where we gave germany forbearance as opposed to deal wig germany after world war i where we sought to squeeze blood from a stone. we did this after the civil war in this country. we did this with latin america in the 80s. is it time to really get into a conversation about restructuring debt, housing debt, government debt, global debt at this point? with us is our specialist william kohan, author of money and power . governor pataki, sam still with us. how would he racket to a restructuring proposal. dylan, i give you credit for a deal i had not heard before. you re proposing oust court restructuring. forget if you could put the u.s. government into federal bankruptcy court and ge down that path, but while you try to have people give discounts to their debt out of court, very, very painful.
perhaps a global debt restructuring of global obligations many of which people like mohamed in our view will never get paid. think about the way we operated following world war ii. where we gave germany forbearance as opposed to deal wig germany after world war i where we sought to squeeze blood from a stone. we did this after the civil war in this country. we did this with latin america in the 80s. is it time to really get into a conversation about restructuring debt, housing debt, government debt, global debt at this point? with us is our specialist william kohan, author of money and power . governor pataki, sam still with us. how would he racket to a restructuring proposal. dylan, i give you credit for a deal i had not heard before. you re proposing oust court
structuring versus taxes and austerity as it may be the only solution that could not only save america but the world from long-term financial ruin. but it s a debate neither president obama nor republican leadership wants to touch. before we step away, though, for senator coburn, let s look at what the rest of the lawmakers are doing, calling it the congressional two-step. all about political posturing, and getting your members on the record the right way on a bill that will never pass so that you can say you voted the right way before you kick the deficit down the road and go home for recess. the fun dance and nbc s luke russert is kv covering the two-step as we speak. how does it go? reporter: dylan, tomorrow house republicans will vote on a cut cap and balance bill that will in fact allow their members to go on the record say they go would no support any type of deficit reduction unless there were massive spending cuts, spending that would never rise above 18% of gdp a
before we step away, though, for senator coburn, let s look at what the rest of the lawmakers are doing, calling it the congressional two-step. all about political posturing, and getting your members on the record the right way on a bill that will never pass so that you can say you voted the right way before you kick the deficit down the road and go home for recess. the fun dance and nbc s luke russert is kv covering the two-step as we speak. how does it go? reporter: dylan, tomorrow house republicans will vote on a cut cap and balance bill that will in fact allow their members to go on the record say they go would no support any type of deficit reduction unless there were massive spending cuts, spending that would never rise above 18% of gdp and also a vote on a balanced budget amendment and only if a balanced budget amendment was ratifieded could there be an ex-tense of it s $2.4 trillion debt limit. no chance of going through the senate, which is democratly controlled. t