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mika, you were saying last hour, what possible motivation could the freshmen have? steve and i may not agree on a lot, but we both agree that this debt ceiling debate can t pass without some cuts. well, they are getting their cuts. you heard what steve said, and what john boehner said, and he talked about 42 cents of every dollar the united states of america says they spend on servicing the debt. that number just keeps going up. over time it will keep going up and squeeze out the kind of spending you want to have on productive things, and investments in this country s future and competitiveness, and that s the reason we have to get this under control. that gets the tension that you are talking about. on one hand you can make the case for a clean increase, and on the other hand the world will ....
Entitlement cuts. we hear right now of a proposal floating around to save us $2.7 trillion. 1$1.2 trillion comes from the wars ending. there s a problem when the huge decisions are being made by a handful of men behind closed doors in washington. what do you suggest they do? i have to say, personally, i think that you have got to extend the debt ceiling for three months, and instead of everybody going on vacation, i think they have got to hammer it out. if they are talking about tax revenue, or talking about entitlement reform, there is some heavy lifting there. steve? tax reform? seriously. that s not something you can do before rushing off to nantucket or martha s vineyard ....
and steve has tried. yeah, you are exactly right. deals often happen under this pressure. it s not pretty, not in the private sector always. having deadlines can be helpful. i don t disagree if we want sk substantive, we could extend it for a few months. but there is a difference between the private and public sector, and there is no public accountability, and that s okay, because they are private entities, but this is a different deal, this is the country. there needs to be accountability for the deals that get cut. yeah, deals have been cut in washington for a long time behind closed doors, and that s how sometimes things get done, and then everybody evaluates and decides who was right and wrong. bring back that smoke-filled ....
60 cents on the dollar. we re in a terrible position now, steve, with interest rates at historic lows. they don t have to go up to jimmy carter levels to cripple the economy, and they could go up to 5%, 6%, and 7%. markets will open today lower because of all the uncertainty. this could creep up on you, and it could be just huge. and the white house contends there has been significant damage. an intense performance by the chief of staff on meet the press yesterday saying this has caused enormous damage to the u.s. if you look at the rating agencies and what they have said, what they said is the reason they question our economy ....