to act relatively soon. we don t want to fall behind the concern of curve of this. demonstrate to the world we can start to make the changes. chris: a plan that would only guarantee cuts and a debt ceiling early next year? makes no sense. chris: the president will veto that. he said be very clear about that let me explain why that would be irresponsible. we started this process seven months ago. here we are seven months later. we are running out of runway. almost to the edge. i never thought they would take it this close to the edge and let politics get in the way of demonstrating will we pay our bills on time. it s taken us six, seven months. the idea that we re going to spend another seven months lifting the cloud of default from the american economy, it seems irresponsible aproch. economy. we don t think that makes sense. there is no reason we have to do it that way. chris: secretary geithner
the speaker understands that the senate understands that that s why, as you heard yesterday, the leaders have come together to try to figure out today what type of arrangement is going to work. get through both houses, that the president can sign. chris: how do you think the markets will react in asia starting this afternoon in the united states starting tomorrow morning if, at the end of this day, at the end of another weekend, there is no plan at all? you know, you can t ever tell what markets will do. so far confident america is going to do the right thing. chris: it will run out at some point. very close now to the deadline. and the longer the politicians take it, the more risk people start to look at us and they start to wonder whether this place can work again. it s important that the leaders demonstrate that they can find a way to make the compromises necessary to make this work. i want to ask you about one specific part of the negotiations up to this moment. speaker b
tough reforms, forces congress to act relatively soon. we don t want to fall behind the concern of curve of this. demonstrate to the world we can start to make the changes. chris: a plan that would only guarantee cuts and a debt ceiling early next year? makes no sense. chris: the president will veto that. he said be very clear about that let me explain why that would be irresponsible. we started this process seven months ago. here we are seven months later. we are running out of runway. almost to the edge. i never thought they would take it this close to the edge and let politics get in the way of demonstrating will we pay our bills on time. it s taken us six, seven months. the idea that we re going to spend another seven months lifting the cloud of default from the american economy, it seems irresponsible aproch. economy. we don t think that makes sense. there is no reason we have to do it that way.
the budget $400 billion in 10 years. of the senate rejected that 97-o. in april he offered another plan that was so fuzzy the head of the cbo said we don t estimate speeches. meanwhile, mr. secretary, republicans have offered several specific plans to deal with the national debt. plans that would devastate the economy. devastate the country. chris: in your opinion. they at least had a plan. ryan plan, cut, cap and balance. they did. chris: you guys have had no plan. that s not fair. in april the president of the united states put out framework 4 trillion in deficit reduction over the same period of time. chris: the cbo director said was so fuzzy he couldn t score it? he has been spending every week since then togetheriating with republican leaders and democratic leaders on a framework that can pass and work. chris: why have had you no plan. chris, it s not fair. i know the republican leadership says that it s just not true. chris: the cbo the head of the nonpartisan
thing to do. other options. chris: you keep bringing up the grand bargain. well, you know, again, the president of the united states believes that the best thing we can do for the economy is to put in place now a comprehensive balance set of savings tax reform that can demonstrate to the world we can get our fiscal house in order. if we can do that now, we can get correct me if i am wrong back to the business of trying to figure out short-term and get americans back to work. chris: i m going to ask you a straight question and i m counting oen a straight answer. the president said friday he has talked to you about what adjustments may have to be made in the case of default. your office announced that you met with fed chairman bernanke and the head of the new york federal reserve on friday. what s your plan for default? our plan is to get congress to raise the debt ceiling on time. that s not a plan. that s plan too. it will happen this time, too. we do not have the ability,