deal. i think it s not a solution to our long-term fiscal problems, we need some tax revenue to solve our problems, but it s a good step in the right direction. when we started debating this we needed $4 trillion in deficit reduction, $2 trillion would be spending cuts, $1 trillion would be tax revenue and another trillion in lower interest payments on the debt. this deal got us the $2 trillion in spending cuts and interest savings as well, so we re part of the way there, and i think that s very helpful. it s not going to help the job market in the near term, we ve got to do other things to support the job market over the next 12, 18 months, but i do think this is a good thing for the economy in the long-term. we need tax revenue, we need to come back and address that, but this is a good first step. bob, mark says we have to do things in the shorter term on jobs, you ve been labor secretary, you ve been there looking at the programs and options we have.
really aren t too terribly far apart and the deal can be done by the august 2nd, tuesday deadline. let s listen to the president, this is when he spoke around 10:30 this morning. let s listen. good morning, everybody. i want to speak about the ongoing and increasingly urgent efforts to avoid default and reduce our deficit. right now, the house of representatives is still trying to pass a bill that the majority of republicans and democrats in the senate have already said they won t vote for. it s a plan that would force us to relive this crisis in just a few short months, holding our economy captive to washington politics once again. in other words, it does not solve the problem, and it has no chance of becoming law. what s clear now is that any solution to avoid default must be bipartisan, it must have the support of both parties that were sent here to represent the american people. not just one faction. it will have to have the support of both the house and the senate, and
big deal. again, president obama will be speaking the that this morning at about 11:00 eastern time. the man in charge of the country s finances, adding his voice to the debt debate yesterday, treasury secretary tim geithner stressed the urgency of reaching a compromise during a news conference on capitol hill. we looked at all available options and we have no way to give congress more time to solve this problem. we re running out of time. the eyes of the country are on us. the eyes of the world are on us. we need to make sure we stand together and send a definitive signal that we re going to take the steps necessary to avoid default and also take advantage of this opportunity to make some progress in dealing with our long-term fiscal problems. we don t have much time. it s time we move. secretary guider in s warning comes as a second agency now says the u.s. credit rating could take a hit due to the debt ceiling impasse. let s get an early look at the markets as we get up in you
we ll act and do what s necessary to make sure we can maintain that commitment. we lookeddal all available options and we have no way to give congress more time to solve this problem. and we are running out of time. the eyes of the country are on us. and the eyes of the world are on us and we need to make sure we stand together and send a definitive signal. we are going to take the steps necessary to avoid default and also take advantage of this opportunity to make some progress in dealing with our long-term fiscal problems. we don t have much time. it s time we move. thank you very much. alisyn: despite all the rhetoric from republicans within democrats and the whites house. none of the sides appear much closer to a deal than they did a few weeks ago. what does the average joe and jane think about the attack ads? we are 15 months away from the election and still the negative ads are running fast and furious. we showed our vote ears bunch of
the secretary of treasury insists that august 2nd is the deadline for raising the debt ceiling. we have no way to give congress more time to solve this problem, and we are running out of time, and in the eyes of the country are on us, and the eyes of the world are on us, and we need to make sure we stand together and send a definitive signal. we are going to take the steps necessary to avoid default, and also take advantage of this opportunity to make some progress in dealing with the long-term fiscal problems, and we don t have much time, and it is time we move. wow. well, president obama and top congressional leaders are scheduled to resume the fifth day of talks in just over an hour and lit more than that, and we will keep you up to date on that. also, a lot of of you have been giving us thoughts on the twitter account or facebook, and spooner 135 says that any presidential candidate who signs any pledge does not deserve to be a president. the prez must represent all