came down for their typical trip, and i told them that it is not unusual for democrats and republicans to disagree. that's the way the founders designed our government. democracy is messy, but when you have a situation in which a faction is willing potentially to default on u.s. government obligations, then we are in trouble, and if they are willing to do it now, they will be doing -- willing to do it later. one thing that i often hear is well, mr. president, even if they are being unreasonable, why can't you just go ahead and do something that makes them happy now, and i have to remind people -- >> the constitutional option. >> what i have to remind people is that -- what we're debating is keeping the government open

for two months. we would then be going through this same thing in the middle of christmas shopping season, which i don't think many businesses would be interested in. we saw what happened in 2011 and then we would have to go through it again six months from now and six months after that and one something that i know the american people are tired of and i have to assume the vast majority of businesses are tired of is this constant governing. >> the leadership bipartisan is meeting with president obama tonight. we'll see whether they can make any progress, but it looks like both sides digging in for awhile, at least a couple weeks until we get to the debt ceiling deadline. >> so jeff, we shouldn't hold our breathe something will come from the meeting tonight? where is this going? how will it end? >> the ad machine statiadminist sufficient volume and intensity that he will put on the floor a clean extension of government

funding, and then begin the negotiation process. the challenge is, of course, the president said he wants that done on the debt limit, as well. that's difficult for the speaker to do. i suspect that we'll get that debt ceiling raised, but it will be a wild roller coaster ride until we do. >> john, do you think this will become the norm in the future, budget negotiations downed road, where we talk about the debt ceiling and things are not germane to the budget itself, adding all of these things to the negotiations before we can actually get our resolutions going, our spending. >> the president's purpose, bill, is to make sure that doesn't happen again. he calls it breaking the fever, if we don't break this fever now, it will be a permanent vulnerability for a president that could be held hostage by demands of this kind. that's behind his hard line and the speaker's hard line is the

political pressure that he's getting from the caucus at the threat of losing his job and the ad administration hopes pressure from wall street, from voters, republicans will ultimately overwhelm what's blocking the speaker from moving now. >> great job with the interview with the president today. >> thinks, bill. as we mentioned in that interview, president obama did talk about a meeting today with top executives from some of wall street's biggest banks. a politically diverse group in efforts to get congress to raise the borrowing limit, despite opposition by some to funding the president's healthcare plan. here is what lloyd had to say after that meeting. >> individual members of our group represent every point on the political spectrum, but the one thing they have in common is you can litigate these policy issues, you can relitigate these issues in a forum but they shouldn't use the threat on

causing the u.s. to fail on its obligations to repay the debt as that. >> eamon javers was at the white house before and after the titans met with president obama and that's where he joins us now. eamon, when you talk to the bank leaders, what did they think they accomplished? did they tell you. >> reporter: they came out after the meeting and said they agree with the president they do not want to see any breach of the debt ceiling here by the united states coming up to the october 17th deadline. one of the interesting story lines here today going into this meeting was was or was not jamie diamond of jp morgan going to appear here today at the white house because last week he was negotiating with the department of justice for a potentially massive settlement of wrongdoing by jp morgan, wood, a banker negotiating such a record settlement show up for a meeting with the president? he did today and i had a chance to ask him on the way in whether

or not this was an awkward moment for him. take a listen. what do you make of this moment last week negotiating on a major settlement for jp morgan and now you're here to talk about a political matter. awkward timing? >> not for me. >> reporter: for the white house? >> i doubt it. >> reporter: jamie diamond about the significance of this moment, obviously wearing a bunch of different hats in different capacities today in a political deal making and obviously, what that speaks to the fact the white house needs these guys, they need wall street to spread the message, particularly among a potentially receptive audience to say the debt ceiling is not something we want to see anybody messing with here in washington, guys? >> well, you know, fist of all, from jamie diamond, he's a class act and real professional and handled that interestingly. it is ironic wall street bankers and president obama have not had a great relationship and now they do have this -- they become

new allies. i mean, looking down the way, what role can they play in these current negotiations and to help the president and the country? >> reporter: look, it's a coalition of the willing here and the president is rallying anybody he can to go up and make that case, particularly people he thinks the republicans might be receiptive to and that's definitely the case with some executives. not all of them are necessarily republicans themselves. john harwood in his interview asked the president the same question, whether it was awkward or not to meet with jamie diamond and the president said look, i'll meet with any ceo i can to help make this case. >> that's very interesting development. thank you so much eamon. turning now to wall street. another down day for stocks. the stalemate in washington, fears about an extended shut down and a disappointing report on jobs weighed heavily on the markets during the day. payroll firm adp reported

166,000 private sector jobs were added but fewer than forecast and the figures for july and august were both revised lower. so by the close, the dow was down 58 points, was down much more than that earlier and the nasdaq dropped almost three and the s&p off by a point today. joining us now to talk about what day two of the government shut down means for the financial markets and investments, jeff kline back with us tonight chief market strategist. good to see you. >> hi, bill, thanks for having me. >> what did you make of the comment the negotiations are different this time and wall street should be concerned about that? >> well, i think the president would like wall street to put a little pressure on the republicans to act and the markets haven't done a lot of that. 2 2000 is a fraction of the part it was in august of 2011, the last time we had real debt

ceiling discussions and the discount rate on the one-month t bill, seven basis points. certainly the markets collectively not putting a lot of pressure on washington to act. i think the president wishes that were not the case. >> jeff, do you think things will be different tomorrow? up until now the attitude is long term everything will be okay. do you think investors will react differently after hearing what the president said today? >> well, i think every day we go on, no matter what the president or other lawmakers say, i think we will get more pressure from the markets on washington to act. i mean, there is a gravitational pull, the longer this goes on particularly the closer to october 17th. yes, i think tonight maybe there is hope later today as stocks rally and there might be breakthrough and the president might offer concessions and that clearly was not the case so markets may pull back. remember, investors have been trained not to sell stocks in short term uncertainty. we saw it with the fiscal cliff

tax increases, sequester, lots of things and stocks continue to power higher. that's an important lesson. >> as we know, the word in chinese for crisis is the same word for opportunity. does it present an opportunity for investors when you bear in mind the longer the shut down goes, you shave that much growth from the economy. >> you're right, bill. an opportunity may present itself. we haven't put additional money to work in the last couple days but ahead as markets pulled back. the bottom line is to the extend to which the shut down and worries over breach of the debt ceiling affect the real economy, affect guidance in proch ffits, we get those reports, that will be where it really hits the road and we really need to say what is the impact of this because in the near team it's headline filler. >> in the meantime, also, there will be a lot of government reports investors won't get

starting with the important jobs report this friday. the federal reserve is going to be sitting on its hands because it doesn't have all of this information. how will all of that impact investor confidence, what they do with their portfolios, not knowing what the fed is going to do, not getting economic data they crave? >> certainly not getting some reports is important here. we've been paying such close attention to employment reports given the fed is close to tapering and not getting one on friday, certainly an issue of uncertainty for the markets they have to deal with. that means more emphasis was put on today's adt report. yesterday the ism report a stronger than expected number and stocks were up. i think the market will make the most of the data points. we'll still get jobless claims and start getting profit numbers in the coming weeks, that's probably even more important. there won't be a shortage of data but certainly some of the

data points the markets were used to getting won't be there and that will raise uncertainty and the longer it goes on, the more there is a gravitational pull to put pressure on congress to act. >> jeff kline, chief market strategist, thanks, jeff. >> thanks. still ahead, the cleveland clinic is considered a model for the health care industry. we'll talk with the man in charge about the new health law and what it means for the future of care but first, how the international markets closed today. some tech companies are doing better than others these days, moodies the credit rating company said apple's stockpile

of $150 billion in cash accounts for about 10% of all cash holdings by american companies and not including cash by the banks. >> wells fargo is not doing enough to help struggling borrows navigate to mortgage servicing abuses. the new york state attorney general said that the nation's fourth largest bank and by the way, biggest mortgage lender is not compiling with last year's 25 billion-dollar multi million dollar bank settlement with 49 states to end those abusive practices. in a statement, wells fargo said the bank had taken voluntary steps to put in place the customer service changes agreed to in that multibank statement. well, three companies making their wall street debuts and that's where we begin the market focus. remax shares fell higher after pricing at $22 a piece above the range that it had been seeking. the ipo comes at a time when

mortgage rates are inching higher but that's not a concern for the company's ceo. >> they could go lower, but i think most important is that we're at 60-year lows. i bought my first house at 14.5% and i was thrilled to get 14.5%. so i think anybody over 35 years of age are looking at single digits going man, this is still cheap money. >> i paid 16 and 5/8ths. the stock finished up 2 2% to $27 a share. burlington stores, the owner of the discount retailer priced more than 13 million shares at $17 a piece hoping to tap into the appeal of cheaper clothing in a tough economy. the stocks soared by 47%, closed at $25.01. empire state reality trust, this company owns the empire state building also rose on the first day of trading but not as

much as others. shares priced at $13 a share, at the low end and in audition the company owns a number of retail and office buildings. the stock finished slightly heighter at $13.10. another active investor is trying to shake up a company, dan lope is taking aim at sotheby's and calling for the resignation of the ceo on concerns of the direction and vision. lobe is the largest shareholder. shares rose to close at $50 and change. blackberry, higher today on the report that the capital may be interested in the troubled smart phone maker. the private equity firm is looking into signing a confidentiality agreement that would give access to the information. the company has an offer for $9 a share from fair fax financial. the report follows disclosure that the loses are deeper than first reported. for the stock today, it rose

half of a percent to under $8 a share. coming up, how the big changes coming to the health care system may affect care, one of the nation's top hospital ceos tells us what he is doing. first, how treasuries, currencies and commodities performed today. heavy volume, lots of delays on the inaugural day of federal and health insurance exchanges. health care.org received 4.7 million unique visitors yesterday alone but with so many visiting those online marketplaces or trying to, many

encountered technical glitches to find information and compare plans. after several thousand visitors to new york state's port l, the site had to be taken down to boost capacity. the renowned cleveland clinic is not impacted by the new healthcare law. join pg us ing us to talk how h preparing, president and ceo of the cleveland clinic. toby, nice to have you back on the program. >> thanks for having me. >> the big worry is what will it do to cost and what does it do to cost for the cleveland clinic? >> well, we know and have known this for several years we have to reduce the cost of health care, not just for the cleveland clinic but across the country. we look at it as a patriotic duty to take down the cost of healthcare because it's beginning to jeopardize things like education that are important.

so we have been working hard to reduce our cost, and we've done several things, for example, over the last couple years we've taken $180 million out of our purchasing and consolidated services that made them higher quality and lower cost and more efficient, but all of that still means that we're going to be paid less by our private insurers, we'll be paid less by medicare for what we do and we still don't have medicaid extension in the state of ohio, and we're concerned that we need to take our cost down still further. so we have -- need to take out about $330 million out of cost for next year. >> and you warned that might include layoffs at the cleveland clinic, i'm curious one of the largest most respected hospitals in the country, when you cut $300 million out of the budget, where does that come from? >> ultimately, we realize 60% of the cost are related to salaries and benefits, and we're probably

going to need to reduce our force ultimately, and we're looking at early retirement. we're offering that to about 3,000 people across our organization, and we'll have to wait and see how that does to reducing the total cost of personnel. >> so this raises questions for a lot of americans, what does this mean for the quality of healthcare if that's what the cleveland clinic is doing and a number of hospital systems are merging and cleveland clinic made acquisitions in the past. are you going to do more acquisitions and what does this mean for the quality of headlight care? >> owe think consolidating hospitals and caregivers, we see 60% of the hospitals across the united states are part of the system and that allows us to take cost out of the back end of the health care delivery system. it's a little bit like mom and pop stores have gone away over time and we see supermarkets.

the cost is lower and quality is better as you begin to consolidate and take inefficiencies out of the organization. >> are you confinsed the affordable care act will lead to lower premiums, lower costs for people buying health insurance? one ceo of a major health insurance company said they will lead those states where they can't raise premiums enough, in other words, where the profit margins aren't enough so they will go to states where they can have a high enough profit margin, it makes sense to do it which says to me they are looking for higher prelimina eet lower. >> health care costs will go up next year and it's have been coming down. it was 3.6 last year and the government expects it will go up to somewhere 6% next year and that's because you got more people coming into the system. but i don't think we can tell yet, you know, exactly what will

happen to cost because we really don't know on several things that could affect it. first of all, we know that the population is getting older. we know we have more chronic disease and we do not know who is going to be insured and who is not and how much we'll get paid. so we'll have to wait and see the results of this reorganization of health care across the country. it's an experiment that's not been done before and we know we have to change. we're going to change, and we'll see how it turns out. >> real quickly, we have a few seconds left, we see new players get into it, walgreens, cvs with walk in clinics, is this good? >> we're seeing a change of primary care and i think it will be more and more taken up by physicians assistants and nurse clinic knick clinic knickss and there is a shortage of doctors across the united states so those organizations are filling a gap

and i think at the end of the day you'll see physicians practicing at the top of the line. >> thank you have much. president and ceo of the cleveland clinic. >> my pleasure. that's "nightly business report" for tonight. i'm susie gharib. to read more go to nbr.com. >> i don't think you get a wait sign on that one. >> i'm bill griffeth good evening and see you tomorrow. "nightly business report" has been brought to you by. >> thestreet.com, interactive financial multi media tools for an ever changing financial world. our dividend stock advisor guides and helps generate income during a period of low interest rates. wearethestreet.com.

hi, i'm john davis and this is motorweek ! join us we whistle a luxurious tune with the new kia cadenza. pat goss heads back to the classroom for a little history. while fyi reporter yolanda vasquez's return to school leaves her winded. and we'll gauge how much charge the electric car segment will get from the new chevrolet spark ev.

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let's see if a big kia plays well here. while full-size cars are no longer a huge market in the u.s., it is a car class that's speaks volumes about a brand's status and aspirations. witness the boost chevrolet's pride is receiving from their redesigned impala. a well-priced volume brand flagship sedan can also snare a few luxury buyers as well. and that is the mission of the 2014 kia cadenza. the cadenza might actually have a broader audience than expected since it is somewhat smallish compared to other large sedans. with a wheelbase of 112 inches, and a length of 195.5, it's almost six inches shorter overall than impala, but nearly five inches longer than the mid-size kia optima, with which the cadenza shares more than a passing euro-themed resemblance.

the styling is very modern, yet not trendy, and should hold up well for the long period of time that big sedans generally go between redesigns. as to the name? for those of you who avoided music lessons in school, a cadenza is the portion of a song where a soloist gets to really show their stuff, and kia hopes their cadenza will bring down the house. the upscale european influence of the cadenza's styling carries over to the interior. it's driver centric, with nearly flush switchgear, yet clearly luxury oriented. kia really sweated the small stuff too. sensible gauges are well shrouded from glare. there are triple-sealed doors, and lots of noise insulation to keep things ultra quiet; accompanied by some pleasant looking fake wood trim and soft touch materials. a very long list of standards includes: auto fold outside mirrors,