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Joining us now are the two senate whips whose job it is to round up the votes of their respective parties.
-- Dick Durbin a Democrat from Illinois.
And senator Jon Kyl an Arizona Republican welcome back to you will thanks -- Well let's try that characterize at this point where this compromise is -- McConnell has just said.
He's very close.
As you see it how do you characterized senator Durbin.
I would tell you I have a much more positive feeling that I did 24 hours ago.
There is an active negotiation under way.
I think some of the things are coming forth hold promise.
Key elements are still being resolved -- know Gene Sperling was in a painful position earlier on your show.
We wanna move this forward we want to -- this economic disaster that would occur if we default on our national debt for the first time and.
-- just they're -- I agree what Dick just said Republicans have also have been very.
Focused on ensuring that we do not get into position where we can't pay our bills -- of the things that American people rely on.
We'll still get to them in time.
And as a result of leaders in both parties were fixed on the August 2 date.
Too bad we had to get this close to it but at least it focuses the mind to get them to really agree to.
What it will take to result of such.
Senator Durbin just to dig down into this a little bit is it your understanding that the broad outline is pretty much locked in and that there is some.
Negotiation on the trigger this this thing that the second stage of this funding would be tied to the joint committee.
That has been the sticking point for quite a a few days and initially it was whether or not we were gonna do the debt ceiling in two phrases.
The president said absolutely and and our position was absolutely not and that's widely.
Boehner approach that was sent to the senate was rejected by bipartisan roll call 5941.
-- this looks a little bit like banner with.
Some elements were not returned to this before Christmas we're gonna do this and -- so that the economy is not in suspense and doubt.
About our future but in terms of where we're going down payment.
Agreed that we're gonna make some down payment on the deficit a significant one.
Secondly the establishment of joint committee to move forward to find longer deficit reduction.
And the trigger which is the enforcement mechanism for those -- following too closely.
And that has really been the toughest part so -- it doesn't include tax increase its revenue increases in that trigger.
Are you okay with that but I think it's bad policy I've set on the Bowles Simpson commission.
And with the gang of six and we came to conclusion if you're serious about real long term deficit reduction put everything underlined everything on the table.
Keeping revenues off the table I think as a -- Tuesday and if it includes serious defense cuts in that trigger are you okay.
That would be a real problem for Republicans but if I could go back just a moment and set the stage for where we've come.
Remember three months ago the president insisted on a clean debt ceiling extension.
Clearly we will have a significant amount of spending reductions.
In this proposal.
The second thing was He insisted on revenues as He calls them tax increases.
There will not be tax increases in this proposal.
Third both sides agreed that we need to have some mechanism for moving forward in the future.
So that we could not look at both the entitlement side of the ledger is what was the discretion -- side of spending.
And make recommendations to the rest of congress about how to provide some accountability for the future.
That is embedded -- and what I understand would be the key a part of this agreement so.
Republican principles I think will be significantly.
Advanced by this.
Proposed agreement but is there a balanced budget amendment vote.
I I've I think it probably will.
The opportunity to include a balanced budget amendment.
But it would not be.
An essential element in order to move the the agreement -- Senator -- when you hear the president say this is no way to run -- government.
You know that will likely also face another standoff at the end of September when the continuing resolution runs out and government funding you know we're up against another government -- You know former White House chief of staff Rahm Emanuel once famously said never waste a crisis.
Do Republicans now -- become the part becoming the -- that's always pushing up to the cliff.
Always using that -- to try to extract concessions -- do you fear the American people have crisis fatigue if they don't already and that -- little.
Hurt your part.
You mentioned that can possibility of a continuing resolution why would congress have to pass -- continuing resolution.
Because the senate Democrats now for the third year in -- will not have passed a budget that's their job.
House Republicans have passed a budget senate Democrats said no to that budget.
So I think it's very unfair to suggest that Republicans are responsible we don't have the votes in the US senate.
But where they do have the votes in the House of Representatives they've done their job senator and why haven't the senate Democrats passed about.
It's called sixty votes.
Nor boils down to assess we have 53 democratic senators -- well but I tell you when we get through all the procedural angles that we face in getting through this budget resolution.
It is not just a matter of finding some agreement but give -- an excuse them floor but what I wanna make -- -- us.
This as I understand.
Negotiation we're talking about will include some budget targets for at least the next fiscal year so we won't revisit this kind of crisis politics.
When it comes to -- spending bills for next year but do you think this kind of deficit reduction.
That is happening this week whatever this deal ends up being.
Would -- happened without linking it to the debt ceiling increase well I understand the brinksmanship that's necessary to sometimes bring this matter forward.
But let me say the president did create a deficit commission I settlement.
A bipartisan commission and voted for it and I had at least two maybe three Republican senators who joined in that vote but it didn't make me.
The needed vote to bring it to the -- exactly right we try to follow up the -- sex again a bipartisan effort.
There has been a commitment from the president as well as many in congress in the senate -- for the senate.
To move forward in a responsible bipartisan way to deal with the deficit -- actually doing it senator actually seeing the cuts.
There are many people who believe that if it wasn't linked to this debt -- vote that it really wouldn't happen well like I can tell you that if we have to risk our economy.
A very weak economy with so many people unemployed.
And businesses facing higher interest rates which is bound to happen now because of this brinksmanship that weren't engaged him here.
That is not a good way to run this nation or the economy and if that if that is the strategy coming from house Republicans.
It is not good for a long term economic growth senator -- your colleague Senator John McCain read from a wall street journal editorial this past week.
On the senate for speculating about the thought process for Tea Party Republicans in the house who refused to raise the debt ceiling and believe that the blame would fall.
To President Obama.
Then Democrats would have no choice but to pass a balanced budget amendment.
And reform entitlements and the Tea Party how they could return to middle earth having defeated more -- This is a kind of crack political thinking that turned Sharon angle and Christine O'Donnell.
In two GOP senate nominees.
Senator do you agree with that characterization of Tea Party Republicans well the Tea Party folks in the house who say they're standing on principle not to raise the deficit -- remind me a lot of senator Barack Obama.
Who did the same thing voting against the debt ceiling increase when He was in the senate.
Sometimes people are just so affirming their beliefs that they that they think that they have to vote against the -- -- increase.
Even though the majority of us in both the Republican and democratic parties.
Believe that that would be a mistake that is to say that we need to extend the debt ceiling so that we don't get into the economic problems that.
Would exist if we didn't.
But I I would disagree a little bit with my colleague Dick Durbin here.
While it's true that it's not a good thing that we use the debt ceiling to focus the debate on reducing spending.
It has resulted in a change in the president's attitude.
From a clean debt ceiling that is to say no spending reductions at all to an agreement where we will have over a trillion dollars in spending reductions now.
And in the future another trillion and half at least.
-- -- go back to 2010 quickly senator Durbin.
Senate majority leader Harry Reid had many opportunities to raise the debt ceiling with a democratic senate a democratic house and a democratic president.
-- the end of 2010 when it would have been sure to pass.
He was -- that really what it was about was was politics here's what He said in December 2010 about race in the deaths.
Want to Republicans have some -- on the -- They're gonna have a majority in the house on the road I think they should have a some kind of volume on the -- I don't think you should be when we have a heavily democratic.
Senate heavily democratic -- democratic president.
So was that a mistake.
Well I can tell you reflected the reality of the situation.
-- let me tell you.
Give -- example we face many of the most conservative members of congress on the Republican side house and senate.
Have been urging us to stay in Afghanistan to continue to spend ten billion dollars a month.
We know we borrow forty cents for every dollar we spend so it means four billion of the ten billion each month that they want us to spend needs to be borrowed.
Now the president comes and says here's the deficit we now have to borrow the money to continue the war that's one example that you all in favor of they're saying we're -- -- Who -- that that's what Harry Reid is saying his.
If you're gonna stand for policies that spend the money for goodness sakes.
Responsibly stand up and vote for the extension of the -- secure but when you're upset about the situation and now and you look back to December 2010 you could take care of that.
Well maybe I don't know if that could've been part of the grand deal would extend the tax cuts -- American unemployment compensation benefits.
That's Monday Morning Quarterback OK let's do one last thing.
You think that this deal whatever it is can get through the house.
You're asking me I don't know the answer to that I can tell you that the president is reaching out to both political parties were hoping it'll be bipartisan -- the house and senate.
And will allay the fears of people have across America that this weakened economy which will be hurt more if we continued to showed Seneca.
It's important that we extend the debt -- but it's also important we look at the details of the agreement that's what our constituents want us to do.
I'm sure that's what we will be doing over the next several hours -- good luck senators thank you thank you.
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