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Tried to nail down with treasury secretary tim geithner. here is their exchange. our plan is to get congress to raise the debt ceiling on time. chris: that s not a plan. that s their plan too. it will happen this time, too. we do not have the ability, chris, tom protect the american people from the consequences of congress not taking that action. here at the white house can i tell you we have been talking to officials here. they say discussions continue and it s not clear whether we will get to a point of some framework later this afternoon or not, shannon? shannon: all right. mike emanuel live at the white house. thank you, mike. thank you. shannon: cut, cap and balance act would cut federal spending by $111 billion future caps on future spending and establish the framework for a balanced budget amendment. this week the senate blocked the measure the house had already passed. so what options are left? joining us now a house democrat who said cut, cap and balance would, g ....
Who said cut, cap and balance would, go, quote nowhere. california congressman adam schiff. thank you for coming in today. great to be with you. the prediction of you shared by many other people came true so now what? i don t think it was any surprise. i think the chief motivation behind the plan was to is give republicans in the house something to vote for that was easy so they could vote for something hard later on. that s fine, i guess as far as it goes. but time is running out. we really need to get something done. i think the gang of six did a tremendous job in setting out a bipartisan outline. i don t like everything in it. if i did, it wouldn t stand any chance. but, i think it set out some reinforcement mechanisms and really laid out something that both parties could begin working on. but time is running short. we have to find a way just to take this debt ceiling issue off the table so we don t rattle the markets anymore than we already have. the failure to raise the ceil ....