support. and you recall when the ryan budget came out right around the summer, republicans started going home to their town hall meetings and started getting grief on the medicare issue. so this official's position is, well, this could come back to that point again if we don't do anything beyond entitlements, when we have to deal with what the commission tells us to do. >> ali, what affect does this >> what affect does this have on the federal debt? >> it brings it down by $2.1 trillion over ten years, that's not enough, that's -- >> that's from what it was projected to be. >> correct. so that's why -- >> republicans are saying you're still spending $7 trillion. >> we've done the math, there's no way to bring the math in line and bring the deficit down, down, without increasing what republicans call revenues, but taxes. there's just no math. >> no way to do it? >> the only way to do it is grow like india and china but that's not going to happen in america. that's the only way out of this so this has to happen. president obama as john said, wanted a $4 trillion deal. that's what the ratings agency said we needed and he got half. you can't get to that $4

trillion without raising tax. >> republicans say don't raise taxes raise taxpayers. >> let's call it tax reform. there's a whole bunch of companies that don't pay taxes. if you got everybody to pay some taxes, in theory all of us would pay a lower percentage. you have to do both of those things together. we have to figure out how to get more money. this is going to affect all of us. one thing about this administration, they say they don't want tax increase for the middle class, again, the math doesn't work. everybody is going to pay a little bit more. >> john, you're a young man been a old washington hand. is washington different than it was even two years ago when we were talking about how polarized things were? >> ouch! yes, it is. it's still polarized. we see this deal today and this compromise and we'll see if it follows in the future. in terms of conversation in washington, remember when president obama took office.

he came in office and passed a big health care plan that involved a huge activist role for the government. he passed a $800 billion stimulus plan that included a whole lot of government spending to prime the economy. he wanted to pass more infrastructure spending this year. he wanted to increase education spending. what is the conversation in washington about? cutting spending, shrinking government, not raising taxes. we'll see what happens with this supercommittee. we'll see if the president gets his revenues and tax increases in installment. this is a big conversation about the role, the size of the federal government and where the money comes from and that's because of the last election. the american people in 2010 spoke a very different message than in 2008 and now we'll have a debate. 2008, obama. 2010 republicans and we'll carry that into 2012 including -- a lot of people say this deal will quiet this debate. no, it won't. just for a couple of days. when this committee gets to work we'll be involved in every one of these issues again and it will spill into the election. >> gloria, haven't there been a ton of committees already that have come up with plenty of ways to save money and cut the deficit? >> right. >> there's been -- i don't know

how many. what is this one going to achieve -- get that the other ones haven't? isn't this a kind of -- oh, yeah, we'll created a committee? >> i think that's a really good question. i think there are a lot of skeptics about it and skeptics about it inside the white house. i think that the feeling is the hope is that maybe people will start seeing the light together when they're confronted with these draconian cuts that would kick in. it's like saying to them -- it's an admission that we can't do our jobs that you sent us here to do unless you threaten us with these awful cuts and if these cuts actually occurred we'd probably not get re-elected. so the feeling is that when you put this sledgehammer to them, maybe they will do their work. one other thing -- and again, there's a short period of time here, but if somebody said to me today, this isn't new territory. people understand the issues here. you had the erskine bowles and

alan simpson commission which did a very long and detailed report. everybody knows what needs to be done. they just have to agree on it. but i think you're absolutely right. i think there's a lot of reason for skepticism, i do. >> jessica, you're here in the treasury department is going to talk to rating agencies tonight. do we know what they're saying? >> according to my sources they are already talking to rating agencies and they're asking for the details of the deal. they are still evaluating this to see if we're downgraded. we're not entirely out of the woods yet because the agencies will decide what this deal means and have yet to make this decision about a downgrade. so there are these conversations going on with the administration from treasury, and these agencies and we'll have to see tomorrow and in the coming days what kind of statements come out of the rating agencies ahead. >> if we go through all this and still get downgraded and -- there were warnings but there are levels. >> there are levels. there's a little one that we may

get. there's triple-a to the next level. the next one is the serious one. we might get a little downgrade. japan and canada have been through this in the past. they both came back from it. when it's a small downgrade and you show efforts to fix it you can get back. >> ali, john, gloria, jessica, thank you. we'll turn to paul begala and eric eriksson. they give their take on what happened today and what will happen tomorrow. and tea party favorite, rand paul coming up. let us know what you think. we're be on twitter and facebook. why he called the budget deal a "sugar-coated satan sandwich." exactly what that means. >> and a close friend and colleague who was right be side congresswoman gabby giffords as she made her stunning return to the house floor tonight. be right back. [ jelani ] neither of my parents went to college.

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has trusted nationwide for more than 30 years. nationwide is on your side. ♪ ♪ i'm back in the saddle again ♪ ♪ out where a friend is a friend ♪ [ gulps ] ♪ where the longhorn cattle feed ♪ ♪ on the lowly gypsum weed ♪ back in the saddle again see how affordable an rv vacation can be. visit gorving.com and watch a free video. go affordably. go rving. breaking news tonight, the senate takes it down to the wire voting not tonight, but tomorrow, deadline day on the compromise. in a moment, kentucky senator and rand paul, who plans to oppose it but first, maiconation earlier with congressman emanuel cleaver, democrat from missouri and he said quite a bit more

than "no" in opposition to the bill. congressman cleaver you voted "no" and called it, a, quote, sugar-coated satan sandwich." what do you mean by that? >> if you pick up