the rich, the pie is going to be bigger and then serve going to share in that pie. they made the low taxes. they did make the pie bigger but then the people who were in power said, you...

Vote for us. romney has experience. and one of the best political slogans ever was in 1946 campaign that you and i covered together where the republicans were running against dissatisfaction with harry truman and the slogan was had enough. richard nixon came into congress that year. the obama people have a more complicated argument to make and they want to argue that, a, as obama was saying on "the view," look, you don't want to go back to the old policies but, b., how can you call this guy an empathetic job creator when a place like bain destroyed a lot of jobs. this is over what kind of capi...

The window and we are paying 40% more than we could be paying if we use the full purchasing power. this is a real problem. i can tell you the seniors in my district, i met with them on monday, they're livid, even the ones that are 65. they know it doesn't apply to those over 55. but they're thinking about their children and generations yet unborn. we can do better. >> generations unborn ought to be concerned about the fact that we're piling debt that they cannot live with and that is the system is going to go broke. what do you tell those seniors when you have to admit to them that in nine yea...

We use the full purchasing power. this is a real problem. i can tell you the seniors in my district, i met with them on monday, they're livid, even the ones that are 65. they know it doesn't apply to those over 55. but they're thinking about their children and generations yet unborn. we can do better. >> generations unborn ought to be concerned about the fact that we're piling debt that they cannot live with and that is the system is going to go broke. what do you tell those seniors when you have to admit to them that in nine years medicare is going to go broke? >> what i say to them -- let me...