speech. the idea this will not have consequences for how we live, we already saw that today. everyone thieves u.s. treasury debt, if you are on main street, what is a u.s. treasury and what does it have to do with me? the six biggest bangs hold $1 trillion in treasury debt of the small banks. the first national bank of nowheresville, they own, the banking system of the united states hold the equivalent of g-7 economy is how it affects you. neil: the end of the world as we know it. you are saying it s done. if you are in a good mood that should shatter that. very good book. you want to see stocks take over? meet a legend who says all of these guys feed to take a hike. these guys feed to take a hike. former ubs chairman is here.
no chance of becoming law. what happens the day after august 2nd? well neil cavuto, senior vice president, anchor and editor of fox news channel and fox business network. neil, great to see you. hey, alisyn. alisyn: what happens on august 3rd if no debt deal is reached on august 2nd? we don t necessarily default. we are hearing and getting wind what happened today at the new york fed when officials were meeting with so-called government primary dealers. there are about 20 of them alisyn. without sounding arcane and getting too much into gobbledygook. these are folks responsible for trading treasury securities, marking them up, getting them out in the market so chinese, japanese, canadians, germans can buy this stuff. they are the responsible are the go-between if you will for selling our treasury debt to anyone who wants it. that is the big question whether they will be able to do that. we re told at this meeting they explained the mechanics what would happen in the event of a sh
i m christine romans. house speaker john boehner says no way to the president s plan. he has another solution and it s simply says, spend less. i m ali velshi. congressional websites crash. what president obama said that had a number of websites going off-line. details coming up on this american morning. thanks for being with us. tuesday, july 26th. welcome to american morning. we all stayed up later than usual last night to get a chance to hear from the president about this debt ceiling showdown as well as from the house speaker. and still divided this morning. they are still divided with different plans, different ideas how to get us out of the mess. didn t you both think maybe they got something, something happened. i didn t think there was a deal. i m always the optimist. lots of ideas, plans, but no agreement. start there with the debt crisis looming, president obama, house speaker john boehner took their cases for getting a deal done directly to the
this report gives lie to this crazy republican notion that has been going around, michele bachmann and the others saying they would be fine, they just wouldn t pay the stuff we don t need, they could pay the social security, the military, be able to pay for the interest on the debt, the bonds, all that stuff, be able to pay for everything that matters. this is a completely untenable position with this study. the danger of the debt ceiling is not theory. it s arithmetic. you mentioned earlier it s $134 billion. that is 10% of the august gdp. you cut out 10% of america s gdp for that month. if you do that over any period of time, if it s an instant recession, you shave off 10% of the nation s economy. that doesn t even get into the uncertainty, the fact that every other or almost every other debt instrument, credit cards, mortgages, corporate debt, would jump up because they are all based on treasury debt. the damage to the economy is not on a scale that we re frankly even prepared t
contributor, ezra klein. thank you for joining me tonight, ezra. good evening. this report gives lie to this crazy republican notion that has been going around, michele bachmann and the others saying they would be fine, they just wouldn t pay the stuff we don t need, they could pay the social security, the military, be able to pay for the interest on the debt, the bonds, all that stuff, be able to pay for everything that matters. this is a completely untenable position with this study. the danger of the debt ceiling is not theory. it s arithmetic. you mentioned it earlier. it s $134 billion. that is 10% of the august gdp for that month. if you do that for any period of time, you cut out 10% of america s gdp for that month. if you do that over any period of time, if it s an instant recession, you shave off 10% of the nation s economy. that doesn t even get into the uncertainty, the fact that every other or almost every other debt instrument, credit cards, mortgages, corporate debt