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And it all starts at just $30. it's your verizon. former chair of white house counsel of economic advisers in the obama administration, he was involved in the debt ceiling negotiations. what did you think of what the congressman was telling me? >> i don't think anyone on either side thinks this is what they wanted. these things are compromises and in this case the spending level even if we didn't have a debt limit in our country they would have had to compromise on the spending level for next year and that is basically what this deal will be. >> what do you think it will look like when we fi...

Table? here's how they lay this out. the president is supporting the idea of freezing the federal spending level at what they spent in 2023, and he's willing to do that for a two-year period of time. that's in line with how these agreements typically run in the past. the other area that they're pointing to is one that, frankly, there has been some agreement on both sides about, this idea of reclaiming unspent covid funding that could be about $30 billion depending on how you're listening to. so why does that represent an area of compromise? well, what house republicans have already passed in l...

Making janet yellen show her work. >> june 1st, everybody knows that's false. the fact is we're going to have cash in june. the fact is we're not going to default on our debt. that's just completely false. we've got the money to do it. so, everybody just needs to be patient. >> cnn is live at the white house. it feels difficult to keep up with the status of where these talks are going. one minute we hear that things are positive. and they're having productive conversations. the next, it seems they're on the brink of not coming to any agreement on this. what is the white house saying as of 6:07...

Going well. until the white house understands that they have a spending crisis, they have a tax crisis and they have a debt crisis, we're not going to be able to make this deal. we're not going to be able to move forward. >> now, graves mentioned spending. this is the crux of the problem. house republicans are demanding steep spending cuts, mccarthy made clear that any tax revenues are off the table, he made clear yesterday that any cuts to military spending are off the table. he had previously agreed that social security and medicare cuts should be off the table. that doesn't leave a whole lo...

Year. is the baseline the fi forward in terms of this coming year. is the baseline the f1 2022 spending level, is it this you think it's frozen and is the level for next year? that is a big differential in terms of what the spending level that you start with, and then after that there seems to be agreement that there would be a 1% increase, but you have to get the baseline level sent to first and you also have to decide what part of the budget, the discretionary budget is included republican think that defence is most likely excluded from the cuts. ~ ., , defence is most likely excluded from t...