Prospecf Default News Today : Breaking News, Live Updates & Top Stories | Vimarsana

See something tornado from some of these thunderstorms. another big concern is that we could see damaging wind up to 75 miles an hour. it's important to know the difference, a tornado watch means stay alert, a tornado warning means there has been some rotation with some of these thunderstorms and we have a tornado warning in effect along the north carolina-virginia border. martha: top republican senator van paul is accusing the obama administration of trying to scare americans to think the u.s. will default on its debt. here is is, senator rand paul and "meet the press." >> it's irresponsible ...

Street. we'll see the dow drop 100 points. but we are not going into default september 17 midnight, period. martha: when would we. they are saying if you don't raise the debt limit, they are saying there would come a point where you wouldn't able to make those payment. >> eventually you do go into default but that's way down the road. that $200 billion just more october pays your debt service, it also pays social security. it can be met in the 0 month of october. martha: it's like when you use assets to pay your credibility off you eventually go into bankruptcy. >> eventually you do, but not o...

George w. bush's debt ceiling request because they wanted to prevents him from passing what was then known as the bush tax cuts. so this is a natural time to have both parties negotiating. that's why the president's position not to negotiation is indefensible. there is one thing both side agree on. default would be devastating. so let's take it off the table. the president gets enough revenue into the federal treasury to pay our interest payment. which is why you had republicans after the 2011 debt ceiling showdown. the president paid that payment and allows the executive branch to pay other p...

But it does leave the treasury discretion on that. this does feel like a perfect opportunity to have a discussion about spending. do you think the president will ultimately be willing to do that? >> if that's true why did ronald reagan say there was the prospect of defail if they didn't raise the debt ceiling. >> ronald reagan negotiated, kirsten. >> he said if you don't raise the debt kreeling there is a prospect opossible -- a prospecf default. that's a fact. martha: i think to negotiate a deal that would cut some spending. >> why don't we agree with the full faith and credit account and say...

We bring in $250 billion in tax every month. our interest payment is $20 billion. we have legislation called the full faith and credit act and it tells the president you must pay the debt. so this is a game. martha: kirsten, what's the big deal. >> we'll read something from ronald reagan. he says the full consequences of the default by the default by the united states or prospect of default are impossible to predict and awesome to contemplate. he had to rely on democrats at the time. i don't know what rand paul is talking about.