president and the speaker believe that the best thing we can do is put together a very substantial contribution to getting our fiscal house -- >> chris: you are saying the so-called grand bargain is still alive. >> i wouldn't say it that way. two approaches. one like that comprehensive, balanced entitlement savings to secure medicare and medicaid for the future with tax reform that would generate revenues, help us solve this problem. but, there is also some talk about a plan that senator mcconnell and senator reid both put forward that would also take default off the table and put in place a special committee with special powers to try to move legislation to achieve that same outcome. now, you can solve this problem lots of different ways. but the two key things are we take default off the table. the threat of default off the table through the election and we put in place a framework of tough reforms, forces congress to act relatively soon. we don't want to fall behind the concern of -- curve of this.