Transcripts For WJZ Up To The Minute 20131014 : comparemela.

I want to ask each of you the bottom line question. Do we have an agreement on raising the debt ceiling and ending the Government Shutdown by thursday, and if the answer is yes, senator durbin, what do you have to overcome . What are the realisticing poist points that have to be overcome . Do you think youll have it by thursday and what are the sticking points you have now . Im a hopeful person and i hope we can do it. I hope sensible people prevail, because at this point it isnt just a shutdown and all the damage its caused, but if we default on our debt it will have a dramatic negative impact on the savings account of average americans. Whether or not we will sit down in a budget conference finally and start hammering it out, whether there will be a sequester cut come the first 15 days of the new year, the new calendar year, those are the basic elements that i think we need to work on. Im a yes, by the way. Deal by thursday . Yes. Because you would have overcome what obstacle . Because we would have decided as a congress that we need to avoid going over the debt limit and it will probably be a rather shortterm solution. You know House Republicans in particular, they seem quite unhappy here. They dont want to do a longterm extension raising of the debt ceiling. They want to have a conversation about obama care. In your estimation, should the discussion about obama care be over . Well, first of all, i oppose obama care and think we ought to repeal it and replace it, and i think most americans agree with that. But we can minimize the damage in this process by doing certain things that were consistent with the original obama care like making people verify their income when they go on exchanges. Were dealing with a 40hour work week so when people arent taking in 30 hours and below parttime work. But no, i think we ought to focus on these spending issues, we can and should. I dont think there will be a longterm solution in the next few days, but i think well figure out a way to put off the discussion and i hope we do it in the next few days. If you get past a crisis point and sairy, well, lets ge into a bigger discussion about the budget. You are on Simpson Bowles, you are on the supercommittee. It wasnt that successful. Right, and where is there a reason to be hopeful that congress can get to something meaningful here . This may be harrassy, but i think Simpson Bowles got it right. Put everything on the table. We know ten years from now medicare is not sustainable financially. We have to do something. Why wait ten years to see that reality . We know Social Security has 20 years, or perhaps less . What are we going to do about it today in a small way that it will have that longevity . We have a tax code that takes 1. 23 trillion out of the treasury each year, and in that we cannot find some savings, closing some loopholes, quote, raising some revenue . Of course we can. Let me just raise this issue about obama care because i want to come back to that. One of the issues is that for conservatives this has been such a huge issue. Even though laws have been passed and upheld by the court, no, there is a basis to try to replace it, to get rid of it. Then you have dr. Ben carson who won the straw poll by voters here in washington. This is what he said on friday. I want to get your response. I have to tell you, you know, obama care is really, i think, the worst thing that has happened in this nation since slavery. And it is slavery, in a way. He was second in the straw poll. How much damage does that do to your position that obama care should be repealed . Is that overstatement thats counterproductive . Well, hes a doctor who feels passionately about this issue, obviously. He can speak for himself, but let me go back to what dick said. Is that something that is a senior republican, you think, is helpful to the debate about obama care . I think what would be helpful is if we sat down and figured out how to make this less damaging to American Families and our American Economy because it is a huge problem. By the way, its not just a glitch in terms of the rollout, its a breakdown, having tried myself to get on yesterday. I feel sorry for the New York Times researcher i heard about this morning who spent 11 days trying to get on and ended up with a blank screen. There are huge problems with it, lets be honest, and we ought to be sure we can minimize the damage. Does secretary sebelius keep her job . Absolutely. Understand, weve been off to a rocky start for sure because 15 Million People wanted to get on. Why . Because 40 or 50 million americans dont have any insurance. This is their first chance, many of them, to ever have health insurance. Theyre desperate for an Affordable Health insurance policy. We havent had much help when it comes to funding the startup of obama care. Senator roberts, your colleague in the senate, said secretary sebelius, head of health and human services, should resign. I dont think that will solve the problem, unfortunately. I think its much deeper than that. I think the law is fundamentally flawed. I think this rollout is a disaster, not just a glitch. But i want to Say Something positive here about my colleague here. He has been willing and hes shown political courage to do so to talk about these issues. I think this morning if we can leave with anything it is that this is an opportunity over the next couple days, but really over the next couple months, because i think well probably push this down the road a little bit, to deal with the underlying problem. And that is the fact that we have these historic levels of debt and deficit that are hurting the economy today. Its like a wet blanket on the economy today. Thats why, in my view, were not getting the robust recovery were hoping for, but it is a war for future generations. We keep building up this debt and deficit, and dick is right, we have to deal with part of the budget that is not being talked about, which is twothirds of the budget in the Fastest Growing part, and if we dont do that, we will have failed. If we do do that, we will surprise the American People and do the right thing. I have to leave it right there because im out of time. Thank you, senators. I know youre out of work which is why youre here today, and i thank you very much. Lets bring on leon panetta. He served as white house chief of staff, cia director and most recently secretary of defense. Id name more but were running out of time in the program. Thanks for returning. How are you . Is part of the problem in washington that you have two sides who arent really interested in negotiating but digging in and saying, look, this is truly 100 the other sides fault . Look, there is a lot of politics and sound bite wars going on in this town, and i understand that. Ive been part of the political process. But ultimately, i think, both sides are really pretty much at the same place. You know, once you get past some of the rhetoric and some of the extremes, the fact is Everybody Knows weve got to extend the debt limit in order to avoid that catastrophe. Everybody knows weve got to end this crazy shutdown of the federal government thats taken place, stop hurting the American People. And everybody wants to get into negotiations. What you just heard is a good example where republicans and democrats have to engage in the broader negotiations on the budget. On entitlements, all the health care entitlements, on Discretionary Spending and on tax reform. But we talk about it like its a revelation, an epiphany. Even these two senators say, we agree on this, we have to get back to this. With the last shutdown in 1996, this is what you said then. If theres anything weve learned over the last few months is that the policy of threats and basically holding the country hostage, whether its on a continuing resolution or a debt ceiling or raising these kinds of blackmail approaches to try to get their agenda adopted has not worked. Its been a disaster. 17 years ago, the same thing is being said now. David, im really surprised that the lessons that were learned 17 years ago, that you dont shut the government down, you dont hurt the American People, that that lesson obviously was not learned and its been repeated. You dont win in this town politically by hurting the American People. And thats what were doing. Were hurting kids, were hurting families, were hurting individuals that are losing their pay, not paying their mortgages. I mean, why would you allow a small minority who cant get their way to basically take out their vengeance on their fellow citizens . Thats what happened. Youre talking about House Republicans, but the president also knew that this day was coming. He also knew what the deadline was and he appears to have made a calculation having just been reelected that, hey, im going to preserve for future president s an ability not to negotiate over the debt ceiling, even though as senator portman pointed out, previous president s have negotiated on this. Thats why we introduced the idea of having to raise the debt ceiling. Does the president bear responsibility . You are a democrat, you work for him, but out of government you can take a step back. Does he also bear responsibility by playing around with default by pushing it this far . Ive been 3,000 miles from washington. I have to tell you, the American People are angry, theyre frustrated, theyre mad. They think that this town has gone nuts in the way theyre dealing with it, and i think both sides will bear some responsibility for that. But i think the president has also indicated hes willing to negotiate on the key issues. The republicans want to negotiate on the key issues. For goodness sakes, thats where this ball game has to wind up. It has to wind up in the broader discussion about how do you reduce the deficit, how do you end this crazy sequester . Because the fact is we are paying a heavy price right now for what is happening to this country. America is being weakened, and thats the last thing that ought to happen. Members swear an oath to protect and defend the constitution against all enemies, foreign and domestic. What theyre doing by the shutdown, by this threat on the debt limit, is weakening america and sending a message to the world that the United States cant govern. Thats a lousy message for the world to hear. When sequester was passed, before it was passed, you warned, as defense secretary, of grave consequences for americas military readiness. There is some who look at that and say, that was an overstatement. That yes, sequester cuts have hurt. But as you sit here now out of office, out of the your job as defense secretary, do you believe america is critically unprepared for a National Security threat that can be met . I think our readiness has been badly damaged. Weve got 12 combat squadrons that have been grounded. Half of the air force is not combat ready. Weve got ships that are not being deployed. Weve got training rotations that have been canceled. Weve got 800,000 federal employees that have been furloughed under sequester and that are now taking a hit on the shutdown. All of this is impacting on our readiness and our ability to be able to handle a major crisis outside of afghanistan. The president Just Launched two special operations here to fight terrorists. If thats the number one goal, he seems to have been quite capable of launching that in this past week. The s. E. A. L. S and their operations and our ability to use special forces in these kinds of attacks, yes. But let me tell you something. On the broader crisis such as the middle east, we are going to be impacting on our readiness and our ability to respond to a crisis in that part of the world. All right. Secretary panetta, i appreciate your time this morning here as well. We will take a break. Coming up, washingtons dysfunction is on full display as world financial leaders are gathering in washington this weekend. My interview with head of the International Monetary fund, christine lagarde, where she says this could cause massive disruption. We we know why were here. To chart a greener path in the air and in our factories. To find cleaner, more efficient ways to power flight. And harness our technology for new energy solutions. [ female announcer ] around the globe, the people of boeing are working together, to build a better tomorrow. Thats why were here. Thats why were here. The pursuit of a better tomorrow is something we all share. But who can help you find your own path . Who can build you a plan, not just a pie chart . Who can help keep your investments on course, whatever lies ahead . That someone is a Morgan Stanley financial advisor. And were ready to work for you. Against the back drop of a possible u. S. Default, the world financial leaders are in washington this weekend for the International Monetary funds annual meeting. They serve as the financial watchdog and rescue agency. Last night i sat down with the head of the imf, christine lagarde, in this exclusive interview. As we sit here, there is no deal. The American Government is barelying toward inin inin ini default. How concerning is this to you . Its very concerning. I spent the last three days with 300 finance ministers and banks from across the world, and the world was doing better. There was recovery in the u. S. In europe at last. Japan was turning the corner. The emerging markets were still growing fast and lowincome countries were really showing strong growth. They all came together to talk about the u. S. Monetary policy and its impact on emerging market economies and how they should well prepare for that. And then they found out the debt ceiling was the issue. They found out that the government had shut down and that there was no remedy in sight. So it really completely transformed the meeting in the last few days. Help me understand from your point of view, managing director of the imf, International Monetary fund, where youre providing aid to countries at risk around the globe, but youre also keeping an eye on the u. S. Economy, the global economy. Obviously there is a credibility issue for the United States here, but help me understand the actual economic shock that would result from us not raising this debt ceiling and being in a position where america cant pay all its bills on time . Do you remember 2008, the beginning of the Great Recession . Yes. Well, if there was a combination of the Government Shutdown for a period of time and, more seriously, more damaging if the debt ceiling was not lifted with a degree of certainty and enough time so that people could sort of have the assurance that the economy was in good standing, that would bring about so much uncertainty, so much risk of disruption that the standing of the u. S. Economy would, again, be at risk. That some of the obligations that the first economy in the world has would not be respected. And i think, you know, there was a lot of discussion amongst the finance ministers from all over the world about the technical aspects of it. And you can argue forever as to whether the impact is going to be 2. 5, 3 , 5 , how much public spending will have to be cut, how many more people will have to be unemployed. But one thing is certain around the table, it was that if there is that degree of disruption, that lack of certainty, that lack of trust in the u. S. Sitti signature, it would mean massive disruption the world over and we would be tipped again into massive rupture. That was that tip at the big table. In 2008, the Great Recession, as its called, this would mean another recession from your point of view . If it wasnt resolved, yes, thats what the risk is. You know, there are some figures in our government and congress, senator rand paul, others who say, you know, this is overstated. The treasury can do things that the concept of default is hyperbole. But creative accounting is not the solution. And markets know that. The counterparts to the United States know that. And when you are the largest economy in the world, when you are the safe heaven in all circumstances, as has been the case, you cant go into that creating accounting business. You have to honor your signature, you have to give certainty to the rest of the world, and you have to make sure that your own economy is consolidating that welcome recovery that we have seen in the last few days because it impacts the entire economy. The result of this budget fight and previous fights has been part of a global debate about whether governments need to cut spending, deal with their entitlement state. You know the american budget is overrun with mandatory spending on entitlement programs like medicare and Social Security. Is austerity the answer . Are spending cuts that you hear american conservatives say are so necessary, is that the answer for our economy . Or is europe teaching us that thats the wrong answer during a period of slow growth . You know, when we look at the u. S. Economy we Say Something which is bizarre. We say hurry up but slow down. Hurry up because measures have to be taken now to deal with entitlement, as you suggested. Because there is a lot of entitlement coming up, and big liabilities coming up as well in terms of interest payment. But we say slow down because the point is not to contract the economy by slashing spending brutally now as recovery is picking up. So the pace of consolidation has to be sensible in order to protect that growth which is generating job and which is helping in all sorts of ways. But hurry up to deal with entitlement that will come up and haunt you in a few years time. Its a balanced approach. Quickly, if we get past this crisis, if the debt ceiling is raised, if the government is reopened, whats your general view of how things are going economically in the Government Shutdown<\/a> by thursday, and if the answer is yes, senator durbin, what do you have to overcome . What are the realisticing poist points that have to be overcome . Do you think youll have it by thursday and what are the sticking points you have now . Im a hopeful person and i hope we can do it. I hope sensible people prevail, because at this point it isnt just a shutdown and all the damage its caused, but if we default on our debt it will have a dramatic negative impact on the savings account of average americans. Whether or not we will sit down in a budget conference finally and start hammering it out, whether there will be a sequester cut come the first 15 days of the new year, the new calendar year, those are the basic elements that i think we need to work on. Im a yes, by the way. Deal by thursday . Yes. Because you would have overcome what obstacle . Because we would have decided as a congress that we need to avoid going over the debt limit and it will probably be a rather shortterm solution. You know House Republicans<\/a> in particular, they seem quite unhappy here. They dont want to do a longterm extension raising of the debt ceiling. They want to have a conversation about obama care. In your estimation, should the discussion about obama care be over . Well, first of all, i oppose obama care and think we ought to repeal it and replace it, and i think most americans agree with that. But we can minimize the damage in this process by doing certain things that were consistent with the original obama care like making people verify their income when they go on exchanges. Were dealing with a 40hour work week so when people arent taking in 30 hours and below parttime work. But no, i think we ought to focus on these spending issues, we can and should. I dont think there will be a longterm solution in the next few days, but i think well figure out a way to put off the discussion and i hope we do it in the next few days. If you get past a crisis point and sairy, well, lets ge into a bigger discussion about the budget. You are on Simpson Bowles<\/a>, you are on the supercommittee. It wasnt that successful. Right, and where is there a reason to be hopeful that congress can get to something meaningful here . This may be harrassy, but i think Simpson Bowles<\/a> got it right. Put everything on the table. We know ten years from now medicare is not sustainable financially. We have to do something. Why wait ten years to see that reality . We know Social Security<\/a> has 20 years, or perhaps less . What are we going to do about it today in a small way that it will have that longevity . We have a tax code that takes 1. 23 trillion out of the treasury each year, and in that we cannot find some savings, closing some loopholes, quote, raising some revenue . Of course we can. Let me just raise this issue about obama care because i want to come back to that. One of the issues is that for conservatives this has been such a huge issue. Even though laws have been passed and upheld by the court, no, there is a basis to try to replace it, to get rid of it. Then you have dr. Ben carson who won the straw poll by voters here in washington. This is what he said on friday. I want to get your response. I have to tell you, you know, obama care is really, i think, the worst thing that has happened in this nation since slavery. And it is slavery, in a way. He was second in the straw poll. How much damage does that do to your position that obama care should be repealed . Is that overstatement thats counterproductive . Well, hes a doctor who feels passionately about this issue, obviously. He can speak for himself, but let me go back to what dick said. Is that something that is a senior republican, you think, is helpful to the debate about obama care . I think what would be helpful is if we sat down and figured out how to make this less damaging to American Families<\/a> and our American Economy<\/a> because it is a huge problem. By the way, its not just a glitch in terms of the rollout, its a breakdown, having tried myself to get on yesterday. I feel sorry for the New York Times<\/a> researcher i heard about this morning who spent 11 days trying to get on and ended up with a blank screen. There are huge problems with it, lets be honest, and we ought to be sure we can minimize the damage. Does secretary sebelius keep her job . Absolutely. Understand, weve been off to a rocky start for sure because 15 Million People<\/a> wanted to get on. Why . Because 40 or 50 million americans dont have any insurance. This is their first chance, many of them, to ever have health insurance. Theyre desperate for an Affordable Health<\/a> insurance policy. We havent had much help when it comes to funding the startup of obama care. Senator roberts, your colleague in the senate, said secretary sebelius, head of health and human services, should resign. I dont think that will solve the problem, unfortunately. I think its much deeper than that. I think the law is fundamentally flawed. I think this rollout is a disaster, not just a glitch. But i want to Say Something<\/a> positive here about my colleague here. He has been willing and hes shown political courage to do so to talk about these issues. I think this morning if we can leave with anything it is that this is an opportunity over the next couple days, but really over the next couple months, because i think well probably push this down the road a little bit, to deal with the underlying problem. And that is the fact that we have these historic levels of debt and deficit that are hurting the economy today. Its like a wet blanket on the economy today. Thats why, in my view, were not getting the robust recovery were hoping for, but it is a war for future generations. We keep building up this debt and deficit, and dick is right, we have to deal with part of the budget that is not being talked about, which is twothirds of the budget in the Fastest Growing<\/a> part, and if we dont do that, we will have failed. If we do do that, we will surprise the American People<\/a> and do the right thing. I have to leave it right there because im out of time. Thank you, senators. I know youre out of work which is why youre here today, and i thank you very much. Lets bring on leon panetta. He served as white house chief of staff, cia director and most recently secretary of defense. Id name more but were running out of time in the program. Thanks for returning. How are you . Is part of the problem in washington that you have two sides who arent really interested in negotiating but digging in and saying, look, this is truly 100 the other sides fault . Look, there is a lot of politics and sound bite wars going on in this town, and i understand that. Ive been part of the political process. But ultimately, i think, both sides are really pretty much at the same place. You know, once you get past some of the rhetoric and some of the extremes, the fact is Everybody Knows<\/a> weve got to extend the debt limit in order to avoid that catastrophe. Everybody knows weve got to end this crazy shutdown of the federal government thats taken place, stop hurting the American People<\/a>. And everybody wants to get into negotiations. What you just heard is a good example where republicans and democrats have to engage in the broader negotiations on the budget. On entitlements, all the health care entitlements, on Discretionary Spending<\/a> and on tax reform. But we talk about it like its a revelation, an epiphany. Even these two senators say, we agree on this, we have to get back to this. With the last shutdown in 1996, this is what you said then. If theres anything weve learned over the last few months is that the policy of threats and basically holding the country hostage, whether its on a continuing resolution or a debt ceiling or raising these kinds of blackmail approaches to try to get their agenda adopted has not worked. Its been a disaster. 17 years ago, the same thing is being said now. David, im really surprised that the lessons that were learned 17 years ago, that you dont shut the government down, you dont hurt the American People<\/a>, that that lesson obviously was not learned and its been repeated. You dont win in this town politically by hurting the American People<\/a>. And thats what were doing. Were hurting kids, were hurting families, were hurting individuals that are losing their pay, not paying their mortgages. I mean, why would you allow a small minority who cant get their way to basically take out their vengeance on their fellow citizens . Thats what happened. Youre talking about House Republicans<\/a>, but the president also knew that this day was coming. He also knew what the deadline was and he appears to have made a calculation having just been reelected that, hey, im going to preserve for future president s an ability not to negotiate over the debt ceiling, even though as senator portman pointed out, previous president s have negotiated on this. Thats why we introduced the idea of having to raise the debt ceiling. Does the president bear responsibility . You are a democrat, you work for him, but out of government you can take a step back. Does he also bear responsibility by playing around with default by pushing it this far . Ive been 3,000 miles from washington. I have to tell you, the American People<\/a> are angry, theyre frustrated, theyre mad. They think that this town has gone nuts in the way theyre dealing with it, and i think both sides will bear some responsibility for that. But i think the president has also indicated hes willing to negotiate on the key issues. The republicans want to negotiate on the key issues. For goodness sakes, thats where this ball game has to wind up. It has to wind up in the broader discussion about how do you reduce the deficit, how do you end this crazy sequester . Because the fact is we are paying a heavy price right now for what is happening to this country. America is being weakened, and thats the last thing that ought to happen. Members swear an oath to protect and defend the constitution against all enemies, foreign and domestic. What theyre doing by the shutdown, by this threat on the debt limit, is weakening america and sending a message to the world that the United States<\/a> cant govern. Thats a lousy message for the world to hear. When sequester was passed, before it was passed, you warned, as defense secretary, of grave consequences for americas military readiness. There is some who look at that and say, that was an overstatement. That yes, sequester cuts have hurt. But as you sit here now out of office, out of the your job as defense secretary, do you believe america is critically unprepared for a National Security<\/a> threat that can be met . I think our readiness has been badly damaged. Weve got 12 combat squadrons that have been grounded. Half of the air force is not combat ready. Weve got ships that are not being deployed. Weve got training rotations that have been canceled. Weve got 800,000 federal employees that have been furloughed under sequester and that are now taking a hit on the shutdown. All of this is impacting on our readiness and our ability to be able to handle a major crisis outside of afghanistan. The president Just Launched<\/a> two special operations here to fight terrorists. If thats the number one goal, he seems to have been quite capable of launching that in this past week. The s. E. A. L. S and their operations and our ability to use special forces in these kinds of attacks, yes. But let me tell you something. On the broader crisis such as the middle east, we are going to be impacting on our readiness and our ability to respond to a crisis in that part of the world. All right. Secretary panetta, i appreciate your time this morning here as well. We will take a break. Coming up, washingtons dysfunction is on full display as world financial leaders are gathering in washington this weekend. My interview with head of the International Monetary<\/a> fund, christine lagarde, where she says this could cause massive disruption. We we know why were here. To chart a greener path in the air and in our factories. To find cleaner, more efficient ways to power flight. And harness our technology for new energy solutions. [ female announcer ] around the globe, the people of boeing are working together, to build a better tomorrow. Thats why were here. Thats why were here. The pursuit of a better tomorrow is something we all share. But who can help you find your own path . Who can build you a plan, not just a pie chart . Who can help keep your investments on course, whatever lies ahead . That someone is a Morgan Stanley<\/a> financial advisor. And were ready to work for you. Against the back drop of a possible u. S. Default, the world financial leaders are in washington this weekend for the International Monetary<\/a> funds annual meeting. They serve as the financial watchdog and rescue agency. Last night i sat down with the head of the imf, christine lagarde, in this exclusive interview. As we sit here, there is no deal. The American Government<\/a> is barelying toward inin inin ini default. How concerning is this to you . Its very concerning. I spent the last three days with 300 finance ministers and banks from across the world, and the world was doing better. There was recovery in the u. S. In europe at last. Japan was turning the corner. The emerging markets were still growing fast and lowincome countries were really showing strong growth. They all came together to talk about the u. S. Monetary policy and its impact on emerging market economies and how they should well prepare for that. And then they found out the debt ceiling was the issue. They found out that the government had shut down and that there was no remedy in sight. So it really completely transformed the meeting in the last few days. Help me understand from your point of view, managing director of the imf, International Monetary<\/a> fund, where youre providing aid to countries at risk around the globe, but youre also keeping an eye on the u. S. Economy, the global economy. Obviously there is a credibility issue for the United States<\/a> here, but help me understand the actual economic shock that would result from us not raising this debt ceiling and being in a position where america cant pay all its bills on time . Do you remember 2008, the beginning of the Great Recession<\/a> . Yes. Well, if there was a combination of the Government Shutdown<\/a> for a period of time and, more seriously, more damaging if the debt ceiling was not lifted with a degree of certainty and enough time so that people could sort of have the assurance that the economy was in good standing, that would bring about so much uncertainty, so much risk of disruption that the standing of the u. S. Economy would, again, be at risk. That some of the obligations that the first economy in the world has would not be respected. And i think, you know, there was a lot of discussion amongst the finance ministers from all over the world about the technical aspects of it. And you can argue forever as to whether the impact is going to be 2. 5, 3 , 5 , how much public spending will have to be cut, how many more people will have to be unemployed. But one thing is certain around the table, it was that if there is that degree of disruption, that lack of certainty, that lack of trust in the u. S. Sitti signature, it would mean massive disruption the world over and we would be tipped again into massive rupture. That was that tip at the big table. In 2008, the Great Recession<\/a>, as its called, this would mean another recession from your point of view . If it wasnt resolved, yes, thats what the risk is. You know, there are some figures in our government and congress, senator rand paul, others who say, you know, this is overstated. The treasury can do things that the concept of default is hyperbole. But creative accounting is not the solution. And markets know that. The counterparts to the United States<\/a> know that. And when you are the largest economy in the world, when you are the safe heaven in all circumstances, as has been the case, you cant go into that creating accounting business. You have to honor your signature, you have to give certainty to the rest of the world, and you have to make sure that your own economy is consolidating that welcome recovery that we have seen in the last few days because it impacts the entire economy. The result of this budget fight and previous fights has been part of a global debate about whether governments need to cut spending, deal with their entitlement state. You know the american budget is overrun with mandatory spending on entitlement programs like medicare and Social Security<\/a>. Is austerity the answer . Are spending cuts that you hear american conservatives say are so necessary, is that the answer for our economy . Or is europe teaching us that thats the wrong answer during a period of slow growth . You know, when we look at the u. S. Economy we Say Something<\/a> which is bizarre. We say hurry up but slow down. Hurry up because measures have to be taken now to deal with entitlement, as you suggested. Because there is a lot of entitlement coming up, and big liabilities coming up as well in terms of interest payment. But we say slow down because the point is not to contract the economy by slashing spending brutally now as recovery is picking up. So the pace of consolidation has to be sensible in order to protect that growth which is generating job and which is helping in all sorts of ways. But hurry up to deal with entitlement that will come up and haunt you in a few years time. Its a balanced approach. Quickly, if we get past this crisis, if the debt ceiling is raised, if the government is reopened, whats your general view of how things are going economically in the United States<\/a>, and where do you see it going . We see real improvement in the economy. When you look at the housing sector, when you look at the automotive industry, when you look at the deleveraging that has taken place in banks, in corporate, in households, its a much healthier economy than it was, obviously, back in 20082009. A lot of work has been done and the economy is im almost about to say was, but i hope is really on its way to recovery. Sustained recovery . Everybody wishes that it is sustained recovery. And if it is healthy because it deals with this hurry up but slow down in terms of fiscal consolidation, if it continues to divvy up the confidence and trust that engages enterprises to invest, yes. Janet, as you know, has been nominated for the Federal Reserve<\/a>, and it got me thinking about a historic moment for a woman at the Federal Reserve<\/a> and the powerful example that you are as a lawyer and as managing director of the imf. Both of you now very powerful women in institutions dominated by men. How do you hope to be a role model to women, both of you . How can you both be role models to younger women, particularly . What i can tell you for myself, but i think i can even talk for janet on that one, is it doesnt go to our head. We dont take it seriously. We do our job. We try to do the best we can, and if we can inspire young women, if we can give the message that, yes, girls can do it, thats brilliant. Because yes, they can do it. Cheryl sandburg, as you know, writes about the concept of leaning in, not taking yourself out of the game before you get to a powerful position as a woman. You wrote the forward for the french version. And you wrote something that struck me, that you want this book to be part of a much wider conversation about how to break down the larger external barriers that women face in business and leadership and society more generally. How do you break those barriers down, from your point of view . You have to be competent. You have to work hard, you have to study, you have tore engaged in what you do. And the barriers that you find on the way . Try to rally support of men and women around you, men and women, to break those barriers. And third, dont take yourself too seriously. Try to bring a bit of humor in the equation. It helps. As you have said on more than one occasion, smile and grit your teeth a lot. Yes. Sometimes you have to, right . Ive done quite a bit of that. M erks rrmerci beau coup. A knew poll out this week of some jawdropping numbers. Has the American People<\/a> agreement in washington finally reached bottom . Kathleen parker, judi woodruff, harold ford, jr. And our own chuck todd. Back in a moment. Norfolk southern whats your function . Hooking up the country helping business run build were investing big to keep our country in the lead. Load we keep moving to deliver what you need. And that means growth, lots of cargo going all around the globe. Cars and parts, fuel and steel, peas and rice, hey thats nice Norfolk Southern<\/a> whats your function . Helping this big country move ahead as one Norfolk Southern<\/a> hows that function . But at xerox weve embraced a new role. Working behind the scenes to provide companies with services. Like helping hr departments manage benefits and pensions for over 11 million employees. Reducing document costs by up to 30 . And processing 421 billion dollars in accounts payables each year. Helping thousands of companies simplify how work gets done. Hows that for an encore . With xerox, youre ready for real business. As youre watching, you might notice this symbol on a graphic we used during the program. Its to let you know that the full article we referenced is also in our meet the press magazi magazine. Its on flipboard, and if youve never used it, its an app that allows you to display all your favorite content across the web in an easy to read magazine view. Our magazine will provide you with the meet the press experience all week long. Interesting content from the same sources we use to prepare for the program. Books, magazines, articles and videos. Well also have exclusive material and highlights from the program. Download the flipboard app on your smartphone or tablet, and once there, search for meet the press in the bar on the top right. Let me know what you think of our flipboard magazine on. Maybe we actually have to get ready, and if thats the case, i think we could be in for a bit of a ride. People may also not understand how much money it costs the government to be shut down. We talked about that on twitter in our interview on friday. You made the point, 1. 6 billion last week according to an analyst from ihs. Each day in terms of economic output in this country is 1. 6 million. There are huge stakes here. If we get past the debt ceiling without a deal, even if we increase the Interest Rate<\/a> on treasuries by one point, thats 120 billion annually. So huge costs to the real economy. There is going to be a cloud, an overhang either way, because whatever deal we get sounds like its going to be a shortterm deal. Through the holidays people are going to continue to be nervous. Its going to impact investment. I cant tell you that this ends badly, but i cant tell you that it ends well. All right. Andrew ross sorkin, i know youll be watching. Thank you fo taking the time. Thank you. As we look at the impact of this at the end of the week, here a poll about reelection. Heres the question. Would you vote to replace every member of congress if you could . 60 in our poll, 60 , said yes. Chuck, you talked about it as a political depression. That is the question for all of you. Are we in a political depression . Well, when eight in ten americans say the country is headed in the wrong direction and were not in an economic downturn were not in an economic downturn. It is a fragile economic recovery, but were in recovery. Its clear were in recovery. There is a little bit of optimism. So when you have eight in ten americans saying were headed in the wrong direction, what is it . The only other time we were this bad in our poll was during the Great Recession<\/a> and right after lehman brothers. There is no other way to explain it, and i think the country is totally now fed up with this broken political system. And, you know, yes, right now democrats are quote, unquote, benefitting because the republicans are taking the beating. But this is the crisis in confidence with the government and the political system. This is the hangover. Judy woodruff, you covered these issues over time, but back in 1996 they were talking about the need to deal with medicare. Its washingtons inability to get to pass this fundamental belief that youre 100 wrong and im 100 right. Thats right, david. I didnt cover the great depression, but when you think about it, this is as bad as it gets. If you go back to the 1930s before fdr and what the similarities are is back then it was the rich and the poor who were hurt by what was going on. Today it is, as chuck just said, its democrats and republicans. Yes, republicans are hurt in the short run because people dont like that they think theyre majorly responsible for the shutdown. But in the long term when people lose confidence in government and they think washington is dysfunctional, democrats believe government should be there to help solve our problems. So if the public no longer believes, has any faith in government, that hurts the democrats, too. Kathleen . Im actually surprised its not more than 60 . That is high, though. Well get there. It is a high, but even on the hill, republicans and democrats are equally frustrated and equally disgusted with not only one another not the opposite party, necessarily, but even among themselves. And one of the strangest things, as we watch all of this, is it seems to me that the two protagonists, Speaker Boehner<\/a> and the president , have similarly driven by the other parties. Its funny that they each know what the other needs. But the president has been driven primarily by senator reid, and for poor john boehner, i always precede his name with poor poor john boehner has this tea party resurrection. There is almost no one that can take control of whats come apart and almost everybody wants to. I raised this before and i raise it a second time because, as chuck said, the republicans have taken such a beating on this, harold. But the president knew this was coming as well and didnt have to face reelection again. Is there a certain aspect of this where he says, look, not only am i going to protect a future president from having to deal with these kinds of demands, but i can also deal with republicans if they want to shut down obama care and dont have support. You asked, would each of you be willing to blame the other 100 , and it was interesting their answer. There are two issues. Whether or not we raise a debt ceiling. You have a proposal to raise it for six weeks, a proposal to raise it to the end of january, and you have a third one where it takes it to the end of the year. Second, you have a group that wants to push it out to the end of january and another group wants to push it out for a few months later. When we look back were going to wonder how on earth could the president and others not come to some agreement when you have plausible, attainable kind of goals in front of us. Two, the economy is ready to take off. You saw last week the market exploded. The biggest single gain the day of the year once it looked like a deal was within reach. Last week reports demonstrated that america is now the number one interview produced in the world, about to take russia in natural gas and petroleum products, which means higher paying jobs. Americans want to work. They want to get beyond this moment. It seems for those who are outside of this, and im not as close to washington as i was before, a deal is within reach. To kathleens point, it appears there are forces. Tea party on one side, perhaps progressive liberals on the other, that are stopping us from each side taking a small step and conceding a little bit. Boehner conceding on spending and president obama conceding with democrats around whether its obama care or spending cuts. To your point, the fact is there were several proposals made that were completely within reasonable bounds by anyones measure, including senator Susan Collins<\/a> proposal. To me none of these are reasonable to me right now because were talking about six weeks, six months, eight weeks, maybe three months. You go to the cost of the shutdown. The cost of doing this six weeks at a time, even six months at a time, the cost of not having a budget that we havent had in i dont know how long, an actual budget, the cost of doing that for the federal government is also costing us money. Thats where its sort of, to me, the most frustrating part is that theyre fighting over a sixweek deal. We need something to get be kwond this moment. You talk to the white house and they make it clear the president is not going to bend on the debt limit. He does not want to go with a shortterm agreement on the debt limit because you turn around and its december or january and you do it again. But they say if you can remove the threat of a debt limit, the president is ready to talk about spending, about appropriations, about the sequester, those automatic acrosstheboard cuts, so theyre saying that ability is there but republicans have got to get over what is the here i asked the senators, so if you do get a deal by thursday, what will they have overcome, chuck . Part of it is how much do you spend for the next fiscal year . But obama care seems to be off the discussion. Listen to rob portman. His two demands now were but hes not a house republican. No, and the demands on health care now are very, very tiny. The problem for republicans would be the deal that john boehner and Mitch Mcconnell<\/a> would take they cant sell. John boehner is a guy that wants to do something about medicare and Social Security<\/a>. The problem is, that does not sell with the tea party. The Tea Party Caucus<\/a> does not want this. They do not believe a big entitlement deal is really something to tout, certainly not something to take home to voters. John boehner could win an increase in the debt ceiling as well as a reopening of the government if he chooses to reopen the hassle rule. If we get to tuesday and wednesday and he does not have a majority of republicans, all the democrats could bring maybe talks broke down last night between mcconnell and reid. The Senate Republicans<\/a> thought they had a deal friday night. Everybody thought yesterday it was all going to happen, and then reid backed off. Part of that is the white house. They didnt like the sequester issues and these numbers that were rallying around collins. I think on wednesday boehner just takes the senate bill thats sitting there dont forget, at any point in time, he can just throw that out there, throw it in, put it out as one bill ask then we sort of punt for six weeks. Obama care is still the center debate of all this. Kathleen sebelius has been sort of the debating point of this, and we talked about her, shes the director of health and human services. She runs the health care plan. She runs obama care. She thinks she runs health and security. Its part of the security verification. She was on jon stewart this week and it didnt go well. Watch this. Were going to do a challenge. Im going to try and download every movie ever made, and youre going to try to sign up for obama care and well see which happens first. Funny line. Unfortunately, a lot of truth. She struggled to answer why you would give a business a year delay but not an individual who has to, you know, adhere to the individual mandate. Well, they dont want to give the correct answer, which is that obama care falls apart without the individual mandate. I mean, we need the young people to pay the unhealthy people. Right, the unhealthier folks. As a fellow kathleen, i think we could cut her a little bit of slack. She was not effective. She should have been far better prepared with her answers. There is no good answer to the individual mandate. There is also no good answer as to why this disastrous rollout. These people had plenty of time to get it together on the one hand. But they also had plenty of time to get their answers straight so when asked they could say not its getting better, every day its getting better. It just shouldnt have happened this way. Let me take a break and well have more on this from the others with our roundtable, after t announcer scottrade knows our clients trade and invest their own way. With scottrades smart text, i can quickly understand my charts, and spend more time trading. Their quick trade bar lets my account follow me online so i can react in realtime. Plus, my local scottrade office is there to help. Because they know i dont trade like everybody. I trade like me. Im with scottrade. announcer ranked highest in Investor Satisfaction<\/a> with selfdirected services by j. D. Power and associates. Ido more with less with buless energy. Hp is helping ups do just that. Soon, the worlds most intelligent servers, designed by hp, will give ups over twice the performance, using forty percent less energy. Multiply that across over a thousand locations, and theyll provide the same benefit to the environment as over 60,000 trees. Thats a trend we can all get behind. Bny mellon combines Investment Management<\/a> investment giving us unique insights which help us attract the industrys brightest minds who create powerful strategies for a countrys investments which are used to build new schools to build more bright minds. Invested in the world. Bny mellon. Final moments here with all of you. The unusual effects of the shutdown. So because of the shutdown, there is no administrative personnel to manage quota allocations so that fishermen can go out and fish or crab, and that is why you have Keith Colburn<\/a> from the deadliest catch on television testifying on capitol hill this week. Watch. At some point youre going to run out of bandaids, and at some point youre going to need a tourniquet. Im here on behalf of fishermen. Im here for crabbers, but im here for fishermen. Im here for our markets to be solid, for our economy to be good, for people to be able to buy my crab. The guy just wants to go fishing. He was the most eloquent on capitol hill saying, do your jobs. I got to go fishing, i got to make a living. And there are serious and not so serious repercussions from this data, but the fact is, and most of the country isnt feeling it. Your nbc poll this week showed that. But there are serious effects, too. Nih, we know people are not being accepted for medical clinical trials. What is it the white house said yesterday, out of five scientists in the government who are the winners of nobel prizes, four of them are furloughed, which is just a symbolic way of saying research has been shut down. The centers for disease control, food inspections are cut down, the salmonella outbreak on the west coast. No work that has been done on t. I think as historians look back 20 to 30 years from now, this moment will rank like 2008 that shows a lack of confidence, a dearth of confidence. It may be harder to recover from than we think, and i hope it doesnt keep people from running for office, because its clear that thats what we need most. Well be back with an exclusive preview of new well be back with an exclusive preview of new findings that will make yo before their gift helped preserve the point. Before a credit solution was used to expand their business. Before trusts were created for their grandkids educations. They chose a partner to help manage their wealth. One whose insights, solutions, and approach have been relied on for over 200 years. Thats the value of trusted connections. Thats u. S. Trust. [ male announcer ] may your lights always be green. [ tires screech ] [ beeping ] may you never be stuck behind a stinky truck. [ beeping ] may things always go your way. But its good to be prepared. Just in case they dont. Toyota. Lets go places, safely. Weve always been on the forefront of innovation. When the world called for speed. When the world called for stealth. Intelligence. Endurance. Affordability. Adaptability. And when the world asked for the future. Staying ahead in a constantly evolving world. Thats the value of performance. Northrop grumman. Geothe last thing i want iswho doesnto feel like someone is giving me a sales pitch, thats the value of performance. Especially when it comes to my investments. You want a broker you can trust. A lot of guys at the other firms seemed more focused on selling than their clients. Thats why i stopped working at my old brokerage and became a Financial Consultant<\/a> with charles schwab. Avo what kind of Financial Consultant<\/a> are you looking for . Talk to us today. Were back once again with chuck todd for his first read sunday, a look ahead on politics and first the new Jersey Senate<\/a> race. If its tuesday, somebody will be voting again this tuesday. Harry reid will get one democratic cory booker is going win. He sort of limped along, steve lonegan. He even had sarah palin campaigning with him yesterday. Swing votes in new jersey. Cory booker is going to be an impatient man when hes in the u. S. Senate. This is not somebody who will enjoy being in the back bench. Its going to be interesting to watch. What else . Move on. I want to show you speaking of rabble rouze erke rousers in th. Ted cruz. The Republican Party<\/a> really is divided in two camps. Half identifies with the tea party, half identifies with the nontea party, and you see we did an interesting survey with the obama and romney pollster pollsters. The left wing and the right wing combined are a minority. They do identify with one party over another but not comfortably. They like the government safety net, theyre social libertarians, theyre not really churchgoing people, but more interesting you need to know what theyre doing later today, if theyre not watching the show today, theyre drinking beer and watching football. But it is a very interesting study. Well have a lot of details on tuesday and people can go on the web and find where they fall. People have to wonder if its 51 . This congress does not represent a majority of the country. Represent a majority of the country. There is a pursuit we all share. A better life for your family, a better opportunity for your business, a better legacy to leave the world. We have always believed in this pursuit, striving to bring insight to every investment, and integrity to every plan. We are Morgan Stanley<\/a>. And were ready to work for you. Losing thrusters. I need more power. Give me more power [ mainframe ] located. Ge deepsea fuel technology. A 50,000pound, ingeniously wired machine that optimizes raw data to help safely discover and maximize resources in extreme conditions. Our Current Situation<\/a> seems rather extreme. Why cant we maximize our. Ready. Brilliant. Lets get out of here. Warp speed. Warp speed. Weve all met bill. He shows up once a month asking for money. You cant avoid him, but you can stop him from wasting 150 Million Pounds<\/a> of paper every year. Ask bill to go online. Green bill is much cooler. The more you know. Here now, some of this weeks images to remember. That last image is of the new 100 bill that was rolled out this week despite the Government Shutdown<\/a>. Interesting fact, the last redesign happened in 1996, the same year as the last Government Shutdown<\/a> 17 years ago. So around the horn here. Deal by thursday . Yeah, i think by wednesday. They have to. Yes. Yes. Yes, but after that its really hard for something long term. The question is does boehner remain speaker after that . All right. To be continued. Thank you all very much. Appreciate it. Thats all for today. Well be back next week. If its sunday its meet the press","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia800901.us.archive.org\/15\/items\/WJZ_20131014_073500_Up_to_the_Minute\/WJZ_20131014_073500_Up_to_the_Minute.thumbs\/WJZ_20131014_073500_Up_to_the_Minute_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240620T12:35:10+00:00"}