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That we both reduce the debt ceiling, and let s not underestimate the deficit reduction is an important part of this, so i think but that doesn t sound like a certain message to investors. should they be swayed by that? well, listen, the best way we re going to persuade investors and the american people is to solve this problem. and i think in the coming hours and we re literally talking about the coming hours, i think we can count on congressional leaders to compromise that last bit so we can have a deal that, again, the house republicans, mysteriously, because i don t know anyone who watches this who would think this is a good idea, wanted us to go through this whole three-ring circus again in four or five months. we re not going to do that because it s bad for the economy. if we have a default, who gets paid first? how does treasury make that decision? listen, at the appropriate point, the treasury department will obviously lay out for the american people how this is going ....
Our focus right now is solving this problem. if we re not able to reach a deal, then treasury s going to have to report to the american people exactly how this is going to happen. chairman mullen is in afghanistan. he told our troops fighting there he didn t know the answer to when and where they would get paid. will the president insist that if there s a default, the troops will get paid? again, the treasury department by the way, whatever admiral mullen talked about, it s outrageous that here we are, 60 hours away from the united states of america potentially defaulting for the first time. and the reason we re here is that, particularly republicans in the house, but republicans generally had been unwilling to compromise. so, at the appropriate point, if we get to that point, the treasury department will lay out clearly for the american people, most importantly for investors, folks around the world, exactly what would happen if we default. i want to be clear on what the presid ....
How does treasury make that decision? listen, at the appropriate point, the treasury department will obviously lay out for the american people how this is going to operate. our focus right now is solving this problem. if we re not able to reach a deal, then treasury s going to have to report to the american people exactly how this is going to happen. chairman mullen is in afghanistan. he told our troops fighting there he didn t know the answer to when and where they would get paid. will the president insist that if there s a default, the troops will get paid? again, the treasury department by the way, whatever admiral mullen talked about, it s outrageous that here we are, 60 hours away from the united states of america potentially defaulting for the first time. and the reason we re here is that, particularly republicans in the house, but republicans generally had been unwilling to compromise. so, at the appropriate point, if we get to that point, the treasury department will la ....
raul labrador, you re a freshman republican from idaho, tea party backed. a lot of your and you ve been instrumental in some of the talks on the house side, which included a balanced budget amendment, which is, you know, a poison pill in the senate, as you know. do you feel vindicated that you ve stuck to principles, or are you aptly criticized for failing to recognize what you and your colleagues are doing that leads to the political default that tom is talking about? let s talk about this for a second. we didn t create the problem. the problem has been created by the establishment of washington for the last 30 years. the reason we have $15 trillion in debt is not because i was in congress for the last 30 years, because of the people who have been here. and we came to washington to change the way business was done. the american people have told us that they wanted to change the way business was done. mike mullen, who you quoted recently, he says chairman of the joint chiefs. ....
He told our troops fighting there he didn t know the answer to when and whether they would get paid. will the president insist that if there s a default, the troops will get paid? again, the treasury department by the way, whatever admiral mullen talked about, it s outrageous that here we are, 60 hours away from the united states of america potentially defaulting for the first time. and the reason we re here is that, particularly republicans in the house, but republicans generally had been unwilling to compromise. so, at the appropriate point, if we get to that point, the treasury department will lay out clearly for the american people, most importantly for investors, folks around the world, exactly what would happen if we default. i want to be clear on what the president would accept in terms of cuts, in the first stage or the second stage. in other words, that what s called in washington a trigger, which means that whatever forces congress hand, if they don t continue to cut g ....