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evening here in the nation s capital. just to underline the peril facing the united states economy, and the american people, democratic officials familiar with the president s speech expect him to say the country right now is, quote, in imminent threat of default. with only about one week left for democrats and republicans to agree on a deal to raise the debt ceiling. in a speech earlier today, the president alluded to the bitter political grid lock between both sides. are we a nation that asks only the middle class and the poor to bear the burden? after they ve seen their jobs disappear and their incomes decline over a decade? are we a people who break the promises we ve made to seniors or the disabled and leave them to fend for themselves? that s not who we are. we are better than that. we re a people who look out for one another. we re a people who believe in shared sacrifice. because we know that we rise or fall as one nation. congressional leaders from both par ....
Making, because we are now because of the enormous debt we re scheduled to borrow $10 trillion over the barack obama budget. there s a risk and the credit agencies are saying we have to grinded risk and we will move from aaa to aa bond rating and it would be more expensive to borrow. unless we bring the debt down, we re going to have to pay much more in debt service. they re right about that, where they re wrong is where the debt came from. it s very clear, if you look over the last year and a half, the about 90% of the increase in the debt was due to new spending, not a result of revenues being too low. it s a desperation argument. we must raise taxes because the deficit is too big. that really wreaks of desperation. that s right. i ve been following this issue ....
Here to help sort out the fact from the fiction is the best business reporter open the planet. we all feed to take a chill pill. a default is catastrophic. when you default people talk about going down to from aaa to aa. neil: but we are not six days from that. guest: the president has the power to pay the bondholders. it will not look pretty. we spend a lot more than we take in. we spend $2 trillion a year, $3 eight or nine a year and we take in $2 trillion and we have to make up the difference. and we can pay off bondholders, service on the debt is $200 billion. of the $2 trillion we take in. neil: the best way to make an analogy, a spouse or major ....