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Debt Default Deadline Fast Approaching

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    Lawmakers still at odds as U.S. inches closer to serious financial crisis

  • Duration 4:04
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-- according to the Treasury Secretary the US is now just two weeks away.

From possibly defaulting on our ballooning debt for the first time in history if that goes into effect.

Now President Obama is facing his lowest poll numbers yet right now on the US economy take a look at this latest McClatchy Marist poll this one is.

58%.

Disapprove of the way that the president is handling the economy.

Today he is meeting was leading senate Democrats to have in the latest round of what to -- About this crisis situation that where and how to solve it doing now about as fast as senator Ron Johnson -- Republican on the senate budget.

-- -- to all of this the senator Johnson welcome good to have you here.

Warren -- thanks revenue on it's it's our it's our pleasure -- -- -- you basically said that you want -- delay this process and CC more transparency.

You wanna know what's going on behind closed doors and what kind of agreements if -- are being retried.

-- I don't want to delay the process I wanna speed the process along -- Martha.

We are bankrupting this nation in the senate is not working on the problem at all.

The senate by -- should pass a budget back on April 15 all the approach appropriation bills should -- been passed by June 10.

We haven't even started -- Democrats have not presented a budget.

That the budget the president presented.

Was voted.

Down in the senate zero to 97 it was so one serious and ought what are what -- what I'm saying is we need to start working and on the senate.

And -- -- -- reality is -- 2% of Florence said until we start.

Dealing with this problem.

I mean use all the powers that I have -- you US senator.

To start gum up the works until we start addressing the problem it here Arab former private businessman you've been in office about six months that you're very -- it's a whole Washington -- how shocked -- you know.

By your inability in some ways to -- affect the process.

I'm -- -- not shocked I've been watching Washington for 32 years as I ran my manufacturing plant I knew Washington is broken.

And trust me in the last six months nothing I've seen here is his change my opinion.

But that's just the problem.

You this is business as usual in Washington fact that.

We're gonna leave the fate of the American economy the -- of our financial future in the hands of a couple people.

Meeting behind closed doors.

We'll start try to view the American public that's not the way this -- should work.

You can let us -- look -- was -- poll that was done a little while back that asked people you know do you think that you know.

The world is gonna and essentially if indeed we hit the -- a second deadline and we don't raise the debt ceiling.

53%.

Said no they think that's an exaggeration it.

What do you think you're on the Budget Committee what do you think will happen if we hit this August 2 deadline and we don't -- that's CI.

Mean I don't think it is in the world particularly not if we plan for -- -- wrote a letter to President Obama signed by -- -- of my senate colleagues saying.

-- it's irresponsible to assume that you're going to get an increase in the debt ceiling lets put into contingency plan.

To have to live within our means.

And Martha living within our means -- -- two point six trillion dollars.

That's 800 billion dollars more than we spent just ten years ago it would be the end of the world would pay for all the interest on the debt there'd be no chance of default.

You pay for hundreds -- a Social Security.

And still leave one point six trillion dollars available for all other essential spending.

So no it doesn't have deep crisis if we plan -- and I tell you what I fear -- more.

Been kind of pushing this to limit.

Is what happens when we actually hit a Greek like debt crisis when we're no longer -- reserve currency when we can't continue to print money to delay -- day of reckoning.

I fear our -- reckoning so we need to actually step up the plate.

And start solving the problem and one of the ways to do that Martha is we have -- Republicans can roll out our support for the balance.

Budget amendment two days.

We've got to put in those -- -- hard spending caps.

That type of limit on the federal government if we're gonna really solve this problem I was -- get with that will be watching very close to senator Johnson come back and tell us how things are progressing if you -- I would like -- -- -- good to see thank.

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