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Is U.S. Government Headed for Default?

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    Sen. Kent Conrad weighs in on what can be done for debt agreement to be reached

  • Duration 4:16
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Now reworking his debt plan in a meeting with found his own caucus hoping to gain more support from his own members.

Is the US government your government headed for default.

The chairman of the Senate Budget Committee is democratic senator Kent Conrad of North Dakota he's a member of the gang of six.

That's a group in the senate that has -- I guess one of four plans on the table right now but senator we spoke at the end of last week and thank you for coming back today it's good to have you back.

You bet good to be with you bill late yesterday on the Fox Business Network you said you were more nervous.

Than ever.

Why.

Because the agreements are not coming together in the way that I think all of us would hope that is.

We really do need a grand bargain something on the range of four trillion dollars to meaningfully change the -- trajectory that we're on.

And that does not appear to be.

That kind of agreement does not appear to be at hand.

I I should say.

I also don't believe we will default I believe that.

Leaders Republican and Democrat.

Understand fully.

That a default would be a catastrophe or not that that -- senator Ted Koppel that is significant then what can be done.

In six days there.

You know we can adopt the overall framework that the group was six of them have laid out the only bipartisan agreement that has been.

Produced anywhere three Democrats three Republicans.

We can also do something very short term so there was more time to put in place that grander bargain.

So there -- options available to us I also believe that what senator Reid is working on.

Has a significant chance with senator McConnell.

If He decides to join him.

That could well become the plan that carries the day and I say there -- a lot of -- always -- apologize for the eruption but I just want to keep this so that everybody can follow and understand.

-- -- McConnell plan cut -- balance and all the stuff came up in the last seven days you you just said something there about giving a short term extension.

That would allow you to work on deeper spending cuts that could truly cut into the fourteen trillion dollar.

A debt that we carry today.

John Boehner has a plan to do that.

-- you would pass an extension right now -- for the next six months you really get down to the nitty gritty of tax reform.

And finding a way to cut trillions.

More out would you buy that.

I wouldn't -- you know you concede.

-- Speaker Boehner -- have a hard time selling out to his own group when they found out yesterday from the Congressional Budget Office.

That is planned falls 300 billion dollars short of what He thought.

It would do so I think a lot of problems -- that plan.

Not the least of which is I think a six month extension.

Of the president's made clear He won't go along with because He thinks that just adds uncertainty the markets.

But what you just said you would collectively I just said -- supported an extension.

So so how how how much of an extension do you need.

Yeah I was -- -- about a very short term extension.

In order to get.

A process agreed to look.

It is absolutely true we -- not gonna reform the tax code of the United States in six days or six months.

Reforming the entire tax code of the United States is more than a year long exercise I mean that's an incredibly.

Complicated undertaking.

But we could put in place a process.

With real teeth -- it to assure that there was a result for example.

One idea that's been broached is that we.

Take what.

Leader Reid is working -- along with senator McConnell.

And we couple that with a group of six so that if special committee of congress didn't come back with a result.

The group of six plan would be put in place that would assure almost four.

Trillion dollars -- deficit -- you have to get it -- the house to and you know what thirteen on especially the press Republican.

They want that balanced budget amendment which is not in any of those plants and senator got I'm not a time about but thank you for coming back.

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