offer the spending and deficit cuts that republicans thought it would. cnn s chief white house correspondent jessica yellin spends the next 18 seconds giving us the big picture. reporter: what s happening now is democrats are waiting. they re just waiting to see what happens with the republican s bill before making their own move in the senate. the big picture here is neither the republican s bill in the house nor the democrats bill in the senate seems to have the votes to get through both houses of congress. so we re back at stalemate. and so it s wednesday and there s no deal. the ted line is tuesday of next week. if congress can t get it done by then, you could start to see higher interest rates, a declining dollar and other problems. the white house website has put up a chart that breaks down the u.s. debt by administration over the last ten years. i was just looking at it. more than $3.5 trillion because of changes to the economy, not policy changes, but less tax in
years the deficit went down. if you reverse that and impose tax hikes, are you not making a big risk? first of all you re talking about letting tax cuts on people earning more than $250,000 expire. the taxes go um. let me be clear. you re not talking about raising taxes on people earning no i m talking about the top 1 or 2% of income earners. that s a tax hike. let me be very clear the deficit went up when george bush was president. it didn t go down. you can pick your time frame but right after the tax cuts, it staple late activity in the economy, receipts to the treasury went up and the deficit went down. we had a surplus when