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November, where america overwhelmingly said washington, get the joke, get your physical house in order. so i think the momentum is in the right direction. what we don t want to do is have these dire predictions and this, you know, the sky is falling mantra to suggest that we should just put aside all these spending cuts. secretary geithner could do an amazing thing by next week announcing all the additional cuts that will come from treasury to try to keep the debt ceiling lower than it needs to be so we are signaling america that we re going to have true financial sanity. jamie: david, matt, causing for calling for all hands on deck on this one. thank you very much to both of you. thank you. bill: the some rules to live by, jamie, don t joke about security at our airports, don t ever yell fire in a theater and don t joke about beating up the president if you re an ultimate fighting martial artist, jacob ....
So put garbage in, it s garbage out. bill: right now our national debt is topping $14 trillion. and the fed chief, ben bernanke, is testifying before a senate committee, saying that there is more optimism on the economy, but that it will take years for the job market to recover to levels that we saw back in 2008. we ll watch that jamie. jamie: thanks bill. there are new warnings from the white house about what could happen if the u.s. does not raise the debt ceiling for us. treasury secretary timothy geithner warning lawmakers yesterday we are about $335 billion away from hitting that $14.29 trillion ceiling, bill, and that s essentially the u.s. credit limit if congress doesn t take action by the end of march. they say we could face catastrophe. nat mccall is with a private investment firm, david reniere is at the graduate school of management at george washington ....
University. welcome to both of you. good morning. jane jaime natural fault, is that where we could be headed, economic catastrophe? absolutely. i don t think they could put it any more clearly. if you think about this, if we do not raise this debt ceiling, we could default on our loan. what happens if you default on your loans? the credit agencies will come in, they re going to lower our rating and who s going to want to lend us money going forward? we re also not going to be making our payments to the countries we ve been relying on to support us out of this recession. this is going to increase borrowing costs dramatically going forward, interest rates will spike here in the united states, the stock market will be crushed globally, it s going to have ramifications that last for years if we do not raise the debt ceiling. jamie: david, how did we get to the point where we have to deal with this now, could we have planned better? absolutely. we ve raised the debt ceiling, $1.9 tril ....