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House and president obama. >> didn't we learn in 2011, where the government seemed less stable and our triple-a rating went down to a double-a rating and right now, john thune was right, it takes time to bush legislation through and we can't have a deal cut on christmas eve. >> is this brinksmanship on behalf of the president and time geithner, his treasury secretary, in terms of what the dems are now offering congress? >> no, i think the president has made a riegsal offer and of course, it's an opening offer, but that silence is deafening for the republicans, for the republicans' response. th...

The appropriate opportunities to do that right now? >> two ways to look at it. yes, the united states and both in in administration and previous ones have had very honest direct conversations with china, particularly on economic fronts. time geithner has made a number of trips this talking about china. what it has to do relative to its currency. by the same token, china is now a rising power, it's a force in the united nations. when you look at a situation like syria, you have to do business with china, because china and russia have blocked intervention with respect to syria and when you think...

>> and nevertheless he faces a situation where the banks crash. >> yes. >> it's impossible from the beginning. >> the problem is this. he had a chance to choose an economic team that came not from wall street the way larry summers and time geithner came, but the robert cutners and others. they would say tell the american people the story about the need to empower homeowners and the need to talk about jobs. jobs with a living wage and not to bail out wall street. 2 1/2 year fist he had given this speech and had a right economic team, as you know when wall street told us our men in washington is...

Later today president obama is expected to visit memphis to meet with officials and speak with families impacted by the flood. now the story continues to move downstream. turning to the economy, america's debt clock is ticking away, expected to reach the 1 3 $14.3 trillion debt ceiling today. the treasury department warns if the debt ceiling is not raised by august, the u.s. will start to default. time geithner warns a default would infact catastrophic far reaching damage on our nation's economy, something nantly reducing growth and increasing unemployment. yet john boehner agreed with the n...

Some in china worry that america seeks to constrain china's growth. we reject both those views. we both have much more to gain from cooperation than from conflict. the fact is, that a thriving america is good for china, and a thriving china is good for america. >> and with that said, noidz secret the u.s. and china are frustrated by each other's economic and fiscal policies. in montauks tim geithner said china needs a new growth model, relying more on domestic demand than exporting goods to other countries. following this, china's trade surplus is an essential issue. the news today that china'...