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Difficult choice on wednesday likely past the point of no return. soft landing unlikely. plane in a tail spin. engine is about to turn off. bank lending. this is not happy talk. [laughter] >> jamie needs a drink. is he a very good banker and he is a very smart guy. probably the fed is going to raise their rate by a quarter. i might prefer them to pause. but, let -- >> -- i'm not convinced this is a disaster. i know it's not 2008, which was a disaster. the federal reserve has made so many mistakes they might even learn from it as they go along and their lending facility is okay. >> bret: people...

So why now for this fight? >> well, why now is really simple, the treasury secretary said we are at our borrowing limit. there's no more room to borrow money. so if you're ever going to take an opportunity to look at your spending habits, you do it when you have run out of room on your credit card. that's what is happening on capitol hill some of the that is the why now. the bigger question is what should we do and what house republicans are saying is we should be taking a look at our spending priorities on capitol hill, because when you run out of room to borrow funds, the first thing you do ...

Moderate members such as brian fitzpatrick who is seen as someone who could defect, he believes there should be a fiscal agreement in order to raise the debt ceiling so, kate, this is going to take some time to play out. but this is an incredibly risky standoff. a default could happen as early as june if no resolution is reached and that could send the world's economy into a tail spin. how this gets resolved is anybody's get at this moment. >> it is great that you could lay that out for us. thank you very much into for more on this, anchor of inside politics sunday, abby phillips is here. and ...

And the firms we work for, its products and services we buy are desperate for some kind of financial lifeline. simon, the energy to cook that meal is up 400%, and that is at the heart of the story, isn't it? yes, the story of 2022 has definitely been energy and inflation. we were already seeing inflation this time last year, as the world economy emerged from a covid—induced coma. you had economies coming back from a deep freeze, some supply chain issues, prices beginning to rise, but then the big event, which was russia's invasion of ukraine. that sent the energy markets into a tail spin, be...

And cost of doing business emergency, which has very much arrived on these shores and the firms we work for, its products and services we buy are desperate for some kind of financial lifeline. simon, the energy to cook that meal is up 400%, and that is at the heart of the story, isn't it? yes, the story of 2022 has definitely been energy and inflation. we were already seeing inflation this time last year, as the world economy emerged from a covid—induced coma. you had economies coming back from a deep freeze, some supply chain issues, prices beginning to rise, but then the big event, which w...