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Way the spending reduction is achieved, but we're not going to cut a penny less than we said we would. >> john: are you expecting that he will propose tomorrow some more revenue raisers? >> that's what he's been advocating out on the campaign trail. >> john: so your response to him will be, mr. president, with all due respect, no? >> the answer is no, he's already gotten all the taxes he's going to get. he got it two months ago. we're asking this big bloated government that's going to spend 6.3 trillion, to reduce spending 2.4% over the next six months and people i've discussed that with think...

Way the spending reduction is achieved, but we're not going to cut a penny less than we said we would. >> john: are you expecting that he will propose tomorrow some more revenue raisers? >> that's what he's been advocating out on the campaign trail. >> john: so your response to him will be, mr. president, with all due respect, no? >> the answer is no, he's already gotten all the taxes he's going to get. he got it two months ago. we're asking this big bloated government that's going to spend 6.3 trillion, to reduce spending 2.4% over the next six months and people i've discussed that with think...

Place, and it will kill everybody. what happens now. mike emanual is on capitol hill. are there widespread renations across the fruited plains, mike? >> reporter: that would be a no, shep. it sounds very much like it's back to the drawing board as we've been reporting. republicans do not want to give new tax re revenue as part of te acquired spending reduction. after the meeting, the democrats order this. >> the president challenged us to look at all the expenditures that government makes and whether it's about e entitlemens and see if we could come to some agreement on how we can go forward. ...

No, i do not have an explanation. i don't think that there is a reasonable explanation. i don't understand it. don't have an answer for you. it is too simple to chalk this up to incompetent. it may be that, but i don't have an answer, i can't explain it to you. all i know is that it doesn't make any sense. >> and since we are once again in a political and governing territory where we have never been before, those of us who use political models of the past to predict what will happen in our political future are of course, totally lost. there is now only one person who seems to know how this is ...

Shoulders. >> can i get on the cookie analogy? >> that is why you're here, jump on every analogy that comes along. >> i am not a parent like krystal, but i think it is a bit like you have a kid who is not getting the grades, right? so you threaten them, you say if you don't get your grades up i'm going to home school you, that is supposed to be worse. the child probably wants to be home -- not home schooled. if the grades stay down, what happens? you undermine your parental authority, i believe. >> yeah, that is my understanding. >> and you are basically in a situation saying well, neither of ...