china watcher gorden chang warning we must prepare for war because of it. he means what he says. it s all coming up. welcome, everybody. glad to have you. i m neil cavuto. let s get to it with jacqui at the white house. jacqui? the washington post has been reporting that the chinese spy balloon s path over the u.s. may have been driven by the wind and that analysts are examining the possibility that the chinese did not intend to penetrate the american heartland with their surveillance equipment. i m told that that is not the full story. we re learning a lot more right now. officials tell me that we don t know if the balloon s direction over the continental u.s. was intentional. because it s a balloon, its trajectory depends on a range of factors that includes the wind. the balloon also went over guam, we ve learned, which is u.s. territory. it also later loitered over several sensitive sites in the continue continental u.s. the chinese still had the ability to maneuver
it will average more than two trillion each year over the next decade. treasury estimates the debt ceiling hits in june. senate majority leader chuck schumer views treasury s date as the real date. neil? neil: thanks for that, chad. chad pergram. so what do we do? what constitutes our running against a wall and defaulting? douglas joins us, the former cbo director himself. doug, what would do it? what would define a default? a failure to make timely payments on interest or principal on u.s. treasuries. that s something that we ve never done at a large scale. the concern here is that if they do not raise or suspend the debt limit, the treasury would be unable to sort the bills in to these are interest and principal and these are social security, these are medicare. which ones do we want to pay. instead, they re unable to pay
a vote as to whether to keep the government open or not. i believe that vote is going to support what s called a continuing resolution. basically, a budget patch that keeps the government moving. leadership wants that and even some of the renegades what do you see it, three months? yes, something like that. just keep the government funded at current levels. then that s when the debt ceiling hits. that s a much tougher debate. as leaders of both parties here want to get this done, and now there s even less time to devote to this as we look forward to it, a week from now, something has to give, right? you re saying something will get done though. actually not much has to give if you re just going to do another one of these budget patches. that s why, in fact, pretty much everyone of our budget deals has been that. it s really not that big a deal to just say let s continue doing what we re doing. i think the real fight comes in the middle of october when you
501 c 3 and 4 organizations that ryan, in terms of the president s statement about not playing ball on the debt ceiling, part of me i don t know whether there is a part of me that would be in a football stadium with body paint on or not, hopes he does that and says, you know what, you guys barely do anything. why don t you try and do your job, and if you can t get your act together on this, then you can continue to have the terrible ratings and worry about getting primaried in 2014. he is awfully committed to this idea that he is not going to negotiate on this debt ceiling at all whatsoever. forget about it. i think republicans who think that they have leverage on this are actually misunderstanding the situation. newt gingrich said it exactly right. a week before the debt ceiling hits, the entire world of global finance will come in, remind them of their class loyalties and enough of them will join with democrats to raise the debt ceiling. that s what will happen. they will have
mark zandi, and also dana bash. if we are going to succeed, we have to face the problems squarely. and bill bradley on how to fix a broken washington and what we can all do better. i m candy crowley and this is state of the union. not the best of weeks for the romney campaign. it was under fire for sources as not ready for prime time when a senior adviser said that obama care is fine for when buying insurance is not a penalty and a tax. a big oops in the republican world world because the republicans have used the supreme court decision to say it is a tax. reset. the supreme court said it is a tax, right. it is a tax. too late for the conservative wall street journal who blistered the romney campaign for looking confused and politically dumb. mr. romney promised republicans he was the best man to make the case against president obama who they desperately want to defeat. and so far, mr. romney is letting them down. joining me is senate republican leader mitch mcc