ceiling deadline was back in 2011, even though congress reached an agreement in time, the 11th hour decision had a lasting impact on the economy, according to the treasury department. the stock market fell 17%. household wealth declined by more than $2 trillion and retirement accounts took a major hit, falling $800 billion. so is there any chance we can avoid another risky standoff this time around? joining me now is republican representative jeb hensarling, chairman of the financial services committee. thanks so much for being here. i want to talk about the government shutdown in a minute but let s talk about the debt ceiling which i think we can all agree is probably a more dire situation, if we were going to actually default on our loans. what do you need, what do house republicans need to agree to raise the debt ceiling and pay the bills that congress already racked up. first thing we need to do is have the president sign the full faith and credit act, h.r. 807. that would do w
no. it simply takes it off the calculation. it takes it off the calculation. so again, you would have to ask him and i encourage you to ask people in the white house why they won t take up this legislation and then we would never have to worry about it. but here s the deal. the constitution says it is congress that has the power of the purse. what house republicans feel is it s not the power of the purse, the president wants us to have the power of the rubber stamp. but an economy with tens of millions underemployed, unemployed, lack luster economic growth, at a time when we ve had more debt in four years than our nation s first 200, no. house republicans are not going to rubber stamp what the president is going to do. we re ready to negotiate but i think we re through negotiating with ourselves and we have yet, yet to have the president of the united states or senator harry reid say we ll sit down and negotiate economic growth wait a second. senate passed a budget in march, and th
congress has already accrued, and that could be, people are forecasting, disastrous for the economy, disastrous for the dow jones industrial average. what is he saying behind closed doors about this? reporter: well, i was told that in a meeting that he had with his rank and file, the whole republican caucus this morning, it was clear that he was at least feeling or hearing some pushback, maybe not in that room, but elsewhere, from what cnn has been reporting, the new york times, about the fact that he has said privately that he may be willing to raise the debt ceiling with democratic help, maybe not the majority of republicans, which is what he s doing now which is why the government is still shut down. he said that he s not going to roll over. he is going to demand an extraction of some kind of issue that would chip away at the debt and he s not going to do anything like what the senate democrats are going to do, a clean bill to raise the debt limit. that was definitely something