the democrat anything short-term that doesn t get us through six months. the cloud of default over this fragile economy is going to lead to a downgrade by the ratings agencies. interest rates hikes up, the consumer runs and hides and more job loss and serious problems for our economy and we ll see what happens to the markets now and if that s a compelling message from the democrats, enough to scare speaker boehner back to the table to a long-term deal. what he s saying is, i have the short-term deal in my pocket and it will will come together in the next four days and sick of having the discussions with the white house where they move the goal post. chris: what do you think happens, bill? because boehner said one thing, one point and another thing at another point. do you think that he is prepared to just have the outs pass the short-term deal and kick the can down the road and raise the debt ceiling into early next year with the idea of a commission to look at it?
frankly, i don t think it is even on life support. jamie: i asked byron york about that, too, who is under more pressure, as a washington-watcher and right there, so involved in do you think the president is to get it done and get it right or speaker boehner who seems to be in the hot seat as well. chris: i think they both are. the real danger is that the markets have been saying, we expect a deal, the ratings agencies, especially standard and poors have talked about wanting to see something this weekend, and, you know, boehner went on the record, yesterday and in a conference call that s republicans, talking and you hear it again, about wanting something this afternoon, and, if you get a plan either boehner goes goes it alone and presents the plan, that, you know, if it doesn t have any buy in from democrats and they in effect say they will block it and, or there is no plan at all there s a possibility when the markets i m no expert, but when the markets open tonight, monday m
promised today in these debt talks. $20 trillion in debt, that puts you in the greek territory, bill. bill: um, that s frightening. yes. bill: also, if our debt is equal to the combined economies of japan and china taken together, what does that do for our standing in the world, stu? is. well, our standing in the world, in my opinion, is about to take a hit. i think we are going to be downgraded. that is a downgrading of our debt, that s a technical term. what it means is our financial reputation will be taken down a couple of notches. right now we are aaa people, we are the gold standard for the world. we re going to be taken down a notch if, and i believe when we get a downgrade from these ratings agencies. our standing in the world is diminished, period. bill: you re going to pick up more on this, stuart, so we ll check you out over there on our sister network. thank you, stuart. six minutes past the hour. patti ann? patti ann: breaking news on the
what does that do for our standing in the world, stu? is. well, our standing in the world, in my opinion, is about to take a hit. i think we are going to be downgraded. that is a downgrading of our debt, that s a technical term. what it means is our financial reputation will be taken down a couple of notches. right now we are aaa people, we are the gold standard for the world. we re going to be taken down a notch if, and i believe when we get a downgrade from these ratings agencies. our standing in the world is diminished, period. bill: you re going to pick up more on this, stuart, so we ll check you out over there on our sister network. thank you, stuart. six minutes past the hour. patti ann? patti ann: breaking news on the economy, and it s not good for out-of-work americans. the labor department reporting new claims for jobless benefits are up again, 418,000 new people filed last week. the disappointing number is new ed that layoffs evidence that layoffs are on the rise.
i think the split, assumptions made by economic growth. that s the real key to pulling us out of this. you mentioned in a piece to this, the ratings agencies. i think maybe the ratings agency was erring on the side of progressiveness in light of they didn t do so well during the subprime crisis. think how much it priced off treasuries and the notion of credit, one of the biggest issues with what wall street was dealing as it retted to this deal. so i think if we can stem the tide of rating, a great piece in the short term for the market. and people that don t appreciate it, look at the debt ceiling and say it would be bad if the government had to pay more tomorrow, but what does it effect me? treasuries are the benchmark, the base for the they re the risk-free rate, right, against preparing everything. the treasury the in there? it s in there and going to be priced specifically in terms of the interest rate you pay, off