was under tremendous pressure . for the past three days, angry investors have been protesting outside evergrande s headquarters in shenzhen, demanding to meet with company officials. its next debt payment, 84 billion dollars, is due next thursday. the question is: will the chinese communist party step in to help? evergrande sits at the top of an enormous property pyramid which accounts for over a quarter of chinese gdp. allowing it to fail could pose major risks notjust to the stability of china s financial system. kenneth rogoff is professor of public policy and economics at harvard university and former chief economist at the international monetary fund. thank you for being with us. tell us about evergrande. how big are they, how far and wide to their investments spread? well, we are $300 billion investments spread? well, we are $300 billion in investments spread? well, we are $300 billion in debt investments spread? well, we are $300 billion in debt and investments spread?
the big ten, i think it s indiana this year. sean: wow, everybody is picking louisville and indiana and sorry, louisville would win that. and joining me the architect, karl rove. and i think that indiana is going to win, i m a friend of the coach of indiana and got to speak to the squad this fall. sean: with your inspiration how could they possibly lose. exactly, robert gibbs and i spoke to them together. sean: robert gibbs, my good friend. all right, senate democratic budget is going to add 50 grand in debt to every american family, karl, that s not a budget. no, no, well, it s a budget, but it s a budget of the democrats. in fact, sean, this might be really illuminating. if you take a look at the senate democrat budget, this year they want to spend 184 billion dollars more than the republicans proposed. next year, 348 billion dollars more than the republicans.
the big ten, i think it s indiana this year. sean: wow, everybody is picking louisville and indiana and sorry, louisville would win that. and joining me the architect, karl rove. and i think that indiana is going to win, i m a friend of the coach of indiana and got to speak to the squad this fall. sean: with your inspiration how could they possibly lose. exactly, robert gibbs and i spoke to them together. sean: robert gibbs, my good friend. all right, senate democratic budget is going to add 50 grand in debt to every american family, karl, that s not a budget. no, no, well, it s a budget, but it s a budget of the democrats. in fact, sean, this might be really illuminating. if you take a look at the senate democrat budget, this year they want to spend 184 billion dollars more than the republicans proposed. next year, 348 billion dollars more than the republicans.
the mandate tax which is going to hit a majority of people and make it less than $120,000 a year, and how about the medical devices taxes more than 2%, aimed at raising more than $20 billion dollars, you know who that hits smaller businesses with smaller margins and innovators in the country and don t tell me it isn t going to hurt innovation. i didn t say it was, why are you yelling? and mr. gasperino. i would say the biggest folly of health care is that for marginal savings, forget whether it s real or not. how much of the cbo s 80 billion dollars in savings we imploded, 16% of the economy? on the federal budget. correct me if i m wrong, i think it s 3 1/2 trillion dollars, it s huge and savings over ten years of 84 billion dollars on that type after budget is nothing, it s nothing. we ve imploded 16% of the economy for nothing. julian. let s put facts on the table. 97% of small businesses are
that, when you have tomorrow or sunday s election, if the a austerity, the market will do well, but however, to your earlier point, jamie, if the anti-austerity department wins and then we re gaining momentum before the election, if that happens you re going to see the drop. and i don t want to say the sky is falling, chicken little, heads up, the banks are going to have losses or concerns that never existed even six months ago. how much u.s. money is tied up in this? literally billions. for example, citi 84 billion dollars, and the other major wire houses or banks are similar size and the real issue, jamie, the dollars that they have, they re expecting if they invested a dollar that they would get a euro in return. now, it s possible, in this example of greece on sunday. may get a drachma, a drachma in return.