>> the vice president, he should know better. >>. >> what is next? see you tomorrow. >> greta: this is a fox news alert. disaster averted. or is it? it's not over, we may have only dodged the bullet but here is the latest. a few hours ago, the debt bill passed the united states senate. 74-26, it quickly made its way down on pennsylvania avenue and to the white house where opponent signed it into law. there was not a lot of fanfare in the rose garden but a simple signing in the rose office. washing lawmakers have been scrambling to meet the debt dlaen. missing that deadline would be catastrophic to our nation. the bill passed with champagne kork but not yet.

wall street is taking a beating. u.s. investors are not celebrating and it remains the question of our credit rating. much more straight ahead. but first we caught up with mitch mcconnell after the senate's big vote. >> senator harry reid went on the floor today and part of part two of this debt ceiling bill that taxes will go up. use the word revenue. is that true? >> the joint committee can look at tax reform which both the president and virtually every republican is in favor of who is in the race trying do something about it. the issue of raising taxes from at republican point of view is no more on the table as far as up front. in the basic bill there are no tax increases at all. the joint committee is also going to focus on entitlements. the trustees and social security and medicare system appointed by

the president himself, medicare has five years before it goes broke. we need to be looking at entitlement reform if it's even going to be there. that is the big part of the joint committee. >> knock on wood because of uncertainty and take the question of tax reform. if you got rid of the interest deduction on your mortgage for many americans, that may be considered reform and many americans get tax increases. how does it mean reform and increase? >> i think we need to wait before we prejudge it. i will say this. the home mortgage interest deduction and charitable deduction are so popular that the last time we went through tax reform in the late '80s under reagan they were not touched. the members of the committee if they deal with tax reform at all. it's a very complicated subject. they may decide they don't have time to go down that path.

studies have all been done. simpson boles committee. we understand what needs to be done. all that lacking is the will to do it. if we don't fix medicare in particular it won't be there in a few years. >> greta: how do we fix medicare? what is the national health bill to attempt to address it? >> the obama care bill raided medicare. it took half a trillion dollars out to pay for whole different set of americans. that didn't help. it made it worse. medicare is in deeper care as a result of obamacare than it was before. it was already in trump. it got turned into a pig but organic. the finance happened trillion dollars of new spending of obamacare. we think that was a mistake. it exacerbated the medicare care. >> greta: you mentioned a committee. do you get to select those on

the republican side of the aisle? >> i do. this is not a commission. nobody from the administration, this is powerful joint committee of congress set up to try to get a result. the way we've been doing things for years has led to us $14 trillion deficit and over $50 trillion in unfunded liability that is promises we've made in future generations that we can't keep. we need to do something different. we're setting up a structure designed to succeed, not designed to fail. i think to prejudge a report that hasn't even come out yet. is a mistake. let's wait to see if we can get the job done. there is powerful sensitivities to -- incentives to get the job done there is consequences. >> greta: are they running from you when they see you? >> the numbers have gone up. i had a number of senators that tell me they are interested in it. we're going to go through the

process, whether they are willing to spend the time that it's going to take. it probably will get started in august. typically everybody has going back to their states in august. it's a big job and it's going to take serious people to get it done. >> greta: what are you looking for in a committee member? >> i am looking for somebody that is solid philosophically but also interested in getting an outcome. if everybody puts most partisan members. we need to get an outcome. the country is looking for an outcome. we have to save entitlements. they are not going to be here for few years. we had a difficult time doing the things we a always do it around here. it's time to track something different that is what the joint committee is about. >> greta: if i were making a decision, i would wait to see the opponents put up some partisan that i might put up, i would assume there is some sort

of who is from the other side. >> i'm going to take three people, serious responsible people who want an outcome for the country in a way that republicans believe best. i'm not going to pay a whole lot of attention anybody else puts on. i'm only responsible for my three. i'm going to make sure think are serious constructive people that have the same vision. most of my party members do. >> and serious number, members the tea party caucus which a small caucus but he is a serious man whether someone agrees with him or not. he is a serious man about his vision about his passion. he probably is not going to stay on the committee. i don't know how you -- >> i wouldn't rule anybody in or out. i want to consider those who wanted to be on the committee. we'll have an announcement soon who they are. senator demint is a very

effective senator and outstanding spokesman. anybody that wants on to be on the committee can be on it but this committee has to get going. >> greta: one thought, you put some on the committee -- that does that enter in year my calculation? >> my calculation i want to put serious people on there that wants an outcome. because otherwise we're not going to have medicare available in just a few short years from now. we need to get a result. i want people that i consider solid conservatives but still who want an outcome. >> greta: you are a member of the u.s. senate but a senate minority leader. how does your job differ from rank and file senator? >> i have two jochblts i have my

regular job representing state of kentucky and i have the leader job on top of it. it involves dealing with all my men's, trying to help us come together, different points of view. different people from all over the country. a little bit like the choir director hoping nobody will sing off key. it's time-consuming and challenging job. we've had good teamwork this year. i'm proud of our members and we're a lot more relevant with 47 in a body that takes 60 to do anything. we are much bigger players in this congress than we were in the last congress. democrats ran the house and senate and, of course, had the white house as well. >> greta: you do it through the large membership in the house of freshmen gop and tea party? >> it's great because without them we wouldn't be having this discussion. the last time the debt ceiling was raised by trillion and $900

billion and they air dropped it into okay and had no cuts in it. days are over when the debt ceiling will be raised with no spending cuts. i would say this the next president is going back in early '13 asking us to raise it again. we've set the template for the future. you ask for a debt ceiling increase we're going demand doing something about spending and debt. >> greta: what about thoughts of president obama over the past couple of weekend dz? >> i like him. we have different points of view. we had to get an outcome here. the american people expected us not to default. it's not an option. we needed, however, to use this opportunity presented by his request of us to raise the debt ceiling to do something, to do something about debt. we did. >> greta: stock market took a plunge today and having a threat of our credit downgraded.

how do you intend to address that in any way? >> look, i think we need to quit what we're doing. we need to threatened about raising taxes and in short, the growth is going to come from the private sector and if the government will quit overregulating everybody. every day it's somebody in every segment of american life is dealing with dramatic new sets of regulations. it has the country all clogged up. people are afraid to borrow and lend. the president needs to go in a different direction. cutting back on the regulatory burden is something he could do with about the stroke of a pen. call the regulators off. >> have you told them that? >> i have both publicly and privately. they think all the smart guys are down at the white house. it isn't working out too well. he got 9.2% unemployment, increased the debt 35%,

increased spending 24% since he came to office. he needs to quit doing what he is doing, with spending and borrowing with overregulating. passed trade agreements which we do agree on and hopefully we can get to it in september when we come back. >> greta: this morning, you said on the floor, nothing is personal. everyone fights for his or her position, bottom line. it's not personal between all of you? >> listen. it's not personal at all. any differences that we have in express publicly pale into comparison and jefferson and adams said about each over. what jefferson and hamilton said about each other. we had political debate in this country and we still do. >> greta: are we going to the continued resolution when it expires up to september 30th? >> we will have to negotiate it again. as a result of not doing appropriations bill, we're backed up against the fiscal

year. one of the good things in this bill that we just had passed we set the spending totaled for discretionary budget for 12 and 13 which will make it a lot easier. >> greta: it isn't just washington everybody is washington. did you see what happened on stock market. it was brutal day on stock market. dow dropped 260 points. so how bad is the nation been damaged? "new york times" reporter joins us. to what extent the plummet, eight straight days, do you think of the debt ceiling debated here in this city? >> this has to do with the economy. last week you were hearing a lot of noise from people on wall street that the debt limit had to be increased right away to avoid a catastrophe this week.

so it was today. yet we have somewhat of a catastrophe in this stock market today. stocks have erased their entire gains of 2011. the reason this has occurred that is has nothing on to do with the debt limit. very bad news about the economy. gdp growth was less than what we thought. consumers are not spending. manufacturers are not manufacturing at good levels. people are very concerned about the tepid growth and possible stumble back toward recession zone. >> greta: is the business community saying for the overto the same about what would have happened if we bumped against that debt ceiling, that was being overstated how catastrophic it would be. if you are technical me it's unrelated, if the xhea xhe is going down, stock market last eight days is not related to this debate? >> you know, what people are saying is that look, it's good that the debt situation is taken

care of temporarily now. but what you are seeing in the stock market has to do with the economy. over the last week, stocks are falling all of last week. but while they your falling, people were buying treasurys. people were buying treasurys. so that shows me they won't concerned about the u.s. commitment to paying back the debt. they were more concerned about doing something else. the other factor was the economy. the housing market is still bad. companies are sitting on record levels of cash but not spending them. they are a bit of standoff they don't know how it will get better. >> mcconnell said moments ago and what is choking with people holding on to their cash is regulations on businesses, that businesses have to under write. is that what the business community and wall street is

telling you or is that political rhetoric here in washington? >> you have on two sides. one side says more federal spending and more federal stimulus, oh, this debt deal could be really bad because we're going to cut off federal intending and that will ruin our cover. then you have the other side saying, spending gets in the way of what companies want do. in getting the government out of the picture, keeping taxes down will more so help companies spend. that is the debate and people can go do either side of it. >> in light of that, stluas stlus bill. mention can be written in your paper and elsewhere. gdp papers, economy sector horrible. manufacturing numbers slowing. that is also the product of the stimulus bill in february 2009 we have spent all that money.

economists giving up the idea to stimulate more and then we have to go to plan "b". >> there is a lost economists say that we need to spend more. the more liberal economists we need more stimulus. they say the stimulus was last time was not big enough. then it tends to be the more conservative, economists are saying, look, it was a bad approach and we need a different approach. >> is there any indicator that the stimulus bill february 2009 working. has anyone pushed that indicator up? >> the economy is not stimulated and the economy is not recovering. did f key didn't have that stimulus back then, it would be worse now? certainly the economy is not working right now. >> greta: louise, thank you as always. >> good to have many republican senators voted yes on raising the debt ceiling.

but why did chuck grassley vote yes? is there a catch? senator grassley is next. also since the debt ceiling is raised, why does the nation have new fears about our credit rating. plus, donald trump, he is standing his ground and this time it's getting personal. what is going on with donald trump. you'll hear from donald in just a few minutes. stay tuned. excuse me? my grandfather was born in this village. [ automated voice speaks foreign language ] [ male announcer ] in here, everyone speaks the same language. ♪ in here, forklifts drive themselves. no, he doesn't have it. yeah, we'll look on that. [ male announcer ] in here, friends leave you messages written in the air. that's it right there. [ male announcer ] it's the at&t network. and what's possible in here is almost impossible to say. ♪ let me make you smile

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>> greta: is the debt ceiling law a band-aid on the economy? the law raises the debt ceiling cuts more $2 trillion on our debt over the next ten years but with a what was when 2013 comes? >> explain this to me. in terms of the debt ceiling deal, change in the first year, in the second year and when are we going to see the last $900 billion in the first group of cuts? >> as we always do when we budget it's spread out over a ten-year period of time. $900 billion is working ten years. if that is carried out, that is not a bad deal.

so often we see congress change things along the way. so you are only sure of what is going to be for the next couple of years. for itself year $21 billion throws be spent next year than being spent this year. remember, that is just 15% of the budget we call discretion ear. 44% that is entitlements, it doesn't affect that at all. that is going to go up 6-7%. so if you look at the entire expenditure it's going to go up next year regardless. >> greta: the thing that caught my attention, it's a ten-year plan. to the extent anything is certain but the ceiling, debt ceiling is being raised through 2013. so we all have the hope that the economy is really going to rev up or come 2013, we are not sitting with all these cuts that we are planned for. we night be up a ceiling again?

>> no march of 2013, we're going to be back here doing the same thing. the only advantage is this. we have established a principle. i say this even if i voted against the bill. the principle is established that we are going to reduce expenditures dollar for dollar for an increase in the debt of a dollar then we've established a principle had that goes on for ten years at the end of ten years we'll have $10 billion surplus. again, with you got to always raise questions, is congress going to stick to its guns? that is a question that is out there. since it's kind of like a bird in a hand, like two in the bush, you a know. >> greta: but if you cut to the year 2014, what we're going to cut, come march 2013.

we to have raise the debt ceiling. we need to find something to cut again or raise revenues? >> but here, that shouldn't be very hard. let me explain why that isn't very hard. there has to be a lot of room in any budget. you get the president smigtd a budget on february 14. then you get a lot of heat from his own democratic party. so on april 13th, he revises it. in a speech. national speech, and already he has found ways of saving $4 trillion. okay? we go through this process that we went through the last two or three weeks, we voted on it today. we found another way of saving another $12 trillion. so -- $12 trillion. -- $2 trillion. if a budget that has a $13 trillion deficit and later it will be $9 trillion budget and

congress acts and it's going to be $7 trillion to the national debt. did we started out in the real world and probably we didn't. washington is island surrounded by reality. >> greta: should the american people watch what is happening in terms of this vote, does the american people feel like we are on the right path? or should the american people think there has to be structural changes and lots of promises? >> there would be structural changes and the 15%, that is discretionary. most structural changes in entitlements, 44% of the budget. very little change in the 20% of the budget that is -- if you are going make changes they are going to have to come in the area of defense and entitlements. i don't say in the area of entitlements just to safe money. its case there, are you going

save the program for our children and grandchildren. they won't have any benefit from it if we don't make structural changes. >> greta: how do you feel about the committee? would you like that serve on it? >> i would be willing to serve on on it. the leadership put out, tell us if you are interested in serving on it. it's not going to be a an easy job. if they don't reach to some agreement by thanksgiving. you have these automatic across the board cuts, 50% for medicare 50% for defense and i don't know how you are going save that from defense and medicare. these be broader based than that. >> greta: how do you think the american people good about this, bad about this, wait about it or indifficulty? >> if i want to be kind, wait and see. knowing how congress has acted in the past on efforts to reduce the deficit and have automatic triggers and have those

automatic triggers overwritten by acts of congress later on because they didn't have cuts to follow through, then you ought to be pretty cynical about it. >> greta: thank you sir. always nice to see you. >> greta: good news and bad news. moody's says it will continue to give the u.s. a aaa credit rating but that is not a universal feeling tonight. find out what it means for our economy and you, coming up. toomey is shaking his head. the debt line was never the problem. you'll hear from him straight ahead. i love that my daughter's part fish.

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>> greta: short time ago, president obama signed a debt limit bill into law. credit rating is in jeopardy. standard & poor's have indicated they might lower or credit rating. and independent rating company has downgraded the u.s. to double a plus. lis, nice to see you, credit agency, i think this is one that got us into their mess. this credit rating issue how serious is it? >> moody's has put the u.s. on a

negative out look, usually what that means there is a one and three chance of a downgrade. what moody's is citing, it's interesting greta, like what s&p has saying it wasn't an external shock that the u.s. economy that s&p 500 put the u.s. on a fast track for a downgrade 50s 50 odds if it didn't come up with $4 trillion in cuts. s&p 500 cited the infighting in washington, d.c. they called it acreate mondayous infighting over the debt ceiling fight and deficit reduction site being detrimental to the u.s. credit rating and also moody's is echoing the same sentiment today with the negative outlook on the u.s. debt. >> any other credit ratings in the last couple of days made any sort of admission, we sure bush we hadn't given the toxic credit

swaps, cbo's high triple rating. has anyone made any admission they have made a mistake? >> we haven't seen it. these credit rating agencies have been testifying before congress and they have been holding their feet to the fire, you are right. they have been heavily criticized. the sense there may be more activists they dropped a lot of ratings for a number of countries in the beginning months of this year. they chopped a lost corporate bond ratings and they have been going after greece and portugal in downgrading those countries, too. >> one of the things, how the world looks at us. you know one of the on things, i find insignificant, chinese rated agency but they have taken a whack out of us? >> china has its own problems that we are still learning about because it's not a transparent

economy. china has a massive amount of debt on its books that it's not telling us about and state owned enterprises. but getting back to what happens when a country is downgraded. we look to japan. japan lost a lot of credibility in standing in the world when it was downgraded by the credit rating agencies, still suffering. you know what, it's borrowing costs still dramatically low. an average of around 2% since 1987 is that where the u.s. is head snd effectively the u.s. government is still borrowing at teaser rates. investors are saying what is a safe haven, euro zone or asia so they are turning to the u.s. as a safe haven. >> greta: they are watching what the credit agencies are doing. why should somebody sit at home care if it's downgraded? what is the real impact on

america? >> fear is that if the u.s. gets downgraded, then what happens is sblevts say -- oh, wait a second its risky investment a downgrade means they not pay up on the interest or principle on the bond. so quickly. the u.s. has to offer more in the way of interest or yield to investors so the yield then would go up. that is theoretically what would happen. because borrowing rates are pegged to the treasury yield, loan rates will go up. car loans, credit cards will go up. certain types of mortgage rates would go up. that would be the problem. they are getting back to what is going on now, both moody's and s&p 500 are saying the economy has to grow. we need to get echo to stabilize the debt picture. we have seen economic growth at just 2%. that is anemic. what that means is, on a $14 trillion economy, which you do

the math, it's 2% annual growth, it's only about $280 billion that covers the interest costs on the u.s. debt. when the credit ratings are very worried about that. they want economic growth to come back to the country so the did it picture stabilizes and they are concerned that may not happen as the debt continues to grow. >> greta: liz, i hate when credit agencies have their foot down our throat. >> there are no tax hikes in the bill but it looks like harry reid has different plans. we'll tell you when pat toomey goes on the record. and. >> donald trump, he is presenting his record tonight coming up. remember the days before cop

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senator pat toomey goes on the record but first, let's get

the headlines. >> this just in. police closing off reports of times square due to reports from a suspicious package. they cordoned off the area. there is no word on what the package contains. stay with fox news channel with more on the story. a homeless man jumped the fence of the white house fence. he has been charged with unlawful entry. agency is examining the backpacks for possible explosives. president obama was home at the time. >> tropical storm emily could strengthen as it's heading toward the dominican republic. storm packing winds of 50 miles an hour and could hit the coast of florida by the end of the week. it's lashed western puerto rico with heavy rains. i'm ansley earhardt and back to greta. >> the senate passed the debt ceiling bill and averting a potential or possible economic

disaster. lawmakers are setting the stage for the next political showdown. many republicans say they will not accept tax hikes out of the super committee. but senate majority leader harry reid has different take? >> as early this morning, republican leaders in the senate say there will be no revenue. that is not going to happen. otherwise the trigger is going to kick in. the only way we can arrive at a fair arrangement for the american people with this joint committee is to have equal sharing. it's going painful. each party if they do the right thing it's going painful for them. because to be fair we have to move forward. it has to be equal. spending cuts, there has to be some revenue that matches that. >> greta: so what is going on. earlier today we asked pat toomey about that and why he voted no. >> greta: you voted no, why? >> the bottom line for me, greta despite good efforts by good

people here, i'm afraid this bill doesn't change the fiscal round. it's unsustainable course. we're already in an unsustainable place. >> greta: the bill is supposed to bring the debt ceiling through the year 2013, will it? >> i'm doubtful. we're going get a revised budgetary outlook from a congressional budget office, the non-partisan accountants to evaluate this and they will probably project it won't get it through. but go to the underlying problem. i've argued that the big deal is not the debt limit in august 2nd but rather the debt. the deficits that we are running and the mounting debt. that continues to be my concern. >> greta: when you are being whipped, time to get you to vote yes on this, you raised those concerns, those that wanted you to vote yes, did they say no,

you are wrong? >> no, in fairness, there was no arm twisting and no threats. there was no heavy-handed. >> greta: did they say you are wrong with the ideas? >> we generally agreed, but there is the best we can do. i think i'm sympathetic with that argument. giving all credited where it's due, conservatives, republicans, john boehner moved the president a long way. remember he wanted this huge debt increase and then he said he wants a big tax increase. we were able to avoid that and initiate a discussion and that is constructive. the problem is in two years we'll be in an unsustainable place. >> greta: no tax inyeast crease in the first run. harry reid said after the vote there will be revenue increases which people take to be tax increase when the committee meets. revenue increase as far as the democrats are concerned is going to happen. >> its theoretical possibility

given the construct. i don't know how he said it because how can he predict what 12 members of congress are going to vote. >> greta: he said if they don't do it it will set off a trigger and republicans will be very unhappy? >> it's way too soon to conclude there has to be a tax increase coming out of the committee. the way we need to get revenue is more growth. tax reform would be very constructive and would help our budgetary situation but big tax increase like harry reid wants, i don't think it can pass the house or the senate. >> greta: everybody talks about job growth. we're two years into the stimulus bill. we don't have it. 9.2% unemployment rate. what is it that is going to rev up these jobs and get the jobs before the committee meets? >> i don't it will.

unfortunately what is harming our job creation is this chilling effect we are having from policies in washington. the fiscal uncertainty is a threat of higher interest rates, higher taxes and that discourages entrepreneurs sburs and businesses from expanding. this en we have a regulatory environment, from expanding their business and what the epa is doing is devastating. so the combination of the policies is absolutely having a chilling effect on job creation. if we would get that right, i'm confident the private sector would take off. >> greta: the thinking was if we raise the debt ceiling that would give more certainty in the markets. first things the market took a big drop today. >> it was off a little bit yesterday. i've been the one arguing for a long time the market isn't so much fixated on whether we raise the debt limit, market wants to know we're going solve the

underlying problem. i would argue we haven't solved the problem. >> any interested on that committee? >> i would be delighted to serve on the committee. >> greta: have you asked to be on the committee? >> i do intend to be considered. we'll see hoyt goes. >> greta: in terms of how this is played out on capitol hill, americans have been watching this from afar. it seems like everything has to push up to the deadline we hear the entitle going to be pout line so people can read it. this hasn't happened? >> part of why this doesn't happen, we don't follow the normal process. as dysfunctional the government has been, it doesn't have to be this way. for instance, we have a mechanism for laying out a plan, for spending and revenue and deficit called the budget. congress is required to produce a budget, unfortunately our democratic colleagues in the senate refuse to produce one in clear violation of the law for the second consecutive year. that is why we find ourselves in

these situations, we are not following a transparent process where they can be aired and amended we could get our ray to a reasonable solution. >> greta: on september 30th, the continuing resolution with funding government expires? >> yes, it does and this bill establishes a spending level for the next year. what we should be doing is a proper budget. >> greta: senator, flies to see you. straight ahead, donald trump is fighting back. this time its personal. what has him fired up. and embattled donald trump. and big scare and it's all caught on camera. to help remove deposits and clean up intake valves. it helps your engine run more smoothly and leave behind cleaner emissions. it's how we make gasoline work harder for you. exxon and mobil.

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>> greta: top story but here is the best of the rest. is donald trump under attack for being messy? apparently trump's critics think he needs to do some housekeeping. >> some of the writers, some of the ones that are not so smart. they say the desk, trump has so many papers on his desk, let's analyze everything on the desk and they do the best and they fail. but the fact is, i've noticed over the years successful people

have a lot going on on their desk. my desk is my office. it's very important part of me. frankly, it's very important part of my success. everything i do comes right through this desk. so, if it's not perfectly neat, if there is a lot of action, i think that is okay. i actually think that is a good thing. many people have been asking about my desk and the fact that i have so many papers on my desk. it's actually very neat. i know where everything is, but if you look around, i mean there is a lot of stuff. the fact is, i'm busy. i always noticed that busy people, people that are very successful in many cases have a lot going on on their desk. >> greta: if that is the case, as successful as donald is, we should expect his desk so to be messier. donald trump will be here tomorrow night to go on the record.

and a tennessee family got the shock. water mocas slitered up their windshield while they were driving. and they captured it all on a cellphone camera. a for the snake, the reptile tried to crawl down the side of car. this is a huge hit on the internet. >> this man is messing around. he said retired people parking in the bike lane. they are doing a stunt to make a point. he is bringing out a huge tank and crushing the cars, at least that one. it doesn't seem so sad to us anymore. there is the best of the rest. coming up. is president obama being sincere? what is going to go on with the

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>> greta: time for your last call. president obama is thanking americans for help with the debt ceiling mess but jon stewart is saying not so fast. >> well, i'll tell you this. the president has got to be pretty upset about what is taking place here. >> i want to thank the american people. it's been your voices, your letters, your e mails, your tweets, your phone calls, that have compelled washington to act in a final days. >> let me just stop you right there. you're not pinning this turd on us. the last time i stepped -- if it's the buck, the buck stops with you, not the twitter-verse. >> thank you for being with us tonight. blame that one choice on our staff. i didn't pick that