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This will be a great win for the democrats. that obviously was ridiculous. but he at least should have put taxes on the table. he should have said, as democrats did all during the 19 80s, if you want to dollar spending cut i want dollar tax increase. and then you could have had some kind of meaningful negotiation. but all -- down until today, all biden did was try to cut back on the republican spending cuts that were completely unnecessary to begin with. >> david, biden said there would be no negotiations. not only did he do negotiations, bruce is saying i'm not meaningful negotiations from to...

The democrats. that obviously was ridiculous. but he at least should have put taxes on the table. he should have said, as democrats did all during the 19 80s, if you want to dollar spending cut i want dollar tax increase. and then you could have had some kind of meaningful negotiation. but all -- down until today, all biden did was try to cut back on the republican spending cuts that were completely unnecessary to begin with. >> david, biden said there would be no negotiations. not only did he do negotiations, bruce is saying i'm not meaningful negotiations from today democratic one of you. >>...

Demands in an election year. are both of these things wins for the president? >> i think the devil is in the details on the actual spending levels. so if, in fact, spending levels are kept flat not adjusting for inflation and republicans are fighting to increase defense spending, then that would imply that there have to be cuts somewhere else to offset the increase in defense spending. i don't know exactly what the accounting is yet. we have very few details. maybe they mean spending is flat for all the nondefense stuff. in any event, yes, there could very well be cuts to some programs that co...

Demands in an election year. are both of those things wins for the president? >> well, i think the devil is in the details on the actual spending levels. so if, in fact, spending levels are kept flat, not adjusting for inflation, and republicans are fighting to increase defense spending, then that would imply there would have to be cuts somewhere else to offset that increased defense spending. i don't exactly know the accounting yet. again, we have very few details. maybe they need spending flat for all the nondefense stuff. in any event, yes, there could very well be some cuts to some program...

$31.4 trillion debt ceiling is not increased by june 5th. now, there is still a lot of questions because we have not seen the details of this plan. we know they have been discussing rolling back domestic spending levels for one year prior. that's not as far as some conservatives would like. we know they have been discussing issues such as work requirements on certain social safety net programs. it is not clear at this moment how that issue has been resolved. we know they have talked about pulling back funding for covid relief. that had been an area there had been an agreement on. but this will...