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what could be the largest municipal bankruptcy in u.s. history. good morning to you all. thank you for spending part of your weekend with us. i'm t.j. holmes. we do need to start with a debate that was supposed to be over already. we are less than three days from a possible u.s. default. this clock is still ticking and a deal is not done. we are expecting a lot of action on capitol hill today. both houses in session, but whether there's going to be any real progress, that's anybody's guess. this is what we've got going on today. the house starts debate at noon with the likely vote ...

Is if we cut the size of the budget what we'll be doing is having a detrimental effect on the government sector and as a result have a detriment aleffect on economic growth. in order to believe that you have to believe the expenditures were effective in stimulate growth. since i think the evidence on that is adverse, it didn't really affect growth i don't think the cuts will have any significant effect on economic growth as well. again, i would say we have to focus on the long run. jenna: just real quick, i only have about ten seconds here. since you served in government, do you have any advic...

Senate on your side, pushing for big spending cuts before we authorize anymore borrowing. >>guest: you will see more of a shift. everyone is going to get it but for the white house. look, a month ago they were not talking about tying a raise in the doubt ceiling to any other sort of spending issue. we are borrowing $188 million each hour of every day. i propose, i have introduced a balanced budget amendment in the house, something that all 47 senate republicans signed on to, a balanced budget amendment, we have an opportunity here to use this debt ceiling issue as a way to finally structurally...

Some voters might think that's a bad idea. >> they're going away for a couple weeks. and the reason some voters and a lot of folks say that's not a great idea is there is still quite a lot of work to be done. when it comes to the spending issue, there's a big battle ahead. raising the debt ceiling. the treasury, starting in may, mid may would have to start taking measures, as the u.s. government heads towards that debt ceiling. the amount of money they can spend, the treasury would have to start taking measures so the u.s. doesn't default on loans, and going away for a couple of week, that tel...

Peeker boehner was able to do it because a lot of the older republicans, especially a few i talked to -- he spoke to one republican senator who was speaking about the house saying, look, we do not want to get into a idealogical purity test on a spending issue. it will look bad if government shuts down over something contentious as abortion where people fall on the left or the right. there's not a lot of middle ground there. there is a few more billion dollars in terms of spending cuts. an interesting thing that you've seen throughout this whole process is that the gop has tied the amount of sp...