it is over 10 years. 70% of those cuts come after the year 2017. 28 billion dollars over the next year. hence this criticism by the s&p that it wind much better than the paper it was principled on. the stunner from the white house this morning. no word from the white house. to charlie gasparino. why dwell on the negative. neil: like the big elephant in the room. bury the lead. this is the most telegraphed downgrade in the history of downgrades. i covered municipal bond market early in my career, corporate finance for a long time, i ve seen how s&p and moody s deal with issuers of debt. they signaled they were going to downgrade this two weeks ago. they said cuts or else. neil: moody s said the same