our guest tonight, austan goolsbee. [laughter] that's my crypt keeper impression. "goolsbee."u were right the first time. all right. we often hear about how dided our country is and just how hostile the opposing parties in our political debate have become and the fear these divisions are so entrenched as to be permanent. well, i'm going to show you something right now. >> six-year-old lucy magnum is the brave little girl who nearly lost her right leg last week after a five-foot shark attacked her. >> now this little girl, little lucy magnum, says she forgives this wild beast. look at this. >> did you forgive that nice shark? >> [inaudible]. >> she said, "he really didn't mean to do it." [audience reacts] >> jon: and even if that little girl is, quite frankly, wrong about the shark... [laughter] because i'll be honest with you, i'm pretty sure that shark met to do that. [laughter] if natural enemies like a little girl and shark, who have been fighting, as you know, for centuries -- sometimes the shark winning, sometimes the little girls winning -- if they can find forgiveness i

from austan goolsbee, the outgoing chairman on the committee of economic... i don't know what you call it. so here's where... so we're talking about the president wants to go out and focus on manufacturing and the growth agenda. we want to get back to it. here's where it falls apart for someone like me. so the president says to us for quite a while, the only way to grow the economy is the stimulus, and so we pour a ton of stimulus in, and he says, this worked. we grew two million... we did... this stimulus is great. it's gotten us back on track. so now i agree, let's cut everything, like isn't that the... >> i don't think that's exactly what happened. if the stimulus was what worked, why would the next step be the opposite to the stimulus? >> i would say two things about that. one, the design, the recovery act, why we had to rely on the government is the private sector is in freefall. you couldn't say, ah, we're going to pass a tax credit, try to get the private sector to lead the recovery in the spring of 2009 everything is going down the tubes. we're just t

joining me now, host of "rachel maddow show" rachel maddow, alan greenspan and austan goolsbee.lcome to all. i want to start on this side of the table, chairman greenspan, the markets tomorrow. how are they going to view this downgrade of america's credit rating? >> it's difficult to say. the only test we have at the moment is the israeli market, which is open today. it has tanked. the problem i have with that, however, is that there are riots -- not riots, real significant protests within israel at the moment. so i can't tell whether it is one or the other. but considering the momentum at which the market went down over the last week, it's very unlikely, if history is any guide that this isn't going to take a while to bottom out. so the initial reaction, in my judgment, is going to be negative. >> are u.s. treasury bonds safe to invest in? >> very much so. i think there's a -- this is not an issue of credit rating. the united states can pay any debt it has because we can always print money to do that. there is zero probability of default. what i think the s&p did was to hit a n

austan goolsbee is with us. sir, welcome to the program. >> thank you sean. >> sean: let me start with the president saying repeatedly that the economy is recovering over a period of time. he said it again and again. last summer was recovery summer. let me roll the tape. >> the president: the economy now is starting to stabilize and grow again. the economy was predicted to be growing at 3.5%. the economy is now growing again. the truth of the matter is the agricultural sector in america, cornerstone states like iowa is doing very well. >> sean: we've accumulated more debt than any president, shorter period of time, under president obama. the truth is, i have the latest bureau of labor statistics, we've lost 2 1/2 million jobs since his stimulus, obama's plan. he said he would cut the debt in half. his administration said they would keep unemployment below 8%. you were part of this. what went wrong? >> respectfully, i would say you are mixing up the timeframe there. in the year 2010, which is when most of the cli

. >> analysis from what it means from austan goolsbee. his last day advising the president was friday. forman chairman of the federal reserve, alan greenspan. and the rest of the panel, the focus? with the economy the way it is, how will it affect the race for the white house. >> with us, msnbcs rachel maddow and alex castellanos. first, the washington debate over jobs, growth and the economy. what can government do? the toxic debt debate, does america trust their leaders to make the tough choices ahead? with us, two former presidential nominees for their party, senator john kerry, democrat of massachusetts and senator john mccain, republican of arizona. captions paid for by nbc-universal television >>> good morning. all eyes will be on the stock market tomorrow after the s&ps downgrade for america's credit rating. the ratings agency called the outlook negative signaling another downgrade is possible in 12 to 18 months. the white house and treasury is critical of the move. this weekend, the nation is coming to grips with another story. th

until recently, the guy that had that job was the gloriously named austan goolsbee, in his last appearanceh john stewart, goolsbee was living in pleasure. >> he's the outgoing chairman of the council of economic advisors, please welcome austan goolsbee. >> look at you, can we get a shot of his face. you are giddy. you are giddy. >> i will admit to some enjoyment i'm getting out of town. once you get to washington, there's only so long you can go. there are a number of people there whose tray tables are not in the full and upright position. i feel bad the president has to stay there for years to come. >> look at you. you are, i swear to got, you are giddy as a schoolgirl. >> we're the salmon, you know, i'm jumping out of the lake, i'm headed home. >> austan goolsbee has been on "the daily show" four times before this. he's never looked so down right slap happy. it's as though he had the world's most thankless job, except, perhaps, for being president. a job so bad he's leaving the halls of power in washington for an unassuming teaching job in chicago, and he could not be happier about it. l

austan goolsbee, great to talk with you. we'll see you soon. austan joining us from the white house. >>> up next on "the wall street journal report," the head of the largest labor federation in the country, afl-cio president richard trumka weighs in on the debt deal's impact on american workers. >>> later on driving down wall street today, some of the smallest cars on the road. judging the safety, reliability and fuel economy of budget cars. as we take a look, take a look at how the stock market ended the week. mine was earned over the south pacific in 1943. vietnam, 1967. i got mine in iraq, 2003. u.s.a.a. auto insurance is often handed down from generation to generation, because it offers a superior level of protection and because u.s.a.a.'s commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto insurance quote. u.s.a.a. we know what it means to serve. impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we un

jon stewart noticed austan goolsbee was a little giddy about that fact. >> your title was -- >> still economic advisers for two more days. >> look at you. can we get a shot of his face? you are giddy. >> i will admit to some small enjoyment that i'm getting out of town. once you get to washington, there's only so long you can go. there are a number of people theres who tray tables are pot in the full upright and locked position. eventually, you know, you got to get on with it. so i just feel bad the president's got to stay there. >> well, you know, you are -- i swear to god, you are as giddy as a school girl. look at you. i swear to god. i feel like you should have a baby pacifier and glow stickses. it's like you've taken ecstasy. >>> still ahead, why are you awake in awake? and mome "morning joe" just moments away. . v8 v-fusion juice gives them a full serving of vegetables plus a full serving of fruit. but it just tastes like fruit. [ male announcer ] get five dollars in money-saving coupons at v8juice.com. while i took refuge from the pollen that made me sneeze. but with 24-hour zy

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he would replace austan goolsbee, left earlier this month to return to teaching job in chicago. a quick reminder about today's white house briefing. jay carney likely to field questions about the nominee. and the aftermath of hurricane irene, the briefing was set to begin at 12:30, now moved to look like eastern, live on c- span. -- moved to 2:00. c-span has been conducting a series of interviews with presidential candidates. next, jon huntsman, former utah governor, u.s. ambassador to china. it spoke about his strategy for winning the gop nomination and why he accepted if the ambassador to china post in the obama administration. he also shares personal stories growing up in the u.s. naval family and his aspirations to be a musician. it's just over 50 minutes. >> when did you first think about? running about? >> as we were departing china just this year. there's always taught about higher office when you are governor. i would dismiss that as nonsense and never really focused on the presidency until we returned home from china. there were some. who had act -- there were some folk

. >> first, round two of sean's explosive interview with former obama economic adviser austan goolsbee. if you thought there were fireworks last night, wait until you see this. >> don't forget to tune in next week two special editions of hannity. featuring vice president cheney. first sean one-on-one, an interview about his new book that airs this tuesday. then part two, the vice president's sit-down in front of a live studio audience airs next thursday. right here on the fox news channel. motorcycles, boats, even rv's. nobody knows where he got his love for racing. all we know is, it started early. casey mears, driver of the number thirteen geico toyota camry. geico, saving people money on more than just car insurance. [ male announcer ] get ready for the left lane. the volkswagen autobahn for all event is back. right now, get a great deal on new volkswagen models, including the jetta, awarded a top safety pick by the iihs. that's the power of german engineering. hurry in and lease the jetta s for just $179 a month. ♪ visit vwdealer.com today. ♪ i like your messy hair ♪ i like the clo

president obama has nominated labor economist allan krueger to lead the -- alan krueger to replace austan goolsbee. crewer is is a princeton university -- crewer is a princeton university -- krueger is a princeton university graduate. >>> coming up at 5:00, a new threat to sea otters along the bay area coastline. the program that rescues the sea lions has been deemed a complete failure. we're trying to find out if there's any other plan to help the sea lions in the future. that story and more coming up at 5:00. thanks for watching. have a great day.

. >> first, round two of sean's explosive interview with former obama economic adviser austan goolsbee. if you thought there were fireworks last night, wait until you see this. >> don't forget to tune in next week two special editions of hannity. featuring vice president cheney. first sean one-on-one, an interview about his new book that airs this tuesday. then part two, the vice president's sit-down in front of a live studio audience airs next thursday. right here on the fox news channel. [ male announcer ] everywhere your pet goes the frontline plus killing force is there annihilating fleas and ticks. visit completekiller.com and get a coupon for frontline plus. [ male announcer ] how could switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment informa

>> i learned that austan goolsbee thinks exactly the way i do.ou learn? >> simon hobbs said 75,000 jobs this month. if that is true we continue to have challenges. >> mika. >> what austan said about the trays. >> oh, yeah. >> some people in washington don't have their trays in the upright position. >> why do you hate when

i mean, that ought to be the number one priority. >> austan goolsbee, thanks very much.seeing you. and you know, you're exactly right. it's not just our battle here, but also we're dependent on what's going on across the world. and europe is a mess right now. >> that's right. >> it has a real impact on us. >>> coming up. new details on the lockerbie bomber's reported health and possible extradition. >>> also, business before the bell with simon hobbs. (announcer) everything you need to stay balanced on long trips. residence inn. discover aveeno positively radiant tinted moisturizers with scientifically proven soy complex and natural minerals. give you sheer coverage instantly, then go on to even skin tone in four weeks. aveeno tinted moisturizers. >>> a new development in libya this morning. al megrahi, the man convicted in panam flight 103 in scotland has been found in tripoli and is reportedly near death. his son confirming to nbc news that his father is in a coma and is in very critical condition. nbc has more from tripoli. >> reporter: he was the only person convicte

. >> analysis from what it means from austan goolsbee.ng the president was friday. forman chairman of the federal reserve, alan greenspan. and the rest of the panel, the focus? with the economy the way it is, how will it affect the race for the white house. >> with us, msnbcs rachel maddow and alex castellanos. first, the washington debate over jobs, growth and the economy. what can government do? the toxic debt debate, does america trust their leaders to make the tough choices ahead? with us, two former presidential nominees for their party, senator john kerry, democrat of massachusetts and senator john mccain, republican of arizona. captions paid for by nbc-universal television

he replaces austan goolsbee in what may be the most thankless job in washington these days, trying to defend on economic recovery that is not as strong as anyone wants it to be. his expertise in labor economics makes him a natural for the post, according to treasury secretary tim geithner, knack, krueger worked for geithner for the first couple of years of the administration, worked on the cash for clunkers program which was enormously popular and here comes the president, right out here in the rose garden now. >> good morning, everybody. this morning, we're continuing to deal with the impact and the aftermath of hurricane irene. as i said yesterday, we're going to make sure folks have all the support they need as they begin to assess and repair the damage left by the storm. that's going to continue in the days ahead. it's going take time to recover from a storm of this magnitude, the effects are still being felt across much of the country, including in new england and states like vermont, where there's been an enormous amount of flooding. so our response continues, but i'm going to m

he'll succeed austan goolsbee who went back to chicago after holding the post for nearly a year.course we've got a new jobs report coming at the end of the week. >>> airports around the northeast are reopening today, trying to get hundreds of thousands of people on their way after their flights were grounded over the weekend. cnbc's brian shactman has more. >> reporter: thanks, chuck. it is far from back to normal. i will tell you that washington, d.c., philly, and boston airports are up and running. and you have laguardia, which is now open to inbound and outbound flights. they are accepting flights, but flights won't be going out until afternoon. when it comes to getting out, we will tell you already flights for today have been canceled. and most airlines say they won't be on normalized schedules until tomorrow. that seems like better news than you might expect after a huge hurricane. but for people who are stuck at a place like newark international airport, there was no solace in that. >> you see it on tv. and you never think that it's going to happen to you. so now i know wha

what's interesting to me is austan goolsbee the head of the economic advisors said when it came to mandatory spending we all know there are things we should do, why don't we do them? great. why doesn't your president walk out and say let us do the things about which there is broad bipartisan agreement. even if it is baby steps. take a step at a time. and the world will watch us do it. in instead of doing what the president has done, which is spend the last 8 or 9 months lying behind the lick log and lamb bassing his republicans in congress for suggesting things that would help put the country in a better financial position. >> lying behind the lake log? >> lick log. >> bill: oh, okay. now, look, i don't understand why a guy like president obama doesn't understand the peril is he in for re-election know, look, he has advisors just like you advised bush, he has got guys in there daily is his main guy. >> no, no. daily is not his main guy. that's the problem. if daily were his main guy he wouldn't be doing these things. his maple main guy is david playoff who ran his 2008 campaign. complete foc

alan greenspan, austa austan goolsbee, rachel mad maddow and alex castilanos. >>> a fatal police shooting angers a community. that's on the other side of the break. naturals from delicious, real ingredients with no artificial flavors or preservatives. naturals from purina cat chow. share a better life. energy is being produced to power our lives. while energy developement comes with some risk, north america's natural gas producers are committed to safely and responsibly providing decades of cleaner burning energy for our country, drilling thousands of feet below fresh water sources within self contained well systems and using state of the art monitoring technologies, rigorous practices help ensure our operations are safe and clean for our communities and the environment we are america's natural gas. ♪ hallelujah [ baby crying, dog barking ] [ female announcer ] it doesn't have to be thanksgiving to have the perfect thanksgiving sandwich. carving board turkey -- only from oscar mayer. uh-huh. jeff! honey, i can't walk any faster. [ female announcer ] oscar mayer deli fresh turkey comes in

i talked to the chairman of the president's economic council of advisers, austan goolsbee. it's his final day today, by the way. i asked him if latest jobs report is really a sigh of relief and also to talk a little bit more about where we are in this jobs recovery. >> well, i think where we are in the recovery is we had a month of encouraging data that came in better than expected, but i always say when the numbers were bad, i'll reiterate again when they're better than expected, never make too much out of any one month's numbers because they move around a lot. even in this report you saw they revised up quite substantially the last two months, so they weren't as bad as was first thought. i think where we are in the recovery is, if you take a step back over the last 17 months, the private sector r added 2.4 million jobs. that's pretty good. we've got a long way to go, and it's not near enough. jenna: i pushed him a little bit and asked him if you could place it in a baseball game, what inning we were in. he didn't go for that. we're also coming back from some big blows the

as i told him, it is going to be tough to fill the shoes of aus st austan goolsbee, who has been a great friend and ad viewer that i have relied on for years. i rely on the council of economic advisors to provide unvarnished recommendations not based on politics or narrow interests but based on the best evidence, on what's going to do the most good for the most people in this country. that's more important than ever right now. we need folks in washington to make decisions based on what's best for the country. not what's best for any political party or special interest. that's how we will get through this period of economic uncertainly. that's the only way we will be able to do what's necessary to grow the economy. so it's that spirit that i'm going to be calling upon in the coming days. next week, i will be laying out a series of steps that congress can take immediately to put more money in the pockets of working families and middle class families to make it easier for small businesses to hire people, to put construction crews to work rebuilding our nation's roads and railways and airpor

us last night, she was a top economic adviser, she's back in academia, and she was replaced by austan goolsbeehe left the white house recently and no replacement yet. peter orszag was with the administration and he stepped down and was replaced by jack lew. and jared bernstein worked in the white house's economic advisory position, and ron bloom, he's the manufacturing czar to advise the president on manufacturing policy. the administration announced he was leaving his position today. at least as of now, no replacement announced. larry summers was a top white house economic adviser early on in the administration, he left as well. gene spurling who was a counselor to tim geithner, moving over to the white house. and you have jack liu, gene spurling and secretary geithner announced he'll stay through the presidential election, this is a smaller team than those there at the beginning of the administration. jack liu as the president plans his next move on the economy, issue number one to you. >>> when we come back, the president left washington today for dover, delaware, a very sober day for him a

. >> austan goolsbee was described as giddy as a schoolgirl about getting out of dodge tomorrow, hiswhite house and then he goes back to becoming a fulltime professor at the university of chicago. >> and has made no secret of his disdain for washington and hez his readiness to leave. it's an incredibly tough job, particularly in the economic circumstances we are facing, which i think democrat or republican would agree are historic. >> one wonders why anyone even wants these jobs. thanks very much, chris cillizza. >>> that does it for this edition of "andrea mitchell reports." tomorrow hilda solis will be with us. up next is tamron hall. >>> breaking news from wall street where the stock market is not looking good. you see the plunge there. 347 points, a sell-off and experts say any gains americans have seen in their stock portfolio this is year, likely gone. >>> plus, the latest on the stand-off over the faa. 4,000 agency employees and 70,000 construction workers have been furloughed because congress can't agree on how to fund it. i'll talk with an faa employee who's out of work and

senate agrees, the princeton economist and former treasury department official would replace austan goolsbeeo stepped down earlier this month. the president made the announcement from the white house rose garden, with krueger at his side. >> we need folks in washington to make decisions based on what's best for the country, not... not what's best for any political party or special interest. that's how we'll get through this period of economic uncertainty, and that's the only way that we'll be able to do what's necessary to grow the economy. >> sreenivasan: the president also confirmed he'll unveil his new jobs initiative next week. a federal judge in alabama h blocked the state's strict new immigration law for a month. today's ruling gives the judge more time to consider claims that the law is unconstitutional. the alabama statute is generally considered the toughest in the nation. among other things, it makes it a crime to knowingly aid illegal immigrants. funerals were held today in iraq for victims of a suicide bombing at baghdad's largest sunni mosque. 29 people died when the attacker bl

if confirmed by the senate, krueger will succeed austan goolsbee in the white house economic post.inaudible conversations] >> good morning everybody. this morning we are continuing to deal with the impact and the aftermath of hurricane irene and as i said yesterday we are going to make sure folks have all the support they need as they begin to assess and repair the damage left by the storm. that is going to continue in the days ahead. it is going to take time to recover from a storm of this magnitude. the effects are still being felt across much of the country, including in new england and states like vermont where there has been an enormous amount of flooding. so our response continues. but i'm going to make sure that fema and other agencies are doing everything in their power to help people on the ground. now, even as we deal with this crisis of the moment, our great ongoing challenge as a nation remains how to get this economy growing faster. our challenge is to create a climate where more businesses can post job listings, where folks can find good work that relieves the financi

it will be tough to fill the shoes of austan goolsbee. no doubt that he will take over as a member of the team. i rely on the team to provide data baited on the best evidence, not on politics. and that's more important than ever right now. we need folks in washington to make decisions based on what's best for the country. that's what -- not what's best for any political party or special interest. >> that's how we'll get through -- >> we've been listening live to president obama live at the white house, making an april nounsment, he's nomen -- announcement, he's nominating allen krueger. we'll get more details on that later on. >>> 8:04. bell, hurricane irene has moved away from the northeast u.s. it's into canada. it's left behind major flooding and that's causing major new problems. take a look at this home in pompton lakes new jersey. firefighters couldn't get to it right away because it's surrounded by flood waters. the crews ended up getting in boats to fight the flames. it's believed a gas main break caused the explosion and the fire

to nominate alan kruger to the head of the white house council of economic advisers, replacing austan goolsbee who left that post earlier this year. >>> a city bus rear ending a parked tour bus in beverly hills, california, 15 people on board, suffered minor injuries, police now investigating that. that's more than just a fender-bender there. all right. >>> martha: long beach, new york, where they are assessing the damage after yesterday's big storm, hurricane irene battering the beach town just outside new york city. laura ingle has basically been in long beach for, what -- for what probably feels like an eternity. laura, you know, so many places are out of power. it's difficult to get on or off of the place where you are right now. let's start with the power situation. how's that going out there? >> okay. you know, today, it's a beautiful day, it's certainly been a lot nicer than we've seen over the last 24-36 hours, of course, and as far as the power is concerned, in new york state, nearly 1 million people, still without power. here on long island, over 400,000 people are still in the dark.

as i told him, it is tough to fill the shoes of austan goolsbee who is a great friend and adviser who i have relied on for years, but i have nothing but confidence for alan as he takes on the important role as one of the leaders of my economic team. i rely on the council to give unvarnished recommendations not based on politics or narrow interests, but based on the best evidence, based on what is going to do the most good for the most people in this country. that's more important than ever right now. we need folks in washington to make decisions based on what's best for the country and not what is best for any political party or special interest. that is how we will get through this period of economic uncertainty, and that the only way to do what is necessary to grow the economy. so, it is that spirit that i'm going to be calling upon in the coming days. next week, i will be laying out a series of steps that congress can take immediately. that will put more money in the pockets of working families and middle-class families to make it easier for small businesses to hire people and put

>> well, he is likely to be the public face of the administration's economic team to follow austan goolsbeerlier this month, and to return to the university of chicago. who is he? well, he was a professor of economics and public affairs at princeton university. also has published extensively on the economics of education, labor and unemployment and among other things. he did work in the obama administration in two years in the treasury department, and also in the clinton administration in the department of labor. president obama in a statement this morning of mr. krueger said as one of the leading economists, alan is a leading voice on a vast array of topics and he understands the difficult challenges that our country faces. this announcement that the president will make at 11:00 in the rose garden comes ahead of the jobs speech that the president will make some time after labor day when the president will lay out a plan to bring down the high nation's high unemployment rate. if confirmed mr. krueger would be a part of pushing this administration's policy, kyra. >> thank you, dan lothian at

in the meantime, we do have new reaction from the austan goolsbee, it's his last day in his role, and you heard chris team talking about the private sector job number. 154,000 added. this is when goolsbee is emphasizing. they're better than expected, but not enough to keep up with really what they need to be. the emphasis is on the 2.4 billion jobs he says were created over the last 17 months. so really taking a much longer view to look at an average there. he call this is welcome news, but he says that the unemployment rate is unacceptably high and it will take bipartisan action to solve this. >> 2.4 million jobs obviously great, but with 8 million gone, that's the problem there. and whether you invest and spend money or whether you cut and which one will create jobs. thanks so much. and now we'll bring in poppy harl harlow. i'm sorry, one moment. stay with us for the top of the hour when president obama talks jobs and his new initiative for veterans. that's at 11:00 eastern, 8:00 pacific. and companies have tons of cash in the bank. more than a trillion dollars. so how come they are

it is going to be tough to fill the shoes of austan goolsbee. i have nothing but confidence as he takes on this important role as one of the leaders of my economic team. i rely on the council of economic advisers to provide unvarnished analysis and recommendations, not based on politics, not based on narrow interest, but based on the best evidence, based on what is going to do the most good for the most people in this country. that is more important than ever right now. when the folks in washington to make decisions based on what is best for the country. not what is best for any political party or special- interest. that is not how we will get through this period of economic uncertainty. i will be calling upon -- next week, i will be laying out a series of steps that congress can take immediately to put more money in the pockets of working families, middle-class families, to make it easier for small businesses to hire people. construction crews to work rebuilding our nation's roads and airports. all the other measures that can help grow the econ

. >> reporter: austan goolsbee left friday. it doesn't appear anybody else wants the job.ent has specifically asked him to stay on, and he says he will. lou, thank you. >> reporter: great to see you. welcome back. megyn: thank you so much. "lieu dobbs tonight" airs week weeknights, 7 p.m. eastern time. >>> he is accused of stabbing at least two women, both prostitutes, but 55-year-old corey white is back on the job as a state transportation worker in washington. up next, the union rules you have got to see to believe. >>> and who did jackie kennedy blame for her husband's murder? is for the first time ever we will hear the former first lady discussing jfk's assassination in her own words. we've got the details on the bombshell tapes next. >> the kennedys in massachusetts. [ male announcer ] this...is the network -- a network of possibilities. in here, the planned combination of at&t and t-mobile would deliver our next generation mobile broadband experience to 55 million more amecans, many in small towns and rural communities, giving them a new choice. we'll deliver better

their argument is that even after the $2 trillion mistake that austan goolsbee correctly pointed out,we've spoken about before, $7.5 trillion more debt that would come on our books even with this deal. that's what's really troubling the s&p. their argument is that countries like the uk, with its parliamentary system, have actually been more successful than we have in putting in long-term austerity programs, thing s that actually bend this curve down. >> snow the chart again. the numbers go up and they go up for a few salient reasons that have nothing to do with pbs or the funding of the arts or home heating oil assistance for the poor. steve, what are driving these numbers up? what is the great risk to america's long-term solvency? >> it's obviously entitlements. that's what's really at the heart of this. and we need to address it. >> and defense spending. >> and the tax code. >> let's talk for a minute about the politics of all of this. here's the irony about all of this. my understanding if the grand bargain had gotten down, the $4 trillion deal had gotten done, we wouldn't have had

"wall street journal" says alan krueger will be selected to replace boston will be -- austan goolsbee is not clear when the major general made the comments that were leaked to youtube. china's defense ministry did not immediately respond to questions about the video. calls to the national defense university, where the general is a lecturer, went unanswered. those are some of the latest headlines. >> what more video of the candidates, see what political reporters are saying -- watch more videos of the candidates, see what political reporters are saying at c- span.org/campaign2012. it is all at c- span.org/campaign2012. >> "washington journal" continues. host: gardiner harris, thank you for coming in. you reported a story recently about the u.s. scrambling to ease a shortage of vital madison among those -- vital medicine. what kind of drugs? guest: drugs that are vital for cancer patients. there is a crucial drug for leukemia patients. a lot of the regimens important for childhood leukemia, that can cure childhood leukemia, vital to the whole disease are now in short supply. the same th