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do. nobody can get the support to get one of those through. do we have to look for just the possible? >> i think mission number one is to raise the debt ceiling. they cannot get away without doing that. saying they're going to downgrade you. but they left a bit of an out. if you raise the ceiling but give indication you're on the road to getting a deal, we'll keep you on credit watch negative but take you off and affirm your aaa rating if you get it done within a couple of months if we see that possibility. so that's -- that seems to me to be the fallback plan for congress. weather t...

jeanne, first question, is it time to simply say, let's go for the possible in washington? everybody has grand ideas about what they want to do. nobody, nobody can get the support to get one of those through. do we have to look for just the possible? >> i think the mission of everyone in congress is to absolutely raise the debt ceiling. they cannot get away without doing that. the s&p has been the strongest credit rating agency. they said, we're going to downgrade you if you don't come up with a plan. but they say f you raise the ceiling but give us indication that you're on the road...

you isle ask the former pakistani president musharraf in he knew osama bin laden was hiding in his homeland and if he knows terrorists may be holed up in pakistan right now. i'm wolf blitzer, you're in "the situation room." first, a powerful reminder today, if they don't reach an agreement in the next 11 days, all hell could brea look. standard & poor's is warning the nation could be shoved back into recession very soon after the august 2i deadline passes with the clock ticking and stakes rising, our own jessica yellin learned that leaders plan to meet this hour at the white house. w...

Would be a closing of loopholes and simplifying of the tax code. would you support corporate reform that didn't end up in a reduction of the corporate tax burden? >> i think getting the corporate tax rate down to a competitive level is extremely important. we want to create additional american jobs in america for americans. how you structure it is something we'll take a look at. most tax reform, when your rate has a goal of being revenue neutral, we'll look at how the administration would propose to quote pay for lowering the tax rate. most members of the my side of the aisle, myself included,...

Offered a balanced budget, and ran up the largest tax increase in history. not all of us are reagan supporters. >> sean: the largest tax decrease with a massive net tax decrease bob. 70 to 28% top rates decreased under reagan. doubled revenues, dealing with a liberal congress. >> i don't it was 28. the fact is the payroll taxes went up. you can argue that it saved social security. look, i was up against ronald reagan in two elections, i have his license plate tattooed here. very few have more respect for that guy than i do. that was one smart, tough politician. >> sean: all the liberals that h...