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February 7th, requiring a budget conference report in which both houses would come together to negotiate a budget by december 13th, and flexibility for agencies to implement budget cuts from sequestration. there may be some other aspects of the deal we ll get into. this deal comes after democrats rejected a plan crafted by republican senator susan collins, in part because it would have extended sequestration level budget well into 2014. there is at least recent precedent for mcconnell and reid striking a deal the white house signs off on, a deal that speaker boehner then brings to a vote in the house, despite the opposition of a majority of republicans. it happened on the fiscal cliff and it happened on sandy aid. of course, the great irony is that if that is how this ultimately plays out, it could have happened two weeks ago. if speaker boehner had brought the senate s short-term budget to a vote in the house, it very likely would have passed. meanwhile, as the shutdown continues, rep ....
From the public debt, but that doesn t mean that we have to pay every bill the day it comes in, 100 cents on the dollar. in fact, house republicans even passed a bill in may called the full faith and credit act, requiring the treasury to prioritize payments to creditors, rather than, say, medicaid payments to doctors, in the event of a debt ceiling breach. this bill requires, not allows, requires treasury to continue to pay principal and interest on existing debt if and only if we hit the debt ceiling before a deal is reached. this is a backstop that takes default off the table. now in isolation, that sounds almost reasonable, doesn t it? it s not. it s nonsense, and here s why. think for just a second about how massively complicated it is to deal with all of the money flowing through the united states government every single day. you ve got intakes like payroll taxes and bond purchases coming in and all sorts of money going out, interest to bondholders, social security payments, ....
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If no deal is reached in congress, america may hit its debt limit just three days from now, which very likely means default, possibly financial chaos and chaos for the world economy. but a bunch of republicans have this new line. they re saying don t worry about it. once the government can no longer pay all its bills, all it needs to do is prioritize who it pays so that bondholders come first, and that way, there s no default and everything will be fine. there s no reason for us to default. we bring in $250 billion in taxes every month. our interest payment is $20 billion. tell me why we would ever default? i would dispel the rumor that is going around that you hear on every newscast that if we don t raise the debt ceiling, we will default on our debt. we won t. we ll continue to pay our interest. we are not going to default ....
Ramifications of it, chris. this has real impact on real families all across america. you know some are furloughed, and they know they re going to get their pay when they come back. a lot of families are not in that situation. i mean, they re flat out unemployed. 900,000 jobs have, you know, are estimated to have been lost because of this whole thing. i mean, this is deeply troubling. but what s equally troubling is our failure as a country and this institution and the president to agree upon a long-term plan that slows down the growth of mandatory spending. you will not get any argument from me that the short-term government by cr is no way to go. congressman scott rigell of virginia. thank you. chris van hollen, ranking member of the house budget committee. first question to you, congressman, is is john boehner going to bring this to a vote? if the contours of the deal are the ones that we re reporting, and i d be curious if house leadership is being read into this, which don t do ....