austan? before you go, i know you have to go. >> yeah, okay, i'm going to cut out. look, i think for sure growth is the issue. i mean you may have seen the poll just came out today from bloomberg where they asked people, do you think the deficit is getting bigger or smaller. in fact, the deficit is shrink at the fastest rate ever, even as fast or faster than at the end of world war ii. but you've got almost two-thirds of people who think the deficit is going up. so i think in the short run, what we should be mainly focused on is how do we get the growth engine back going and you know, we can have a debate about that. there are a lot of different views but for sure in the short to medium run that is the overwhelmingly most important thing, not the how do we get the deficit to shrink faster. >> rose: what do you think about that argument, that austan just made, the deficit is shrinking. >> the deficit is shrinking temporarily. the debt is as a share of gdp is down. but the absolute size of the debt as opposed to the deficit, the total amount that the government owes i

going to disagree this evening, but we have help in disagrees, because in the crossfire tonight, austan goolsbee, who used to chair president obama's council of economic advisers, and carly fiorina. welcome to both of you. doesn't it trouble you as an economist to see a country with $17 trillion in debt, artificially low interest rates, because the interest rates are low and almost nothing being done to fix it. >> that sounds like a trick question. after the love-in, the thing is the long run fiscal challenge we've known about a long time. and the growth of health care costs. the congressional budget office report is saying our debt to gdp ratio is shall rimpgs. the deficit are falling faster than they have either ever fallen and the debt to gdp ratio, our debt level is not going to return for more than a decade. shutting down the government and threatening that we might have to default on either domestic obligations or on the bonds is a total cull one to craze noun. that's going to tank the economy at best. >> that's another quick question. >> i'm just curious. he offered a six-week ex

austan goolsbee, thanks for coming in. >> great to see you. >> austan goolsbee of the chicago businessr vice president dick cheney opening up about why he had a letter of resignation drawn up just days after he took the oath of office. our own dr. sanjay gupta spent some time with dick cheney. that's coming up. [ male announcer ] campbell's angus beef & dumplings. hearty cheeseburger. creamy thai style chicken with rice. mexican-style chicken tortilla. if you think campbell's 26 new soups sound good, imagine how they taste. m'm! m'm! good! i've got a big date, but my sinuses are acting up. it's time for advil cold and sinus. [ male announcer ] truth is that won't relieve all your symptoms. new alka seltzer plus-d relieves more sinus symptoms than any other behind the counter liquid gel. oh what a relief it is. >>> after decades in public office, the very private dick cheney is opening up about his health. at one point, he thought he was so close to death he said good-bye to his family members. the former vice president sat down with our own dr. sanjay gupta to talk about his revelation

neil: i thought austan goolsbee did a pretty good job.versation tends to go off his the full faith and credit of the united states. neil: so you would continue to pay that. >> this is a part of it. >> we could pay the debt, but we are talking about this government. and it's not all. it's not just a portion of who would get paid from the government. you would agree with me, i know, that this entire debt ceiling,, and it's not raise camino that costs are going up and it will be something that will definitely go up. >> what happens when interest rates go up? our economy goes the wrong way. and why would we want to do this. neil: this includes a lot of other issues that we didn't see very long ago. but to your point, another combo menu if you let me finish. we do give it a level of uncertainty, like a pox on both your houses. you think that is a possibility? >> and it's good that the republicans are standing strong. if we don't make a statement here -- >> we need to fight because that. neil: you are not a looking step in order stylish? >> no.

john: i hope you are right, austan goolsbee. thank you. >> god bless.xt, fed governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f-t-d-fed, the federal government? john: people know very little about it even though it has the power to play around with trillions of our dollars. so i should report on it, but that details are boring, and i work on competitive television. it's time for you and you stop watching and use my job to mind is the show, which i would like to keep. so i avoided the show on the fed until now. after all, you don't see any riders putting a best sellers about the fed. well, actually, you do. one. his latest book, "hidden order," is aut the fed. why did you put in this boring institution? >> it is actually not that boring.

john: i hope you are right, austan goolsbee. thank you. >> god bless.governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f-t-d-fed, the federal government? john: people know very little about it even though it has the power to play around with trillions of our dollars. so i should report on it, but that details are boring, and i work on competitive television. it's time for you and you stop watching and use my job to mind is the show, which i would like to keep. so i avoided the show on the fed until now. after all, you don't see any riders putting a best sellers about the fed. well, actually, you do. one. his latest book, "hidden order," is about the fed. why did you put in this boring institution? >> it is actually not that boring. my jo

john: i hope you are right, austan goolsbee. thank you. >> god bless., fed governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ [ bagpipes and drums playing over ] [ music transitions to rock ] it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you open an account. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f

john: i hope you are right, austan goolsbee. thank you. >> god bless.governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing. ...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain q

to take a closer look at the economic fallout austan goolsbee joins us from chicago, a professor of economics from the booth school of business, previously chairman of president o billiona council of the economic advisors and peter orszag. martin feldstein is also here, he is a professor of economics at harvard and formerly president reagan's chief economic advisor. i am pleased to have all of them here. so here we are. we have a president who says i'm to the going to negotiate, even with respect to the debt ceiling, especially with respect to the debt ceiling. we have a speaker of the house saying i'm to the

. >> are you at milton friedman's university or austan goolsbee's university of chicago? do you know which wing you're in? >> reporter: i think the conversation -- i'm in the middle. i'm in the middle. but that conversation is going to as late because you'll have hank and warren who actually probably come from a little bit of both schools so it's going to be an interesting discussion. >> so as usual, you're going to occupy the center. >> reporter: that's what i like to say but, you know -- >> oh, thank you. >> reporter: everybody thinks -- >> joe, it's your line. i don't want to take it. everybody thinks they're in the center, right? >> liesman gave me the line. where you stand depends on where you sit. consider you stand on issues is where you sit on the right or the left. >> reporter: i still go back to -- look, hank paulson was an investment banker but he's someone who knows clearly how to negotiate and know what is a crisis actually looks like. i want to get his perspective to try to understand if he thinks we're headed to a crisis like the president suggested. maybe

in the fire, austan goolsbee, one of the president obama's top economic advisers, and carly fiorina,re both sides demanding too much? tonight on "crossfire." >>> welcome to "crossfire." i'm newt gingrich on the right. >> i'm stephanie cutter on the left. the senate has been abuzz all day, and tonight it seems clear, cooler heads are prevailing, the dulles are stepping in. they're trying to prevent the company from defaulting, and newt, i'm sorry that it has come to this, but i'm glad we're on the verge of a deal. there's a report out earlier today by an economic forecasting make rho economic advisers that these self-inflicted wounds, cause crises in washington, has cost the country about 900,000 jobs. >> first of all, it's a pity the president hasn't shown leadership and tried to bring people together, but, hey, anybody who thinks john boehner has been bypassed continues to misread the constitution. if the senate doesn't pass something that boehner can pass in the house, it's just a press conference. but second, after all the week you and i have been here, debating about whether or n

in the fire, austan goolsbee, one of the president obama's top economic advisers, and carly fiorina, are both sides demanding too much? tonight on "crossfire." >>> welcome to "crossfire." i'm newt gingrich on the right. >> i'm stephanie cutter on the left. the senate has been abuzz all day, and tonight it seems clear, cooler heads are prevailing, the dulles are stepping in. they're trying to prevent the company from defaulting, and newt, i'm sor