and do have to look at tax reform and entitlement reform. maybe we re at the point where we need to roll the cr and debt ceiling discussions together and say let s look at this long term. is that where we re heading, rolling the cr and the debt ceiling discussion together? that s absurd on its face. and i think the congresswoman must know that. we have 14 days until the american debt limit is reached and america will default if we don t take action. nobody in their right mind believes we can get to the kind of big deal that i am for, that bowles-simpson, gang of six, all those names worked on a bipartisan big deal to get us on a fiscally sustainable path. i m for that. we no, no, no, let me finish. we ve been negotiating that now for three years. i ve been very intensely involved in those negotiations. and very frankly, every time we get to one half, that is
what could happen if we end up going over the cliff even though by the time we do everyone will expect it, the market will still feel the lain. leigh, i know predictions are hard, but is this going to be a steady slide or is it going to be like that t.a.r.p. vote where you see 600, 700 points go off the market in a day? i m not sure if it will be as extreme as the t.a.r.p. vote but given that that s what happened then and that s also what happened when we with the negotiations with the debt ceiling fell through last year, that was also a one-day drop, i think we ll see something similar rather than a slope. i don t think that s going to be the case in this if we go over. joy, i m beginning to feel that this is all like deja vu all over again. it s going to be the debt ceiling again. they re going to kick the can down the road a little bit and then we re going to have the same fiscal cliff discussions and debt ceiling discussions we ve been having for the last two years. so is
want to extend it six months, i think the markets would be jittery but would probably accept it. going over the cliff and we were talking about this the other night in washington with a bunch of ceos, going over the cliff is totally uncharted water. we have never seen anything like that. and how the markets react, how companies react, and remember one other thing, we have another one of those fun debt ceiling discussions coming right behind this. right. and so oh, it s all exciting in washington. if we don t wrap this up, we go right into that. then we really start having fun. katty, politically you have two intractable positions core to both sides. one from the president is the wealthy need to pay their fair share. on the other side, republicans core to their belief is that we do not raise taxes at this moment in time. so if you believe that that s important to the negotiation, who blinks in that scenario? i don t know who it is. that s what this election was about,
and a reminder tomorrow night at 8:00 p.m. is our debate. i ll be back tomorrow at the same time, but for now, jim costa is next. nice to see you in person. this doesn t happen very often, but nice to see you. i m jim aacosta. let s get you up to speed on this november 21st. after months of talks the congressional supercommittee is expected to announce today it simply cannot agree on a debt reduction package. everybody is pointing fingers on what caused the mess. we ll explain that on capitol hill in about ten minutes. speaking of the supercommittee, already markets are reacting badly to fears that the debt committee won t reach a deal. u.s. stocks opened sharply lower today. right now the dow is down over 300 points. this follows last week s losses on wall street, the worse in two months. former fbi director, louis freeh, will lead the internal investigation into the penn state scandal. jerry sandusky is charged with molesting eight boys, some on campus. freeh pledged a
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