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bba means aall, balanced budget amendment. i think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and make sure that the government is living within its means and making responsible choices. this notion that we are going to go over a multi-year process instead of seizing the moment now and taking care problems is a typical washington response. we don't need more studies. we don't need a balanced budget amendment. we simply need to make these tough choices and be willing to take on our faces. everybody knows it. we could have a discussion right now about what the numbers look like, and we know what is necessary. here is the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, we are not greece or portugal. turns out that our problem is we have cut taxes without paying for them over the last decade. we ended up instituting new programs like a prescription drug program for seniors that was not paid for. we fought two

is there any version of a bba that you would support? >> first of all, for the consumption of the general public, bba meaning a balanced budget amendment. i think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs. and to make sure that the government is living within its means and making responsible choic choices. so this notion that we're going to go through a multiyear process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more studies. we don't need a balanced budget amendment. we simply need to make these tough choices and be willing to take on our bases. and everybody knows it. i mean, we could have a discussion right here about what the numbers look like, and we know what's necessary. and here's the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, that we're not greece. we're not portugal. it turns out

is there any version of a bba that you would support? for the consumption of the general public bba meaning a balanced budget amendment. i think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution tells us to do our jobs. and to make sure that the government is living within its means and making responsible choices. and so this nokes that we're going to go through a multiyear process instead of seizing the moment now and taking care of our problems, is a typically washington response. we don't need more studies. we don't need a balanced budget amendment. we simply need to make these tough choices. and be willing to take on our basis. and everybody knows it. i mean, we could have a discussion right here about what the numbers look like and we know what is necessary and here is the good news. that it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say we are not greece. you know we're not portugal. it turns out that our proble

>> first of all, for the consumption of general public, bba meaning a balanced budget amendment.ressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and to make sure that the government is living within its means and making responsible choices. and so this notion that we're going to go through a multi-year process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more studies. we don't neeee a balanced budge amendment. we simply need to make these tough choices and be willing to take on our bases. and everybody knows it. discussion right here about what the numbers look like and we know what's necessary. and here's the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, we're not greece. we're not portugal. it turns out that our problem is we cut taxes without paying for them over the last decade. we ended up instituting new programs like a prescription drug program for s

this morning, brian walsh at tweeted, all campaigned on a bba in '06 and now they're flip-flopping.explain. and true enough, ohio senator in 2006. >> i stood up to the president of my own party, not just in opposition to the north american free trade agreement but in support of the balance bud jet amendment welcome, in restoring fiscal sanity to our government. >> and republican operative brian walsh is correct. what he doesn't mention is the new proposed amendment differs significantly from the one those law enforcements supported. it caps government spending at 18% of the economy. for perspective with the government currently spends 25%. the last time the government spent only 18% of gdp was four and a half decades ago in 1966 when the population was younger, medical care cost less and the government provided fewer services. this proposed amendment, part of the cut, cap and balance bill is making its way through congress as the leadership is trying, trying, to hammer out a deal in the white house. but 71% in a new cbs poll disapprove of how congressional republicans are handling t

vice president biden voted for a bba in 1997. any way that could be part of the solution, or any version of a bba that would you support? >> bba meaned a balanced budget amendment. i think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs. and to make sure that the government is living within it's means and making responsible choices. and so this notion that we're going to go through a multiyear process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more studies. we don't need a balanced budget amendment. we simply need to make these tough choices and be willing to take on our bases. everybody knows it. i mean we could have a discussion right here about what the numbers look like. we know what's necessary. here the good news. turns out we don't have to do anything radical to solve the problem. contrary to what some folks say, we are not greece. we are not portugal. i

this morning, brian walsh at tweeted, all campaigned on a bba in '06 and now they're flip-flopping.l have to explain. and true enough, ohio senator in 2006. >> i stood up to the president of my own party, not just in opposition to the north american free trade agreement but in support of the balanced budget amendment welcome, in restoring fiscal sanity to our government. >> and republican operative brian walsh is correct. other democrats have changed their position since then. what he doesn't mention is the new proposed amendment differs significantly from the one those lawmakers supported. it caps government spending at 18% of the economy. for perspective with the government currently spends 25%. the last time the government spent only 18% of gdp was four and a half decades ago in 1966 when the population was younger, medical care cost less and the government provided fewer services. this proposed amendment, part of the cut, cap and balance bill is making its way through congress as the leadership is trying, trying, to hammer out a deal in the white house. leaving critics to call i

the second, cut, cap and balance had the bba separate from the bill. >> greta: balanced budget amendment>> right, excuse me. we never had assurances we could get a vote on the balance budget amendment in the senate. what i never agreed with was the idea we would expect harry reid and nancy pelosi to deliver 40 to 15 votes from democrats. i never thought that was realistic to demand democrats vote against their conscience for our version of the balanced budget amendment. i never thought that would work. i think this is a far workable plan. cut spending, cap spending and then have a vote on the balanced budget amendment. and see where people stand on this issue in congress. >> greta: how realistic are the cuts you talked about? we hear these bills, six months ago in march there has hoopla about how much was i can cut we the dust settled it was chump change. >> today we are cutting 917 billions in spending. bringing the deficit down by 917 billion dollars. going down 22 billions next year is this as much as i want? no. we offered far more but it does cap spending. >> greta: for how long? >>

>> first of all, bba means a balanced budget amendment. i think i already addressed this question earlier. constitutional amendment to do our jobs. the constitution already tells us to do our jobs and make sure that the government is living within its means and making responsible choices. this notion that we are going to go over a multi-year process instead of seizing the moment now and taking care problems is a typical washington response. we don't need more studies. budgett need a balanced amendment. we simply need to make these tough choices and be willing to take on our bases. everybody knows it. we could have a discussion right now about what the numbers look like, and we know what is necessary. here is the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, we are not greece or portugal. turns out that our problem is we have cut taxes without paying for them over the last decade. we ended up instituting new programs like a prescription drug program for seniors that was

is there any version of a bba that you would support?f all, for the consumption of the general public, bba being a balanced budget. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs. and to make sure that the government is living within its means and making responsible choices. and, so, this notion that we're going to go through a multi-year process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more studies, we don't need a balanced budget amendment. we simply need to make these tough choices and be willing to take on our basis. and everybody knows it. i mean, we could have a discussion right here about what the numbers look like and we know what's necessary. here's the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say that we're not greece, we're not portugal. it turns out that our problem is we cut taxes without paying for them over the last ended u

this is a tougher bba to vote for than the first one on taxes. >> people will have to figure out theiritics on the balanced budget amendment. but they've got to get off of all this stuff. 53% of the american public think the most important issue today is economy and jobs. the longer they're talking about debt and balanced budgets, they're hurting themselves with most voters. remember in 2005 when the senate came back from the extraordinary session voting on the terry schiavo case, 70% of americans didn't want them to do it. democrats have got to start talking about economy and jobs again. >> jamal simmons and jennifer duffy, thank you both. >>> up next, 2012 presidential game changers. forget about dipping his toe, texas governor rick perry wades in past the hips into the presidential waters. when you're answering questions from the "des moines register," you're pretty much doing that. and what that means for michele bachmann in iowa and beyond. plus, why big donors could mean big trouble for mitt romney. our panel is here to break it down. but first, white house soup of the day, could

would mean you would now star rating what was once waited in 2008 as a beat -- once rated in 200 a bba to something else, and i would argue that since default rates are the only thing that matters in a final analysis, again, because the only thing that matters is the likelihood of getting repaid, and and then that should be based on historical data, and unique -- munis should be rated aaa. so you're telling me that you have addressed that issue and that these new needs -- these munis are being rated like the other? >> we are not be calibrating the criteria on municipals with the aim and objective to sort of have comparable witty of ratings across all sectors, across all asset classes and geography. this is forward-looking. made progress in this? >> yes, since 2008, moody's has formally we calibrated all of the finance ratings to move them onto a scale that is comparable to the corporate ratings of financial institutions. >> based on default rates? >> there was research based on a lot of analysis around that calibration that i can assure is provided to you. >> my staff will be in touch

>> first of all, bba means a balanced budget amendment. i think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and make sure that the government is living within its means and making responsible choices. this notion that we are going to go over a multi-year process instead of seizing the moment now and taking care problems is a typical washington response. we don't need more studies. budgett need a balanced amendment. we simply need to make these tough choices and be willing to take on our bases. everybody knows it. we could have a discussion right now about what the numbers look like, and we know what is necessary. here is the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, we are not greece or portugal. turns out that our problem is we have cut taxes without paying for them over the last decade. decade. we ended up instituting new programs like a prescription drug progr

if that is the only thing that matters, bba munis should be rated aaa. you're telling me you have addressed that issue? >> we are looking towards it. we are be calibrating -- we have three calibrated a criteria across many areas including structured finance, sovereign government, and we are also read calibrating the criteria on municipals, with the aim and objective to have comparability of readings across all our sectors, all of our asset classes, and geographers. >> has moody's made progress in this as well? >> yes, i am aware that since 2008, moody's has formally recalibrate it all of the u.s. public finance readings and move them onto a scale that is comparable to corporate ratings, financial institutions. >> based on default rates? >> there was a research piece and a lot of analysis that i can assure is provided to you. >> my staff will be in touch with both of you to try to catch up on some of the data. do you do governmental issues? >> we do not, but i would point out, and i'm not sure of the data you are referring to, but the lot of the municipal

>> first of all, bba means a balanced budget amendment. think i already addressed this question earlier. we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and make sure that the government is living within its means and making responsible choices. this notion that we are going to go over a multi-year process instead of seizing the moment now and taking care problems is a typical washington response. we don't need more studies. we don't need a balanced budget amendment. we simply need to make these tough choices and be willing to take on our faces. everybody knows it. we could have a discussion right now about what the numbers look like, and we know what is necessary. here is the good news. it turns out we don't have to do anything radical to solve this problem. contrary to what some folks say, we are not greece or portugal. turns out that our problem is we have cut taxes without paying for them over the last decade. we ended up instituting new programs like a prescription drug program