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Great to have both of you with us. michael, you first. going forward, the line in the sand is set. how is president obama going to keep the budget cut negotiations separate from any kind of debt ceiling vote? your thoughts. >> that's a very good question, ed. and i think that's one of the challenges the president is actually going to face. so i appreciate his comment when he said i will no longer negotiate with this congress. he is right. this congress is over. a new congress comes in tomorrow, augmented, mind you, with ten new, you know, a majority of 10 in the senate for democrats, an additi...

The president surrendered his incentive to compromise. leverage i take you mean coming i think that's a true explanation as far as it goes. out of the campaign and the opposition here faced by the gop, the prospect better stated was that everybody's taxes could go up. okay. so the president has played his hand. who do you think now has the leverage going forward? >> look, i really do think republicans -- i don't know if they have the leverage, but they're on higher ground now than they were three days ago. because they will be able to say with great credibility over the next year and obviously...

Gop, the prospect better stated was that everybody's taxes could go up. okay. so the president has played his hand. who do you think now has the leverage going forward? >> look, i really do think republicans -- i don't know if they have the leverage, but they're on higher ground now than they were three days ago. because they will be able to say with great credibility over the next year and obviously this budget debate is just starting, not ending. that the president got his pound of flesh out of rich people. he goes his tax increase on the rich. now we got to talk about the spending side of t...

Sand is set. how is president obama going to keep the budget cut negotiations separate from any kind of debt ceiling vote? your thoughts. >> that's a very good question, ed. and i think that's one of the challenges the president is actually going to face. so i appreciate his comment when he saidly no longer negotiate with this congress. he is right. this congress is over. a new congress comes in tomorrow, augmented, mind you, with ten new, you know, a majority of 10 in the senate for democrats, an additional eight democrat house members. so there is a little bit more there for him to work with...

Lot of republicans and conservatives around the country is how do we now move forward from this particular situation? you've seen the splittage, as you led into this segment with the split in the house among the republican leadership, not just the rank and file. the grassroots as i've noticed today on the blogs and on twitter were fired up on this. this is mcconnell's tax increase. so you've got this fracture right now. and the leadership has got to pull itself together with a cogent coherent message about how we move forward. and i think spending should be a big part of the discussion as we g...