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expected to roll out a plan to cut spending by $2.7 trillion while raising the debt by 274 trillion. reid's plan would not include tax increases which republicans refuse to consider nor would it touch entitlements. my colleague, dan lothian is watching it all from his post at the white house. dan, what is the president's position first on raising the debt in installments? >> reporter: he want it is to go through 2012 and there is a sense at the white house and treasury department in particular even if you had some sort of short-term fix that raises the debt ceiling through the rest o...

Euro currency as a short-term phenomenon and seems, something... this is familiar to something that happened on our shores only a year ago, right and instead of taking 6 months, to come up with the t.a.r.p. plan and bail out the banks, too big to fail and stimulate the economy you are seeing it happen over the period of a week. and starting last thursday with the ecb, saying nothing and coming into the weekend and finding out, well, i guess they were talking about quantitative easing and there are things that can be done and look at the magnitude of the issues, going on and clearly we have a m...

Bailouts. some do work, and the tarp plan was a stupendous success, stimulus not so much. i don't think we can say all are bad. the u.s. without general motors would be a different country. >> or without the banks. >> neil: get us out of the company since we own 60% of it. get us out of the company. >> we'll get out, just be patient, dagen, we're going to get out. even if we're not out, we can say we're out. [laughter] >> all right, when we come back, a new video coming in from that massive oil slime that's now sliming ashore along the gulf coast, we're on it and the forbes gang on a new, clea...

A deep economic situation as it relates to our deficit and budget. we've been spending wildly in the hope of stimulating the economy to create jobs so people would pay income tax to run the government. if we are finding out we have to go out and raise taxes possibly as a value added tax or national sales tax that is an acknowledgement that perhaps those jobs were not created by the stimulus to generate the income -- this is disheartening.c' unless paul serve having an intellectual discussion on how you raise money he's an academic-type. >> i think paul volcker knows. i've talked to people at t...

-- that is not insignificant. i want to make sure we are not seizing upon a flip remark. >> he said it to some reporters. he was saying what everybody knows. everyone knows this task force is looking at a value added tax. i was being honest, if we are going to pay for the stimulus, tarp plan, trillion dollar health care plan in the last 12, 18 months we are going to need a new tax system to pay for it. >> greta: i wonder if he is talking to the president? >> president has been careful not to talk about a value added tack. remember nancy pelosi we talked about -- added tax. remember nancy pelos...