governments are facing a crisis. one alabama government is getting ready for one of the largest municipal bankruptcy in history. why in the world would anybody name their child cheeto or limoncelo. those are all real names. this hour, more names to tell you about. why people do it and whatnot to name your child. good morning. thanks to my parents for naming me t.j. holmes. glad you could be with us. that clock is ticking on the debt ceiling crisis. tuesday is the deadline. the deadline for what? the government may not be able to pay its bills. we will have to decide which ones to pay and which ones not to pay. here is the rundown on capitol hill. the house is getting to work at noon today after some debate, they are expected to vote from the senate majority leader harry reid. that is expected to fail. on the senate side, they open debate on the same reid bill at 1:00. that debate could go as long as 12 hours or so. it might not be until you are asleep. the senate gets to
today was threatening the u.s. economy, and whether or not there s a resolution now, that s going to be an argument that they ll take for the next 17 months to the 2012 election. the key question for republicans at this moment is whether that s a phony argument because the timing doesn t work or whether it becomes a real argument or a more plausible argument in the minds of voters because you see some real market reactions to the kinds of things we re seeing. bret: a.b.? we don t know yet how it s going to play for the president, how it s going to play for democrats and republicans. what we saw in the last 36 hours was a complete blow-up in ñw)ñ3e republican party of the old guard establishment coming out on the record and criticizing the holdouts and the purists for holding this up. for tempting default. it really i think we don t know yet. i think we know that john boehner has been a grown-up throughout this process if he wins this vote, he finally has a team. he s brought a
to like the boehner bill. i mean, as we ve talked about before, i mean, there are reasons it never gets to entitlements. there are all sorts of reasons that people would oppose it, but at this moment, in that capitol, he s not focused on those arguments, and he s trying to get people focused on them to focus on the actual outcome, what happens now. bret: the other thing in the boehner bill is a commission responsible for coming up for $1.8 trillion in additional cuts in entitlements, a question mark for a lot of folks on both sides of the aisle. part of the debate has been whether the ratings agencies will downgrade the u.s., the credit rating anyway. today s&p had a conference call, and here s a it s a paraphrase really of a quote. question was $4 trillion number has been circulating to stabilize the debt gdp ratio. it comes from boles simpson, embraced by president obama and representative paul ryan. actually $4 trillion won t do the trick to stabilize debt-to-gdp, but would ta
the senate tonight, i don t think we ll see anymore tonight. hopefully over the weekend they cobble something together. this is one of the arguments that john boehner is making right now. this is why this needs to pass. if this doesn t pass we re not in the conversation anymore. we are silent. if this passes, then you can imagine some kind of a compromise along the lines of what a.b. is talking about. it s easy to see. i mean actually i don t think i think the compromise is rather easy to see. i mean, the democrats care most about the calendar. so they want this through 2012. republicans care most about the spending cuts. so you can see republicans giving our getting some on the spending cuts, going to the boehner side of the compromise, and probably democrats getting something on the calendar side, something that pushes through the election time period. i think that s the most likely kind of a compromise. but it doesn t happen unless this passes. i think these are exactly the ar
think we ll see anymore tonight. hopefully over the weekend they cobble something together. this is one of the arguments that john boehner is making right now. this is why this needs to pass. if this doesn t pass we re not in the conversation anymore. we are silent. if this passes, then you can imagine some kind of a compromise along the lines of what a.b. is talking about. it s easy to see. i mean actually i don t think i think the compromise is rather easy to see. i mean, the democrats care most about the calendar. so they want this through 2012. republicans care most about the spending cuts. so you can see republicans giving our getting some on the spending cuts, going to the boehner side of the compromise, and probably democrats getting something on the calendar side, something that pushes through the election time period. i think that s the most likely kind of a compromise. but it doesn t happen unless this passes. i think these are exactly the arguments that john boehner is