what is treasury secretary geithner saying about that in. >> that's right. there is concern. what happens if we do get to august 2nd and there is no deal. how does the government proceed from there. that is something chris wallace tried to nail down with treasury secretary tim geithner. here is their exchange. >> our plan is to get congress to raise the debt ceiling on time. >> chris: that's not a plan. >> that's their plan too. it will happen this time, too. we do not have the ability, chris, tom protect the american people from the consequences of congress not taking that action. >> here at the white house can i tell you we have been talking to officials here. they say discussions continue and it's not clear whether we will get to a point of some framework later this afternoon or not, shannon? >> shannon: all right. mike emanuel live at the white house. thank you, mike. >> thank you. >> shannon: cut, cap and balance act would cut federal spending by $111 billion future caps on future spending and establish the framework for a balanced budget amendment. this week the senate blocked the measure the house had already passed. so what options are left? joining us now a house democrat