>> here we go again. we have brand new developments and here we go with this again. first greece, then italy. and now, france, the french are trying to avoid becoming toast. we are hearing that president nicholas sarkozy is finalizing an austerity plan for france. final details could be unveiled by monday. our producers pointed out. france is the fifth largest economy in the world. second largest in europe

behind germany. and so just comparing it. italy to greece was one thing. now france has problems. game over. you might. and portugal is far from a safe port. we have separate report that is the economy is getting worse. unemployed may soar. president obama meeting with the portugal president on wednesday. and greek opposition leader wants prime minister george papandreou out and now e is powwowing with the country's president. now it is getting childish i guess. >> it is. you know, neal, the taxi driving describing the greek parl amount building as the house of stupid. that sums up the feelings on the street here.

not only having to do with the financial turmoil but the politicalature toil and turning it from a greek tragedy to a grease. this headline, i don't speak greek. tragedy and quoting the leader of the opposition . papandreou has to go. we need elections now . another headline in the athens newspaper. one cent for more fraud. and the papandreou got 153 votes so he can continue to defraud the nation. a lot of anger to papandreou. as we speak, he is trying to put ticket a coalition agreement and the opposition party holding steady and saying we are not doing anything with you until you tep down. we are in lim bo and we need the government or something to be done in order for greece to get the package measures in

place to get the bailout money they need. we are in limbo. we assume mr. papandreou is still the prime minister of greece. i am sure that is debated hotly as we speak. it is an on-going drama and more like a farce. >> thank you, ashley webster. thank you my friend. >> one thing is clear. there is no leader leading us out of the economic mess. when ronald reagan was president everyone knew who was in charge. that's what we need right now. art, the reality was in the midpoint of his presidency he was hardly that. he grew to become that and who said barack obama can't. >> he has to change pretty quickly. he has to start leading and recognize what creates jobs employees you don't create

jobs by raising taxs and deficit spending. when mark zandy said 15 percent unemployment that is nonsense . the reason we have worst recovery and unemployment is because of the stim tim spending and barack obama has to reverse. i had a lovely conversation four or five months ago austin golsbee. we talked about how he could get it back on track and he could. barack obama is a fine, fine person and i really think he is an american success story but he's just wrong. >> when you talked to art, he was one . architects of the spend stimulus. did he agree that tax cuts were the answer. >> probably not. i am sure he didn't, >> did you find any common ground. what is advocated is more of what we did then.

and maybe just bigger allotments. >> the problem with the stimulus bill. you can see it clearly if you have a two-person world. it is good economics it is works. two farmers a and b. if b gets unemployment benefits. who pays for them. farmer a. government spending is taxation. and they say over and over. you can't bail them out of the trouble without putting someone else into it. and we have gone way off of the ranch. i just hope people look at europe and see what you are doing on the show and recognize that we are not far behind. we really aren't . if we don't get a message from this, heaven help us. >> you farmer a and b analogy. and in the pending, if we learn that it hasn't done the trick and more we pile it on. the worse things get, at what

point of leaders of any political -- i don't care what side of the spectrum realize that it is time to try something different. >> i think they should realize it. and i hoped against hope obama would pull a bill clint. he has all. personal aspect to do a phenomenal job but the policies are wrong. we have to wait for the november election and hopefully get a change of leadership. the republicans are looking good . with ralph nader, the problem with obama, he doesn't have challenges in the primary to make him a better president for a second term if he gets elected. >> once you get a challenge it normally doesn't help the incumbent. >> you are right. it doesn't help the incumbent but gets them to change their views . he's got to try something different. what he is doing didn't and

work. we are losing a large section of the population that will not get jobs. look at the inner citis and black teenage unemployment. thyself kids will be lost to us fover if we don't change. >> well put, art. he was for clinton and reagan . he is a balanced economist. art, thank you very much. >> thank you, neal. great show. >> both sides of the aisle warning the super committee to go big or turn into these guys. they are putting the political careers on the line to raise the super sized red flag, next. [husband:] getting cold out here. [wife:] in here too. we need more affordable energy in this country. we need to protect the environment. what about the economy? what about our planet? [announcer:] at conocophillips, we're helping power america's economy with cleaner, affordable natural gas.

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>> we have issues here as well. there could be a super committee. and republican leaderships are reaching out to members of the committee trying to found out

a deal. as that deadline nears. these two lawmakers telling the super committee to come together and do super size cuts as in four trillion over the next 10. republican congressman michael grim and democrat congresswoman maloneya congresswoman, to you first. you said we have to put everything on the table including democrats looking at entitlements . congressman, you said that republican have to be open to revenue enhancement and closing loop hole to move the ball forward. first of all, what reaction have you got? >> the simpson-bowles report called for both. and all of the econist from mccain-zandy and everyone is calling for a bold balanced approach that looks at revenues and spending cuts.

we can't continue with what and where we are now. 15 percent of gdp is revenue and 25 percent of the gdp is 15 percent is revenue and 25 percent is expenditures. >> i whan you are saying. what you are open to is everything on the table pretty much. >> absolutely. >> congressman, you are the same mind. many say revenue enhancement and closing loop holes and tax hikes. >> i was elected because people believed that i would have to bring bold leadership to the table. i always put my country first and that's really what ed heard when whey had a bipartisan meeting and the result of signing this letter. >> who signed it. >> hundreds of members of the house. >> how many democrats.

50-50. there is two issues here. number one. can we come together and do what needs to be done to build our country again? that means republicans and democrats. that's one. and number two, can we take what we have to to get the debt under control. >> those who argue in your party you mess with tax and you are trying to see beyond that congresswoman. and you mess with entitlements and adjustments formulas and you are throwing granny off of the cliff. what reaction from fellow democrats are you getting? >> well, letter was bipartisan and some have supported it. >> what about the president? >> the president couldn't be clearer. he called from day one for a balanced approach with expenditures. >> wait a minute.

social security and medicare and medicaid. >> he is wanting job growth. >> he is for reigning the growth of those programs in. >> he's for a balanced approach that looks at revenues and cut job growth. >> has he expressed support to you on that. >> he did to the nation. he's not part of the committee. >> i haven't gotten that. maybe you have. you think he would be open to it. >> i think he would, absolutely. and congressman what about the conservative members of the party. >> it is an issue. i signed the pledge not to raise taxes. but if we have marginate rates. 51 percent of the americans don't pay taxes at all. i don't think that is right. i think that everyone who can. even if it is just 20 percent of the americans should have an investment in our country. if they are going to pay taxes for the first time they should have been all of the time.

i don't look at that as breaking my pledge. if there are loop holes taken advantage of by companies not paying taxes. we should close them. that is common sense. we have to get past ret rake and bring leadership to the table. >> whatever the differences of opinion. people are looking at the ledger here congresswoman, and you are dealing with four trillion. whatever you have got is to shape the growth and spending by four trillion over 10 years and that is roughlily four times the amount that the super committee is looking at, yes? >> it is looking at raising revenue. >> and i can see that. fine. >> and job growth. >> what percentage are cutses in spending versus revenues. whatever you want to call it? >> right now, our revenues are at a cent year low in terms of

the gdp. 15 percent of the day-to-day and 25 percent is expenditures. it is way outlet of whack. >> is this real. >> i continuing comes down to basic math. we know that we are living beyond our means. if we don't cut, nothing is going to work. at the same time we have to stimulate the economy and grow the gdp. the debt is too massive not to do both. >> i give you both credit. i do. the only way we will move the ball forward is to move the ball forward. >> we need job growth and a three legged stool. >> more than that. thank you guys. when we come back, greek prime minister fighting for his political life and the entire world fights for political

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>> you have heard that the greek bailout is not a sure deal. a former member of the greek parliment it is not done a deal why? >> thuation is a mess and it was unprofessional that we asked for the referendum. the greek people would have voted to stay in the euro. they are yust scared because of the are taking forever. people losing their jobs in the private sector and suffering pay cuts. >> you don't think they would have accepted the requirements? >> i think everybody is

frustrated. this is not a time for business as usual. those days are over. i think papandreou created a problem and now spinning it back it was a wake-up call and that we had to go through the pain and take the medicine and move on. and i also find it unfortunate that the opposition leader immediately came out after the vote of confidence even though papandreou agreed to create the coalition government, >> now not talking to the guy. ? and then today when they were trying to come back to a contact and propose a person from that party to be the next prime minister, he had a press conference saying no way. and i find that unprofessional. >> what are they profosting. americans look at this. and say is this how all greeks

feel? >> no. >> the minority is the reality. are people scared and threatened and angry? >> of course they are. you are used to having a better life and suddenly it on s is over and faced with the default. >> would they have stuck with the changes. >> they want to keep what they had. but people are realistic. part of the problem the government took a very long time. >> they would support the change. >> they would have to. >> they love being in the euro? >> it is not a question of currency but survival. greece is a small country and not like argentina that had his own currency. it doesn't have the industrial base. we are tied to the other pene pone countries, it would be a catastrophe for the next generation. at a and do what we need to do to get the job done.

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>> you know, finally it is not greek to me. the european money crisis is simple. governments are trying to dig out. they owe more than they can pay. they have promised more than can possibly deliver and it is not going down easy. in europe. it is the stuff of ryan. all of this is so new. and it is scary, too . the government has provided and for life and those who retire. and free education .

no one questioned where the money was coming from. it was a joke until the accountants admitted that the spread sheet hit the fan. so greek union members protest, and having to retire earlier and british students having to pay more. and even in this country, protestors having to accept a government that doesn't do anymore. they say cash is king. but if you don't have cash, what does that make you. a slave or beggar, you can't be a chooser. countries are broke. they will give them a break.

plush with cash. and it is sad when you are broke. you blame who ever you can rather than face the truth you know you cannot. we live in a world where we sooner point a finger than look in a mirror. it is not government has done enough. some wanted to do more because they feel they ared it. i think the message world wide now from athens to room and paris and france is this. forget it. realities as they say bites. >> and this is way, way far from over. we'll be all over this every day. this story is bigger than any greek story or bigger than a greek tragedy