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Of whether or not you can achieve that. >> plus, what israeli prime minister benjamin netanyahu think of iran's new leader. ♪ norfolk southern what's your function? ♪ ♪ hooking up the country helping business run ♪ ♪ build! we're investing big to keep our country in the lead. ♪ load! we keep moving to deliver what you need. and that means growth, lots of cargo going all around the globe. cars and parts, fuel and steel, peas and rice, hey that's nice! ♪ norfolk southern what's your function? ♪ ♪ helping this big country move ahead as one ♪ ♪ norfolk southern how's that fun...

Eye how big a hit the markets will take. the overseas markets shrug it off. investors are watching how it plays out as it is sure to be a prelude leading up to the debt ceiling. deadline just two weeks from now. joining me for more is jared bernstein, msnbc contributor, senior fellow on the center for budget and policy preerand form chief adviser. thanks for being here this morning. >> my pleasure. >> government spending represents 40% of gdp. depending how long this continues, how much of a hit should we expect the market to take? >> to be clear. that's probably government at all levels. fede...

>> final question, if the government shuts down, is it a victory for you? >> no, i don't want the government to shutdown. nobody wants the government to shutdown. no one does, and we want to negotiate with harry reid and the president, and they won't e negotiate with us. the president is talking to the irans, and not to republicans. it is ridiculous. we need to get together to have discussions, but we have given and made concessions, and what have they given? nothing. >> and what concessions have you made? >> well, we went from repeal to delay. i just said, from repeal to defend to delay. >> a...

Are at fault. >> well, we should remind people what this is about, carol. this is a continuing resolution, and this is about what level do we fund government? the initial debate was that the republicans wanted a lower level, and the democrats wanted a slightly higher level, and we have agreed to the lower level. we have agreed with the republicans. they have to learn how to take yes for an answer. >> and that is what many americans are blaming both side of the aisle, and asking this question, if the government does shutdown, are you willing to suspend your pay? >> no, i don't agree with that a...

In just a few weeks, that kind of job creation will slow quite quickly, and the cost of a shutdown by some estimates starts at maybe $200 million a day, and then rapidly getting more expensive as the days wear on. if you saw the four-week shutdown, carol, mark zandi at moody's says it will cut the economic growth in half, and that is not going to create any jobs. and if you go over the debt ceiling and you don't raise the debt ceiling, that is sending a signal to the world, and the borrowing costs up, and making the debts and the deficits worst at the time when we are arguing about growing deb...