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extreme maga republican effort to default on our debt, crash the economy. i m worried about the consequences of us not coming to terms and raising the debt ceiling. at this point, it s economic terrorism. my communications to them are, stand firm. there s no reason not to. stand firm. you have a white house that is not serious. republicans want to drive us over the cliff of default. it s idiotic for anybody to consider anything other than what we had. we will ride it out. neil: does that sound like progress? we ll see. both sides far apart as lawmakers race to cut a deal we re told a week away. this as fitch, the big ratings agency warns that a credit down grade could be in the cards and maybe soon regardless of how this works out. welcome, everybody. i m neil cavuto. so much to get to. let s get to it with chad pergram on capitol hill on where things stand right now. hi, chad. good afternoon. the move by fitch and the ratings arm of morning start caught t ....
Budget and democrats have to do less with more, we should be down graded. we don t have a long-term plan. neil: part of that so-called part of this, steve, is they agreed two, three, five year spending kind of frozen in place at no more than what you re saying. that s unlikely. that would be less spending. that would be cuts in an inflationary environment like this. it looks very unlikely regardless. even with both deals, we ll have trillions of more in debt ten years from now than we have now. yeah, look, a couple of points. number 1, there will be no default, period. stop talking about default. even my friends at fox news are talking about default when the chances of that are zero. neil: by the way, you think there s a default? there can t be. neil: ken fisher said the same thing based on the notion that that is something that no one would sign off on. ....
This should ring a bowl. 2011 s&p down grading our credit back then. it was the chicane early ahead of it that prompted us losing our triple a credit rating and never getting it back. steve moor is with us, dave dotson is with us. dave, it would be a kick and not necessarily a good one for the markets after this if they secure a deal and our debt is down graded. what do you think of that? it s terrific that we wouldn t default on our own debt, but we re the titanic headed for an iceberg. until we re ready to deal with the tax code that has ballooned three times and address military spending, social security and medicare, which is 80% of the ....
That time when a rescue for financial institutions, tarp, after the fail your to pass that effort to help the banks, we sung about 777 points in the dow. they hurry back and approve it. as luck would have it, we fall more after it. we can spur it, but it doesn t mean it will go the same way. what do you say? i agree with steve s assessment of our situation now. the problem with the stock market, the stock market needs to address what the longer term issue is. i agree with steve. we won t ha default. do we have a plan to actually bring us down from about 24% gdp back down to 20% gdp, our spending. that s where we need to get to. we re so far away from a balanced budget, we should at least be spending at the same rate to gdp that we were 20 ....