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greta: you said it doesn t define us, you re speaking of speaker boehner s proposal? it s a start. again, we re going get more cuts over a longer period of time to give increased boroughing. his is in two stages. but we still need to get more. and what we need to do is, what we need to do is one of the things on the plan is we do need a balanced budget amendment. we ve proven incapable of addictive elixer of spending money we don t have. and i don t like are the phony cuts. we say in the future we re not going to spend this money, so that is somehow a cut. i think american people are going to understand the real cuts now. what we need to do is cut about $150 billion next year, ....
We ll give you, mr. president, what you want more than anything, a $2.4 trillion debt ceiling increase and deal within 2013. greta: what about entitlement problem? it s a problem. i want tax reform. and you re not going to do that in three, four, six days. it s just not going to happen in a short amount of time. greta: if he does do taxes first for the full commission they said 3300 earmarks and came up with a plan how to deal with that. i just got to ignore it. okay. we called it our house republican budget we put forward we broadened base, and get rid of the loopholes. that is common ground. greta: and paul ryan of wisconsin republican voted against it and was on the commission. yeah that. is why we hear speaker boehner with all due respect wanting to put in another commission which was the request of senator reid, we ve had 17 ....
greta: what happens then? well, i don t know if we want to think about that. it could be ugly. remember we have tarp. it didn t pass first time around, the dow dropped 800 points and congress came back and backed it. greta: so a couple days of . i m not saying it s not going to be a bumpy ride. we have all of the politics and but none of nobody on either side of the aisle is saying we re going to have a default and that we re not going to not agree to pay our bills. greta: i can t imagine us defaulting. the united states defaulting? sounds unheard of. and newspapers from around the world online. i see what they re saying about us. and other people discussing it. we can t do our own finances, it s rather humiliating. greta: don t start on the s ....
Leader harry reid. your thoughts on where we re going? well, we right now we have dualing bills from the majority leader in the senate and speaker of the house. i don t know where it s going. depends on what the votes are. greta: do you like the senate majority leader s bill? not particularly. most of it comes in false savings we don t get in terms of more savings, though maybe congressman ryan claims some. none go far enough, greta. i put it out. we need $9 trillion. you just heard an economist tell us we need eight and 10. what we need is real cuts. real honesty with american people how big our problems are. and do the things that will get us there. we hougt to, if we can get a small amount now we ought to get a small amount and work to get more and more. but we, minimum we need to settle markets is $4 trillion. ....
Many describe it as catastrophic. this can scare investors and businesses around the world and we re all connected around the world. and the asian markets are open now and how are those markets react something peter barns joins us. asian markets are up now. greta: why? because did he the do not believe we re going to default or have a downgrade. u.s. stock markets don t, either z bond markets because if they did, if they thought there was going to be a default or a downgrade markets would be so much lower where they are now. dow down 100 points today. greta: okay. let s say august 3 they wake up and there is a rude awakening and turns out oh, oh my. they thought goitsing to happen, it does happen. then what happens? markets have been wrong, so have television commentators. ....