our guest is susan ferrechio. she's the chief congressional correspondent for "the washington examiner." thank you for being here. walk us through. what are the major story lines running on capitol hill this week? guest: everyone is going to be talking about the debt limit. the treasury secretary said he needs the debt limit to be raised by the end of february. otherwise he will run out of ways to fund the government. our borrowing limit is now at $17.2 trillion and that's going to need to be raised he said by the end of february. congress is in this week. the senate is in all week. the house is in until wednesday because the democrats have their annual issues retreat so they'll adjourn on wednesday. that's just three days. there's no deal yet. we're going to be all paying very close attention to how house republicans because they run the house. not the democrats and they need to come up with a plan to agree amongst themselves on how to raise the debt ceiling and then take up legislation on that. once they pass it

voting in 2012 for president obama joining us political panel nina easton fortune magazine and susan ferrechioick: 71% regret voting for president obama. >> like the olympics if had you a bad run you have to wait four years regardless. i don't know what to make of it quite. one measure people are frustrated. last year a horrible year in washington. nothing got done. president's approval ratings obviously went down with the healthcare rollout. you voted for him, you are stuck with him. this is what you get. >> sort of like if you like your insurance. >> you get to keep it the president is going to be here. this is the problem that he is going to have in governing though is kind of marshaling any kind of a governing coalition to get the public to move. if the public feels like they are not behind you. not like they are behind the alternative right now. we are in the status quo moment with the president's popularity as low as it is, congress even worse. >> susan, a 5% of democrats regret voting for president obama. not that they had a choice. i mean it was president obama. >> a lot of them voted

. >> our political examiner susan ferrechio john mccormick and the national journal ron foreignray.t kind of reception is it going to get. >> first following colonel north is following babe ruth. i feel in a bad position here. >> he would probably agree with that. >> i can understand why he is upset and why many americans are upset by these cuts. the number we have to realize is 17 trillion. we have enormous debt in this country. i will sty liberals who don't want to give up education and spending on domestic policies and i will say to conservatives for some reason don't like to look at these cuts. how else are we going to deal with the budget problems that we have if we don't do the big things right which is starting with having new revenue on one side and cutting entitlements on the other side because there is no other way -- this is only going to get worse. the budget we are seeing here is just a drop in the bucket of the kind of cuts we are going to have to both at the pentagon and at the domestic level unless we really get our house in order domestic. >> i these are the kind of

host: our guest is susan ferrechio of the washington. er. you leak to join our conversation this morning, republicans the number is 202-585-3881. democrats, 202-585-3880, and independents 202-585-3882. susan you mentioned that bill from the military retirees. explain to us what we likely to see on the senate? guest: this is a bill sponsored by mark pryor. he's a senator from arkansas. this bill would essentially restore those cuts at a cost of about $6 billion. if the cuts were not restored, the cola or cost of living adjustment reductions would amount to about 1%. i've seen some estimates that, if you were the rank of captain, that could cost you $80,000. this bill will restore that money. but again it doesn't include a way to pay for it. it will add to the country's deficit. taking out parts of the budget, cuts elsewhere or some other way to raise money to pay for that. the problem with that, in the senate, we have the dynamic of 55 democratically controlled votes and 45 republican controlled votes. you need 60 votes to clear this test vote