charles payne in new york, we've got a lot more coming up, another hour. the likes of congressman joe walsh, dan quayle joining us and don imus, what doesn't belong and why? and also we'll be back here tomorrow. don't forget. 4 p.m. eastern time, the special edition of your world, i want to stress, democrats, republicans, liberals, conservatives we're not all red, we're not blue, we're green, all the time, we are on it.

hi, everyone, i'm charles payne, neil will be back next week. cut, cap and balance, the house days away from a vote will match a 2.4 trillion dollar limit hike with dollar per dollar spending cuts. is this what americans need even if democrats stay it's dead on arrival. to ben stein, dagen mcdowell, charlie gasperino, daying, this gets to the idea of of serious spending cuts? >> it does, but you need-- the devil's in the detail, charles. and we will he be getting more details on the plan, and plans in the coming days, but if you want to have a really serious debt reduction plan, you're going to have to tackle medicare and social security and medicaid and that's just the fact of the matter. and they are trying to-- one thing that's really important in this, they're trying to cap spending as a percentage of our economy, when it got to 25% of gross domestic product under president obama. this tries to take it down in about seven years, below that mark, back to where we've been since world war ii, that's a huge step in the right direction. >> what's

we have charles payne and comedian dan soderand kayleigh mcen any.e to go to andy levy. >> hey, jill, what's going on with the jill dobson show? >> we are going to have something special this week, guest blogger, tom shillue owhy evidence in a case -- [laughter] >> wow. how did you get that? >> i leaned across the table and i told him that that's happening, just now, through him. would you ask him to do it? >> that's a good gag. >> high profile. >> hey, tom, any upcoming appearances on the jill dobson show? >>s should how i get my work, as a blogger. i put it out there. they reel me in. >> what's the deal with funny story dot-biz. >> i can't believe you said that, funny you should ask -- >> but it's a live show, but it lives on the internet at funny story dot-biz. finally, comedy on the internet. >> somebody should have thought of that. >> amazing. >> john, what you are doing? >> guto john devore dot-com, you can get details about a solo show in brooklyn this weekend and through july. i'm telling stories. >> really? >> lovely stories. for you, andy.

charles payne hosts a show, 2:00? >> reporter: 2:00. jenna: you talk a lot about this, charles.ng to have to do some speculation, because this has never happened where we've had a credit downgrade. let's say the headline crosses, the united states' gold credit rating is downgraded, how instantly do we see a market reaction? our mortgage rates go up? how quickly? >> reporter: it will probably happen fairly quickly. you'll see it in the stock market -- jenna: are you talking like, would you imagine a 700-point drop? >> reporter: we could. i've got to tell you, i'm glad you brought up the t.a.r.p. thing, because a lot of people remember we dropped 700 points, but president bush signed it into law october 3, 2008, by march 9th the dow was off almost 4,000 points, and that gets us back to the key issue here. we're kind of so worried about the instant knee-jerk reaction, i think a lot of people aren't focused on the longer term issue. jenna: so what is that? >> our aaa rating is in jeopardy because we're spending too much money. jenna: can we get it back if we lost it? >> oh, yeah, bu

and now, charles payne, big star on fox business network. arles, what donald is saying how we are looking like a joke to our lenders, he is not too far off the mark whether you are republican or democrat, that is the case. >> that is 100 percent the case. people say we have been here, remember after world war ii, the debt has been this big and it is not a big deal never before in our history hashe rest of the world been at our heels the way they are now. in germany they reported the best retail sales, ever, ever, ever, 25 months of unemployment in a row going down every single month. the rest of the world is still rocking and rolling and they can do it without us. >>neil: what is going on? stocks are their own story. it is not exclusively the debt but if we look at the corner of wall and broad, i want to focus on what is going on on the treasury market, as well. we look at that, that is the real story, because if those guys are afraid there is going to be some huge financial problem in washington, they have a funny way of showing it. the rate

charles payne, fox business network and also the ceo of w3.com, author of "be smart, act fast, get richning, and we spoke with you before the president came out and the truth is, the debt clock does not go in the other direction. >> absolutely not. they tried to say, everything we borrow we'll cut and if anything we'd be knneutral but a lot of e cuts are down the road and a lot are mythical, for instance the reid plan which asumes cuts if we end the war quickly and don't enter any other wars, who knows. bill: the 14.5 number will stay where it is. >> it will go up. regardless. we are punting on this. bill: the gdp number from the second quarter. you are a believer that we never came out of the recession. >> absolutely. bill: this isn't even a double dip, the same recession we have been in three years. >> and, the 1.3 number, the first quarter was revised to 0.4%, that is crawling, absolutely crawling and the notion of going into a double dip is a misnomer in the sense we have not come out of it and most people watching the show can tell economists that, politicians that, and we have not