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The average worker receives is social security benefits for 16 years, not 30 years. right now, social security has a $2.27 trillion surplus, and will be solvent through 2033 even if no changes are made. social security has nothing to doing with our deficit and debt problems in this country. it s a separate fund. the ceo of goldman sachs didn t seem to have a problem with $10 billion in federal bailouts, his company got back in 2008. goldman sachs repaid the money and has made billions of dollars in profits since then. but it s ceos, they want to cut retirement benefits to the middle class americans. they want them to pay for if it. here s honeywell ceo david could they suggesting something very similar. the big nut has to be medicare, medicaid. at the end of the day, you can t avoid the topic. especially with the baby boomer generation retiring. it s gog literally crush the ....
economy came out just minutes ago. christine roman has those and then zain verjee looking at reaction to a deal made on the debt crisis and alison kosik at the new york stock exchange where your 401(k) could enjoy a big day. christine, let s go ahead and start with you. before we focus on the big debt deal, if you don t mind, let s talk about what this means. tell us about the economy and the good news we re getting. all right, first of all, gdp. how the economy grew in the most recent quarter. the third quarter. 2.5% kyra. that s twice as fast as it was in the second quarter. it shows you there was a pickup in economic activity in the third quarter. and that is the best in a year. so, kyra, that tells us that the economy is doing a little better, it needs to be better than 2.5%, but that is better than it has done in about a year. that is good news about where the economy is going right now. the overnight deal on the european debt crisis. let s talk about how this ....
Geithner promises we are going to default on our debt if the debt ceiling is not raised. during a recent 12 month period of time the net interest expense of the federal government was $213 billion, revenue collected during the same period amounted to $2.27 trillion. so there is plenty of money. is there any reason to miss a debt payment? guest: probably not. you could have technical we fault. in other words, that revenue does not cover our expenses. but you could have technical degovernment in the sense the rating ages have warned even without missing an interest rate you could potentially get a downgrade of debt so, yes, it is an exaggeration to say we will not have the cash to make the interest rates but if you make the payments there are other things you are obligated to pay you will not pay. greg: first thing the treasury would do would be to ....
2.27 trillion in revenue. there is plenty of money to make the debt payments if the ceiling is not raids. is all of this just scare mongering about a default. i think so, greg. this is just more political brinkmamship. the administration wants to force the gop to sit down at the negotiation table, they are using, tossing around these dramatic terms like default. everybody thinks my personal circumstances, if i default i ll lose my house, my car, my savings, so, yeah, i think there is a lot of fear-mongering taking place here. greg: as i read the law the treasury is required by the 14th amendment to make payments on principle and interest. i know you re not a lawyer but for our sraours let s put it up on the screen. here is the 14th amendment. the validity of the public debt of the united states authorized by law shall not be questioned. now, i talked to a constitutional law expert who says that that gives the ....