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While congress has been arguing over the fiscal cliff, the next big battle has already arrived. treasury secretary tim geithner says government borrowing hits the debt ceiling today. with me now, former new hampshire republican senator judd gregg. he's currently co-chairman of the campaign to fix the debt. senator, let's -- i want to start 50,000 feet, and we'll move down closer to ground level, but as a former member of the senate, we've now had two grand bargains, one around the debt ceiling, one around the fiscal cliff, seemingly, well, on the debt ceiling definitely, and on this one, seemi...

Prayer for all our troops, especially those in afghanistan, who are spending this holiday season overseas, risking their lives to defend the freedoms we hold so dearly. >> jamie: we appreciate what they do. and in the republican address, house speaker john boehner focusing on a yet to be decided plan to avert the so-called fiscal cliff, saying it's now up to the president and democratically controlled nate senate to come up with a solution. >> what the president has offered so far simply won't do anything to solve our spending problems and our nation's crippling debt. instead he wants more spe...

$1.6 trillion tax increase, $50 billion in economic stimulus, and the power to raise the debt limit without congressional approval. meanwhile, he will work the fine savings in entitlements. not to the man sitting on the naughty list. senator mcconnell said that he burst into laughter at the proposal. you know what is really funny, senator mcconnell, the president has the leverage. speaker boehner know it is. >> you think the white house is trying to squeeze you and, if so, will that work? >> well, most of you know me pretty well. what you see is what you get. and while i may be a fchl fable an...

In stocks. we are going to get a big disappointme disappointment. >> jim, let's talk about it. when we go over the fiscal cliff, what happens? the bush tax cuts expire january 1, so they automatically go up to clinton era levels. the 2011 payroll tax holiday expires. the alternative tax kicks in. and then you have $1 trillion of cuts, half of which is in defense. how is the president doing in his pitch so far, both in his first offer and how he's going to the public to sell this? >> i think he's doing pretty well. i think he is calling for compromise. compromise means no firings of any great m...

We can't tax people who make more than 2.50. he is so out of touch with the american people. the polls are clear. it's like 60 percent of the american people say yes, tax increases or eliminating the bush tax cut should be a part of any fi fiscal solution to our spending problems in the country. people say that's just reasonable. >> juan you know the numbers, though. look this idea that the president laid out some of the rich aren't paying the taxes they are not paying their fair shares they are paying a lower percentage than they have paid in 50 years if you look at the numbers today look at ...