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Will the Debt Ceiling Deadline be Met?

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    What will happen if the parties don’t reach an agreement?

  • Duration 5:19
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Let's hear now from just suspect he is former Pennsylvania congressman and former three star admiral good to see this morning Joseph good to be -- -- Absolutely and appeared next to me is Liz peek of it's good to see -- -- good morning Liz Liz -- -- for foxnews.com.

As well Liz she's a columnist for the fiscal times.

Financial -- times that's happened.

And we're here when we pick up with this the sort of picking up we're Doug Luzader left off and talk about this piece that's in.

He had published by the Associated Press today -- deadline leaving just enough time for -- station is the title of the particular.

Article.

A couple of excerpts for you and then we'll get to the questions.

In prodding congress to act swiftly to avoid a government to -- default on its financial obligations President Obama is saying to lawmakers listen guys compete.

A deal to cut long term deficits and -- the nation's debt ceiling before August 6 to avoid what his administration says.

Would be a calamitous.

Government default quote there's no point of putting it off we've got to get this done.

The White House has a -- at least one point three trillion.

In spending cuts over ten years and is proposing up to 400 billion.

In new tax revenues Republicans want more.

Spending cuts and no tax increases -- since you're a farce that is because our review do you believe the congress -- meet.

This August 2 deadline.

I -- I hope so I mean I hope so because.

When I went around the 67 counties once more Pennsylvania.

After I had lost my senate race and I wanted to say thank you -- still here.

That they have no confidence.

Whatsoever in the leadership in Washington DC and that there's a time to give certainty.

First.

Two people who invest in America worldwide they don't expect this to balance the budget tomorrow they just -- some -- over the -- over the -- second.

To those to the public just so they can trust once more the person in the White House and the people in congress -- third small businesses.

My gosh.

They lost 75%.

If you had less than twenty employees that is those -- small business -- 75%.

I'll be unemployed in this recession and you know what we haven't done hardly anything to help them recover and so my hope is that they do it.

My guess is yes they will because the calamity of not needing to August -- it is.

Catastrophic I believe.

-- couple things do you believe that calamity will be catastrophic -- your take on the importance of the world's view.

Of the US economy.

Well I think you're right it's it would be a very bad deadline to miss what what concerns me though and I think what's very likely is that help patch together some sort of you you know sort of mess of the short term agreements and promises to cut spending down the road which will amount to basically nothing and it.

You know they'll be some triggers in there and some things that were supposed to look at in two years of various targets haven't been met.

And they won't be met and that we'll be back to basically where we are now I think it is astonishing.

That the White House and the Democrats are absolutely insistent on -- resist an excuse me to cutting.

Expenditures mean.

Everyone knows the numbers we are our expenditures are historically.

Way above.

The norm.

It is not revenues that are completely out of whack it's it's spending and yet.

You know it -- gazillion a trillion dollars trillion like it's nothing I mean our deficit this year's four trillion dollars and as we go forward.

What what people really fail to understand is that the accumulated debt is missing this country and I'm not being apocalyptic.

If interest rates even budge which they will over the next several years interest cost -- -- will be much more significant.

Then Medicare or social security and those numbers are out there and yet no one's really paying attention to -- see -- it's not.

You know maybe Molly and Sasha could solve this problem I don't think so I think these are really difficult.

You know be someone's got to make some really tough choices here and I don't think -- Democrats are willing to do that yet.

You know I thought Liz made one NCA vanishing point in there -- defense you've heard talk recently that -- gonna look at the defense budget.

But are they just going to say there's one point two trillion dollars in defense outlays within the next decade for Afghanistan and I -- that we will be out of and they say boy we're just gonna say we're gonna cut that because right now if they say that goes away.

We actually would have the CBO scored as -- spending -- And yet it's going to happen anyway is that really what we want to do to save some spending now I also do believe.

I strongly do believe that we all we need some revenues.

How we get about doing it I I really do think can be a matter of adult discussions.

But I honestly do believe that there's no way we can do this just by cutting spending you need -- -- like the president said.

A balanced approach but more than that you need leadership we saw the quarterback -- -- -- administration come out.

I wish he had been out there are several months ago as we came out of the -- in the debt discussions.

And -- this crisis like we haven't done and others in the past.

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