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What we have to decide how much we're going to spend for the rest of the year. and there is no point in going through the charade for 26 or 27 days when we have to make the same decision a few weeks later. >> so the genesis of all this, bob woodward has this through piece in "the washington post," he writes then omb director jack liu and ron nabors came up with the sequester. he has the exact time and date they pitched it to harry reid. 2:30 on july 27, 2011. is the president guilty of not letting the facts get in the way of a good talking point against the republicans? >> well, again, i know ...

This the president's sequester, as you know. however, i'd like you to listen to his thoughts on sequestration from a few years ago. take a listen. >> we want to make sure we put a system in place with binding caps that are tough to circumvent that are backed up with sequesters so congress actually makes the tough choices. >> this from the same man who says it's the president's sequester. can you explain that, mr. gribs? >> i can't explain it and i doubt paul ryan can either. i think again their rhetoric never seems to match the reality in this. they've got a bad hand to play, yet they seem int...

Bloomberg view and the author of "money and power." so, bill, as greg sergeant in "the washington post" points out, i will read you his fine writing. this finding is directly relevant to the current debate because the president and democrats want to offset the sequester in part by closing loopholes enjoyed by the wealthy, such as the one that keeps tax rates on capital gains and dividends low. now, closing loopholes is a fair way to do this. but if it would also help stop the decline of the middle class, why wouldn't people support it? >> well, first of all, martin, the congress would have to ...

Diminishes economic growth. >> if they think it's boll she vic they better trotz ski their way over to a better understanding. the inequality in america threatens the national security. literally. because what we haven't talked about so far, martin, besides the excellent point you made is this will gut the military. the sequester goes into effect and the borders of this country will obviously be much more vulnerable. >> professor michael eric dyson, bill cohen, thank you, gentlemen, both. as we talk about sequestration, i should note that just now moody's has downgraded britain's government bo...

Think. >> right. we've had an election where we had a bigger turnout than we'd had four years ago that came out to say we wanted to stop the insanity of some of these policies. and as you mentioned earlier, republicans spent the last two weeks trying to mount a campaign to have the blame for sequester be put off on the president rather than on themselves. it didn't work in the polling. the public isn't buying it. it's not that the public is apathetic, martin. it's just that they're a whole lot smarter than the people you showed there in the video montage. >> okay. well, we have seven days, rob...