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People are so afraid of grabbing something. this has bipartisan appeal, it has things that democrats like and things that republicans will like, and it also has things that both parties will object to, which means i think that we're on the right track. >> well, i want to talk about the sort of budget negotiations that may come in a second, but first of all, if it comes to pass, a deal is hammered out in the senate along the lines of what we've seen so far, it goes to the house and if it comes to pass that john boehner brings it to the floor for an open vote, which is an open question, and if i...

Payroll checks to members of congress. the treasury is literally processing millions of invoices every day, and it's got an automated system that does this processing on computers dozens of times per second, and these computers are designed to "make each payment in the order it comes due." there are no built-in mechanisms to pick and choose. yet, what republicans are saying is to undo this entire automated system, which it's not even clear this could be done legally it may be illegal to forego payment to a defense contractor so you can pay a chinese bond holder the next day, but more important...

From the public debt, but that doesn't mean that we have to pay every bill the day it comes in, 100 cents on the dollar. >> in fact, house republicans even passed a bill in may called the full faith and credit act, requiring the treasury to prioritize payments to creditors, rather than, say, medicaid payments to doctors, in the event of a debt ceiling breach. >> this bill requires, not allows, requires treasury to continue to pay principal and interest on existing debt if and only if we hit the debt ceiling before a deal is reached. this is a backstop that takes default off the table. >> now i...

Interest. >> we are not going to default from the public debt, but that doesn't mean that we have to pay every bill the day it comes in, 100 cents on the dollar. >> in fact, house republicans even passed a bill in may called the full faith and credit act, requiring the treasury to prioritize payments to creditors, rather than, say, medicaid payments to doctors, in the event of a debt ceiling breach. >> this bill requires, not allows, requires treasury to continue to pay principal and interest on existing debt if and only if we hit the debt ceiling before a deal is reached. this is a backstop t...

Congress. the treasury is literally processing millions of invoices every day, and it's got an automated system that does this processing on computers dozens of times per second, and these computers are designed to "make each payment in the order it comes due." there are no built-in mechanisms to pick and choose. yet, what republicans are saying is to undo this entire automated system, which it's not even clear this could be done legally it may be illegal to forego payment to a defense contractor so you can pay a chinese bond holder the next day, but more importantly, it's just not doable. it ...