polls show that his basic approach to deficit reduction but i don't know if we're going to get to that debate. >> chris: i hope we do. >> at the rate we're going. >> chris: i wanted to pick up on the europe aspect. the president also said we're in troubling because of europe's debt crisis and just yesterday, spain announced it is going to agree to accept $125 billion bailout. it's banks are in terrible trouble and didn't want to accept the bailout, it looks like a black mark against it's a economy. how much of a drag is all of this going on europe on the u.s. economy? how much does the president, how much clout does he have on europe? >> he doesn't have much clout on europe. there is zero drag on the european economy. nothing has affected the u.s. economy. it has kept interest rates down here. obviously there is a financial