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If this had been coming out of the financial crisis, if he basically said we now have to attend to our fiscal basis, to the foundations if you will of the american economy, and condition the american people, then a lot of people on the hill would have found their choices so different, because they would have read the polls. if the president shaped the political environment we would be in a different place right now. the president could have done other things, and he had pressures from his own party, from the left, which were unrelenting. as we sit here today, he is being constructive. he offered to compromise and take 75% spending cuts, and cuts in medicare and cuts in social security. all he needs is revenue in order to balance it out and make it fair and keep his side of the aisle intact. yeah, and you know, closing ....
And show stability to the rest of the world. we lost our ability to do it in the 1980s. ronald reagan and tip o neill make big deals. s in it s 1990s, bill clinton and the republican congress made big deals. mika, it s not over yet, but it s gotten to the point already that this is damaging the reputation of the united states of america, and the longer it goes, and i think we re talking about it damaging our reputation more exponentially every day this crisis goes on. i think both sides would agree to that. after a weekend of meetings resulting in yet another impasse, president obama is cancelling two fund-raisers today to continue negotiations. senate majority leader harry reid says the talks broke down last night because of the republicans insistence on a short-term deal. reid says the democrats new proposal is an effort to reach a compromise. their plan would reportedly cut $2.7 trillion over the next ten years. ....
Elections as if that would go to their benefit? i don t think it s to anyone s benefit and certainly would harm the economy. it certainly would not help the economy. this indecision is is killing the united states as far as its reputation across the globe and, willie, we talked about a rising china all the time. i i suspect we re doing more damage to the reputation of the dollar and the u.s. economy than what china could do to us competitively over 50 years. we are handing them an extraordinary advantage worldwide. bill daly almost made that exact point on meet the press. he said we ll get through this, we won t default hopefully get something done, but the effect is that it shows not just voters here in the united states but markets and leaders abroad that the united states system isn t really set up to do big things. when a crisis like this comes up, they can t come to a deal that would repair the markets ....
Think things about republicans. john boehner does not need to go on national television during this time of crisis, and this is a time of crisis. uh-huh. and take cheap shots at the president like that. again, for republicans at home watching, ah, he said the same thing about harry reid two weeks ago. maybe they just maybe they just don t understand on capitol hill. maybe they don t understand how much this is shaking the world s confidence in the united states of america, in the dollar, in our political system. maybe in washington, d.c. they don t understand that we are literally in an economic fight for supremacy over the next century with china. maybe they don t understand that the more this goes on, the more we strengthen china s standing in the globe. the more we strengthen our rival savannah, maybe they just don t get it. maybe they ll ask, recognize ....
The t.a.r.p. crisis, and that s going to look like summertime in the south of france, mika. you know how beautiful it is there this time of year. i don t, actually. i had a horrible time when i went there once. yeah, we heard. many times. no ice cubes in the drinks. chuck schumer is coming up. we will be talking to chuck schumer. also, we will bring in congressman jim clyburn. and we will be talking about the norway tragedy. first, here is bill karins with a check on the forecast. good morning, everybody. for the first time in a while it will feel like you are not walking on the sun. a little break in the atlantic from the heat today, but it will return by the end of the week. the heat wave has shrunk and returned to the middle of the ....