that's unfortunately what the boehner proposal does. >> chris van hollen. i'm hearing a little bit of daylight. i'm beginning to see people talking in the same ballpark, at least. i'm betting this is going to be an interesting weekend. >> you put your finger on it. if you can create a mechanism so that if you don't get the deficit savings through the normal process, you have these triggers that guarantee that deficit savings in a balanced way through both spending cuts, but also revenue, then you can get there because then you're guaranteed that you get the deficit reduction at the end of the day. that would allow you to make sure you can extend the debt ceiling for whatever period of time you want. >> chris van hollen, thank you very much. thanks for joining us. >>> speaker boehner is expected to hold a news conference just about 20 minutes from now, 1:30 eastern. we will bring that to you live. >>> up next, republican senator john thune. send me your thoughts on twitter. follow the show online. >> as soon as the house completes its vote tonight or this af

thanks for joining us. >> thanks for having me. >> up next, congressman chris van hollen. u pick a price that works for you. perfect. only one thing could make this better. both: '80s montage! ♪ progressive '80s montage ♪ he drops some boxes, but it's okay ♪ ♪ we keep dancing ♪ hey! it's that guy! ♪ progressive "name your price" tool, yeah! ♪ helping you save. now, that's progressive. call or click today. a living, breathing intelligence that's helping drive the future of business. in here, inventory can be taught to learn. ♪ machines have a voice. ♪ medical history follows you. it's the at&t network -- a network of possibilities... committed to delivering the most advanced mobile broadband experience to help move business... forward. ♪ >>> joining me now, the top democrat on the house budget committee, congressman chris van hollen of maryland. the speaker of the house says i don't think i can do this deal and let's go back to the biden talks. you were in the biden talks, and everyone says that's a little over $2 trillion in savings. let's do that. is that a done deal? >>

congressman chris van hollen is a democratic from maryland. he joins me now. he's in on the biden talks when those were the center of the debt ceiling negotiations. congressman, we know at this point how this is going on the end. some sort of raise to the debt ceiling, some sort of cuts, but not the grand bargain. do you feel as if your party is politically in a better position today than a week ago when these talks began? >> chuck, i don't know what the end game is going to be. could take another turn. i'm not sure exactly where all the dynamics between the house and the senate are right now. what i do know is that the president said today that he still held out hope to try to get a grand bargain. speaker boehner said the same thing of course in the next breath, speaker boehner said he wasn't willing to close any of his corporate tax loopholes which have been an obstacle to get the deal done. again, i think there's a growing consensus that something will be pulled together, but i think there's a whole lot of -- there are a lot of hurdles along the way to go.

chris van hollen is the top democrat on the budget committee.ongressmen, welcome back to "fox news sunday." >> good to be with you. >> chris: this week the house will vote on something called "cut, cap and balance." let's outline what it would do. you would cut the deficit $111 billion next year. you would cap spending under 20% of g.d.p. in a decade. it's now 24%. you would raise the debt ceiling only after congress passes a balanceed budget amendment. congressman jordan, you are a big sponsor of this. president obama says it would cut medicare and social security much more deeply than paul ryan's budget plan. >> it mirrors the budget proposal that house passed earlier this year. we like to do it as a common sense american plan. americans know we're spend toog much, we're headed for a cliff, we're headed for bankruptcy. let's cut spending in year one, cap it as a percentage of our economy going forward. everyone understands our government is getting too big. do something historic. for the first time in american history, pass a balanced budget a

chris van hollen joins me next. be kind to your eyes with transitions lenses.itions adapt to changing light so you see your whole day comfortably and conveniently while protecting your eyes from the sun. ask your eyecare professional which transitions lenses are right for you. ask your eyecare professional for your transitions certificate of authenticity for your chance to win instant monthly prizes or our $20,000 grand prize! i've tried it. but nothing's helped me beat my back pain. then i tried this. it's salonpas. this is the relief i've been looking for. salonpas has 2 powerful pain fighting ingredients that work for up to 12 hours. and my pharmacist told me it's the only otc pain patch approved for sale using the same rigorous clinical testing that's required for prescription pain medications. proven. powerful. safe. salonpas. >>> there was an agreement on some additional revenues until yesterday when the president demanded some $400 billion more, which was going to be nothing more than a tax increase on the american people. and i can tell you leader canto

ranking budget member chris van hollen. >>> plus, from fires to floods to oil spills. natural and man-made disasters wreaking havoc across the country. with us, agriculture secretary tom vilsack. >>> i will sentence you to one year in the orange county jail, imposing a $1,000 fine on each count. >> casey anthony will not walk from court today a free woman but she will be released from jail next week for time served and for good behavior. >>> and blastoff or bust? the latest on the "atlantis" launch and the future of the space program with former nasa administrator sean o'keefe. >>> good day. i'm andrea mitchell live in washington. we are expecting president obama will come into the briefing room at any moment. there is the president. let's go to the briefing room. >> all the congressional leaders from both chambers, from both parties, and i have to say that i thought it was a very constructive meeting. people were frank. we discussed the various options available to us. everybody reconfirmed the importance of completing our work and raising the debt limit ceiling so th

tonight, steny hoyer is with us and chris van hollen and bernie sanders. they're here with their version an how this is going down and how it's going to get solved. this is "the ed show." let's get to work. >> the bill's not perfect. i never said watz perfect. >> even the tan man knows his bill is no good. he was embarrassed by his own caucus tonight. but is senator reid's plan any better? former labor secretary robert reich knows the answer. constitutional scholar michelle bachman doesn't understand the 14th amendment. >> he would be making spending decisions and tax decisions. clearly that's unconstitutional. >> we'll review the document for her. and while republicans hold the economy hostage, nobody's thinking about putting americans back to work. tonight, my commentary on how washington and big business need to start hiring. good to have you with us tonight, folks. it's an unbelievable day of news coming out of washington, d.c. house speaker john boehner, i guess you could say is finding out the hard way that a stiff drink and round of golf just isn't

. >> right over to capitol hill where chris van hollen, the ranking member of the budget committee joining us now. good afternoon, sir. >> good afternoon, martin. >> the clock is ticking, congressman, and what did you think of the farcical scenes of mr. boehner incapable of securing enough support for the plan, and do you think it is likely to pass today? >> well, martin, many weeks ago, speaker of the house john boehner called for an adult moment, and last night we saw them heading in the exact opposite direction. this is a time, as the president said, for responsible compromise, and instead of reaching out across the aisle, what he is doing is to catering to the far right tea party extreme of his own party, and went from a bill that is already, you know, uncompromising to one that is even worse. >> so are you calling him a child? >> well, i'm saying he was headed in the wrong direction by his own -- he has not met his own call for the adult moment at this particular point in time. we hope we get to that point quickly. unfortunately, because house republicans refuse to come up with the se

we have chris van hollen with us. >> good morning, chris. >> let's start with john boehner. if he brings the cuts to $1.2 trillion, can it pass? >> i'm not sure it can pass then. before you have the error that they caught. before that, he was having trouble getting the votes. i don't know what the situation is right now. the problem with the boehner proposal is it puts the country in the same fix now, just six months down the road. why do we choose the road? >> it cannot be the short-term plan? >> because the economy is in a fragile state. it makes no sense at all for anybody to do anything that makes it more fragile that risks the credit worthiness of the united states and risks putting more people out of work. those are risks we should not be taking right now. this is a choice. there is no reason we have to do that. why in the world do we adopt a plan that creates continued uncertainty and instability in the economy. that is beyond me. as you heard in the clips, what you have now is a situation where a small group within the house, a lot of the house tea party caucus membe

with me now, maryland democratic congressman chris van hollen, ranking member on the budget committee, very close to the leadership. congressman, let me start with what you understand that is, quote, on the table in the $4 trillion grand bargain here. what part of social security is on the table, or is it sort of to the side? >> right. before i get to that, could i just say that the disappointing jobs numbers this morning underscore what a lot of us have been saying, which is that, even as we work to come up with a plan to reduce the deficit over the next ten years, we do nothing in the short term to harm the economy. and deep immediate cuts would do just that. so, first, do no harm, principle number one. with respect to the grand bargain, we've said all along, the president said all along, you need balance. you need to make sure you have revenue closing corporate loop 0 holes, asking folks at the high end of the income stale scale to pay more. we've seed with respect to social security, we support the idea of strengthening social security on its own track, on its own merits, just lik

. >> congressman chris van hollen joins me right now. thank you for your time.there's enough responsibility amongst more moderate members of the republican party and both chambers to come together now with democrats and get something done? >> well, i don't know about the senate. that's our big hope right now is you're going to have enough moderate republicans to put together a deal with harry reid, look at the compromised proposal he hammered out. in the house, you've got the very right wing tea party republicans are in charge. you've got the tail wagging the elephant. we saw that when they proposed the proposal their own speaker put on the floor and he had to go back to address those concerns. so hopefully we'll see something come out of the senate and harry reid's bill answers all the requests that republican colleagues put forward in terms of what they wanted to achieve. >> i was speaking earlier, asking the question about a way of satisfying the tea party supported candidates, who have had so much influence on speaker boehner's bill moving forward. is there

congressman chris van hollen is a democrat from maryland and he joins us now. >> martin, good to be with you. >> and the president has made it abundantly clear that he is having to make painful compromises and are you and the fellow democrats prepared to follow the president's lead even if it means compromising on the sacred aspects of the welfare system? >> well, martin, we have to look at what the president is proposing, because it is still the back and forth, but in terms of the overall approach, we agree with the president that you have to have a balanced plan, and he is talking about $3 in spending cuts to $1 in revenue raised by cutting a lot of the corporate loopholes and asking the folks at the top the go back to what they were paying in the clinton administration, and so in terms of the general framework, everyone is on board, and the big obstacle has been that while we are willing to give the president a little running room to discuss that framework, the republicans have said no to even talking about the revenue piece. >> and yet there is some anger, isn't there, from democrats

. >> we are joined by maryland congressman chris van hollen, and first, what was the reaction to mr. walsh's considered contribution to the debate. he won't even vote for speaker boehner's plan. >> well, you see the exactly the dilemma we are facing which is a core of hard right tea party members in the house of representatives who don't think it is a problem if the united states doesn't pay the bills and every american family has to pay the mortgage and make the car payment and get up one day and say i'm not making the payments anymore, but that is what they are proposing but the single exception is that we will pay china and the bondholders, but it is okay not to pay the troops and not the pay social security and anything that is not in the form of a treasury bond obligation, they are willing to write off, and say, you are on your own. we think that is reckless and we also think that is in itself jack up interest rates and cost americans much more through their purchases of all of the goods and services throughout the economy when you have interest rates going up. >> mr. van hollen

we're certainly not going to subscribe to that totally unbalanced approach. >> chris van hollen, thankou very much. >> thank you. >>> for the markets, of course, the date to watch in this standoff isn't really just august 2nd. a crash could come in moments, in seconds, even sooner if the markets decide there will not be an agreement in time. what can we expect if time does run out? jay powell served as top official at the treasury department under president george herbert walker bush and has studied the potential consequences for the independent bipartisan policy center. he joins us now. jay, what does happen when time runs out, whether it's august 1st, august 3rd, what do we see happening? the bond holders are going to be paid so what kind of choices does the president have to make? >> that's exactly what we see. we see if the debt ceiling's not raised by august 2, starting on august 3 and for the rest of the month, we assume the bond holders will be paid their interest. we assume there's not much risk on that. but that other creditors who are beneficiaries of federal government payme

committee who gave a strong defense of cut, cap and balance, and, his response specifically to what chris van hollend, what, are you crazy, a bad idea to put a balanced budget amendment in the constitution? >> eric: that is the debate there. what will happen? >> chris: i don't know, you know, we keep think, i think in washington, that wiser heads will prevail and eventually they'll work out a deal, work out a compromise. because i have to say a lot of people think it would be very dangerous for the country, and dangerous for -- in terms of our financial standing, and also, very worrisome to a very weak recovery, if you didn't raise the debt ceiling by august 2nd. but, so far, i mean, there seems to be no give at all. and i understand this is on tv and that is different than what is going on behind private doors but the fact is, that this talk of cut, cap and balance, one of the questions i asked jim jordan, it may be a good, solid, idea and is almost certainly not going to become law, between now and august 2nd, and, while they are appealing to their base and the democrats are doing clearly the same

congressman chris van hollen, the ranking democrat on the house budget committee, who's been involved in these talks. thanks for coming on "hardball." >> thank you, chuck. >> susan page, the washington bureau chief for america's newspaper, "usa today." it's interesting that actions speak louder than words. watching republicans, watching mitch mcconnell do legislative jim nat ticgymnastics to come u escape plan, is that they knew they were losing, and mitch mcconnell was throwing himself in front of a bullet essentially for speaker boehner. is this political win for the president, though, or is the air out of the balloon because ultimately he couldn't get washington to come together, he couldn't bring this together? some are going where was he the last six months rather than the last six weeks? >> he definitely needs a deal to happen if for some reason this doesn't come together. his political career is staked on the economy doing better. he's warning us right and left, if the debt ceiling gets close and not raised in time, the fragile recovery is going to have the pins kicked out from

also chris van hollen, a democrat to talk about how the democrats view this.mocrats have been upset with the president for suggesting that perhaps medicare benefits or perhaps social security benefits were on the table. and rick san tore um was a 2012 presidential candidate, and he thinks the president doesn't get it. >> looking forward to awful those views. thank you very much. keep it here with "state of the union" here with candy. that's right here on cnn. >>> remember that showdown in wisconsin over union rights for public employees? some legislators are facing recall elections this week. here is paul steinhouser with that. >> a bunch of the presidential candidates will campaign in some of the crucial voting states in the road to the white house, among them herman cain, and tuesday there's a special congressional election in the los angeles area to fill the seat of former representative harmon who stepped down earlier this week. and then a controversial plan to strip labor workers of their rights. we'll learn this week how much money president obama's re-e

congressman chris van hollen. thanks for being with us. do you say we have president's hour on the floor of the house? >> i would like to have the debt discussed that way. fabulous. >> thank you, chris. >> thank you so much. i think the devil is in the details, steve rattner, but at least we have an outline that we can move forward on. you have tom coburn, barack obama and john boehner in that territory. it may be good. >> i worry as people see the details,itis going to get worse, not better. they are going to lose their deduction for state and local taxes. this program is going to be cut. instead of focusing on the whole thing saying it's a step forward, people are going to pick on the things they don't like. it would be amazing if we could get this down. it's daunting. >> we have had so much legislation crashed in this kind of crazy fashion. as you say, the picking and negotiation and so on when the spotlight goes off. that is the key. how do you keep that momentum in the positive direction, as you say. >> you have to focus on the whole.

and also, chris van hollen, the top democrat on the house budget committee.biggest news is that a lot of people think that the mcconnell fall-back plan, allowing the president to take the heat and get his debt increase past the election without, at least with the possibility of no spending cuts at all is going to get through. jordan basically said over his dead body. he said i am not going to vote for it. and the house republican caucus won't vote for it, which raises the question will there be enough votes for that? if that, which is considered the fallback doesn't pass, i don't know where we are come august 2. >> that is a spirited debate. it continues. didn't get solved but see if we made inroads with the sides. you have someone who is turning out to be the interesting story of the 2012 race. herman cain continues to show up in the polls and he is getting traction. >> he is. i think he has lost a little bit. her man cain, the formercee of godfather's pizza. clearly according to the public and polls won the first debate, the fox debate in south carolina tha

chris van hollen is back with us. good morning to you. tom coburn is coming out with guns blazing. $9 trillion to save america. he says it's rough but it's necessary. do you agree? >> we have to couple with a plan to reduce the deficit. we need to do it in a balanced way. i give senator coburn credit for putting the plan on the table. this plan recognizes spending through tax breaks is like spending through other parts of the government. and he would allow for cutting special interest tax breaks for the purpose of deficit reduction. i have not had an opportunity to look as the his entire plan. it calls for draconian cuts. butch he provides a combination of cuts and elimination of the tax loopholes for the purpose of deficit reduction. bill: just fact that he couples with taken idea for $9 trillion it gives you a sense of the enormity of the issue. democrats control the senate, you have got a democratic president. can you afford to allow this debt issue to linger into another election cycle as a party? >> we all need to come together to ma

i'll be here tomorrow morning for state of the union at 9:00 and noon, with kevin mccarthy and chris van hollen. we'll see if they have any solution to the dismal numbers. right now the news continues on cnn. >>> right now on this broadcast, a tragic reminder for baseball fans to be careful. >> we ask that each of you join all of mininger league baseball as we observe a silent moment of respect -- >> a man falls to his death after catching a ball for his son. and the man standing next to the man. >>> stars remember betty ford. the outspoken former first lady and advocate for addiction recovery. >>> william and kate visit california. we're going to take you there live, and what is this all about? ♪ >> i'll explain all that straight ahead. the news starts right now. >>> we begin with this tonight, in article fon texas, a father and son out for a night at the ballpark, then a shocking tragedy. >> that's why there was time taken. wow! >> shannon stone reached for a ball only to fall head first over the railing dropping about 20 feet and sadly to his death. his 6-year-old son right next to him, seei

i think i lened by talking to chris van hollen, i think we may have the outlines of a deal. >> don't get me too hopeful. >> let's cross our fingers and hope we'll have a delay. let us hope. >> wrap it up. >> if it's too early, what time is it? it is time for "morning joe" but now it's time for "the daily rundown." see you tomorrow. >> six degrees of separation. the senate's gang of six is back. the president and the senate rank and file love it. but senate leaders and house republicans, they waste little time dowsing cold water on the idea. the debt limit deadline is coming up fast. will the president and much of the senate drag the house into a deal kicking and screaming. >>> look who's surging now? michele bachmann rockets up the ranks in the "wall street journal" poll. is she a flash? we'll have that and much more from our brand new poll. >>> plus -- >> we now know which party it was, if you like, the slumber party. obviously. >> it's finger pointing time and question time. day after parliament grills rupert murdoch, it's david cameron himself. no break in this london fog. give th

. >> congressman chris van hollen there. nancy pelosi saying no way, no how, no cuts for medicare and social security. groups like the national nurses united saying they will not endorse anyone who cuts social security. aarp, the formidable older person's lobby, telling the white house they should keep their hands off social security. the progressive change campaign committee asking left-leaning democratic voters to foreswear working for president obama's re-election if he cuts social security or medicare. the white house knew they would get this kind of reaction. i'm guessing they both knew it and probably even welcome it, because giving the one-finger salute to the most die-hard supporters and their values, stiffing the democratic base, is a time-honored way for moderate democratic politicians to demonstrate seriousness in washington. >> and everybody acknowledged that there's going to be pain involved politically on all sides. >> oh, boy. pain for everyone. this really is a central part of how democrats operate. in contra

been just as vocal with now majority whip steny hoyer, assistant house budget ranking member chris van holleneader jim clyburn and john larson all members of the leadership calling for the 14th amendment to at least be considered. they are referring to section four of the 14th amendment which says the validity of the public debt of the united states authorized by law, including debts incured for payments of pensions and bounties for services in suppressing insurrection or rebellion shall not be questioned. joining me now, jonathan zasloff. professor. i have kind of gone back and forth on this. i read the 14th amendment when this question first came up, by the way, having no idea this provision was in the 14th amendment, back when i was in the senate writing debt ceiling increases, nobody ever mentioned it, and then lawrence tribe, harvard law professor came out with a piece that pushed all of us back. we thought okay, now i see what the white house is considering here. professor tribe said that using the 14th amendment that way would mean that any budget deficit, tax cut, or spending increase

. >>> plus, chuck schumer, and paul ryan, chris van hollen for the democrats on what's going on on bothe aisle. and we have the end of an era. we talk to a former nasa administrator as america's space shuttle program comes to an end. >>> now to the 2012 presidential race. michele bachmann is out with her first iowa campaign ad. here it is. >> as a sdeendent of generations of iowans, i was born and raised in waterloo. as a mom of five, a foster parent and former tax lawyer, now a small business job creator, i know that we can't keep spending money that we don't have. that's why i fought against the wasteful bailout, against the stimulus. i will not vote to increase the debt ceiling. >> the latest new hampshire polls show bachmann is gaining on romney in the granite state. romney with 35%, bachmann at 12%, getting an eight-point jump from 4% before. but she's still above ron paul as well as giuliani, perry coming in at 4%, pawlenty and palin right behind them. a half million dollar haul -- $18.5 million haul is what romney had in the last quarter but that was short of expectations. mark w

we'll talk to ways and means chairman dave camp and ranking democrat on the budget committee, chris van hollening in on the debt debate? nicole wallace joining us. plus all the latest on the "news of the world" hacking scandal. investigations on both sides of the atlantic. see you in 15 minutes on "andrea mitchell reports" right after contessa brewer. >>> casey anthony set to be released from prison this weekend but her legal troubles are far from over. she faces a defamation suit brought by a woman named zenaida gonzalez. in 2008, anthony told investigators that a woman with that name took her daughter. lawyers for gonzalez filed a motion asking anthony be required to appear and give a deposition and they're concerned once casey anthony gets out of prison, they won't be able to find her. >>> three tennessee sheriff's deputies are on leave after their police dash cam caught them beating up an alleged suspect. the man's lawyer says the video shows the deputies continuing to punch and taser the man for at least ten minutes after he was handcuffed on the ground. the deputies claim they were simpl

we'll ask paul ryan and ranking budget committee member chris van hollen. >>> taking aim at ames.ublican nomination, tim pawlenty goes on the attack. plus the democratic women of capitol hill take a stand, rallying behind dnc chairwoman debbie wassermann-schultz. see you in 15 minutes on "andrea mitchell reports." join us. >>> teachers in memphis are due back at work in less than two weeks but the school board there voted to delay the start of the new school year indefinitely. they're holding the school year hostage until the city pays what it owes the district. dr. kenneth whalen is with the memphis city school board of commissioners. doctor, explain the logic behind delaying classes. >> hi, contessa. the logic is pretty clear. you can't get blood out of a turnip. the school board is being forced to try to operate without adequate funding. the board voted eight to one to delay the start of school, not cancel school, but to delay it until the requisite funding is received from the city council. that was done a couple days ago. that's where we are right now. >> are you saying you h

waiting here for the last few minutes we've seen speaker boehner go by, eric cantor, we saw chris van hollen, the top democrat on the budget committee. paul ryan. so it's kind of a place of activity right now. a lot of meetings and discussions going on down the hallway in the speaker's office. >> rose: so where are they in these discussions, do you believe? >> well, i think that we're at a true point of impasse right now. until this vote you ntioned happens tomorrow in the hoe. this cut, cap, and balance plan put forward by the republicans. everybody here knows it's going noere cause it won't pass the senate and even it it passed in the senate there is no way the president would sign it. in fact, they officially issued a vo threat on that today. but republicans want to go through the motion on this. they want to demonstrate that they have 218 ves, more than 21 votes in the house to pass something that would raise the debt ceiling but only by imposing steep cuts to next ye's budget and to budgets over the next ten years and also of course, a balanced budget amendmen so this is kind of a... it

. >>> congressman chris van hollen is the ranking member of the house budget committee and joins me now. well, congressman, we are hearing from both sides blaming the other, lot of finger pointing, talk of a possible camp david summit, but no confirmation of that at all coming from either the white house or the hill. your take on what happened as far as you know, not being at the table last night. >> well, i don't know all the blow by blow, andrea. i do know that the republicans walked away from the biden talks so it was interesting when they said they want to go back to the biden talks, really after the rug was pulled out from under speaker boehner when he was trying to work a larger deal with the white house. i heard senator mcconnell's statements at the beginning of the program about how, you know, we can't let president obama undermine the full faith and credit of the united states. he should be listening. it's the house republicans that rejected his proposal. look, the only good news here, the only good news is now you have these independent leaders, business leaders, economists on

he is joined at this 20 minute news conference chris van hollen. >> good afternoon and thank you forbe joined by the vice chair of our caucus and they have been taking the lead for the democrats in the budget discussions, chris van hollen. i want to start by saying that since speaker boehner walked away from the table last friday, we have noticed that u.s. stocks and the american people have lost $405 billion. the gravity of the situation, as we continue to repeat, is something that we feel and have felt for a long time could be avoided. 18 times and the present rate in the debt ceiling was raised. seven times under george bush. as we have said both on the floor and here before you, defaulting on the american people is not an option. and it will we see unfolding -- and yet what we see unfolding in the former republican party is the capitulation to special interests, the special narrow interests of one segment of the party that is controlling the very future is all americans. impacting in being willing at all costs to take the nation to the process, to the cliffs of disaster. time is

with that let me move on to chris van hollen. >> thank you. i want to thank my colleagues. and the bill does on the floor today, the republicans are playing a very dangerous game with the american economy. and with jobs. we just heard this clip from ronald reagan about what the consequences are of failing to pay your bills. american families can't choose not to pay the bills. they know if they don't pay the bills their credit worthiness goes down. interest rates would go up around the country, and that would take an already fragile economy. what republicans are saying in this bill today is that if others don't need 100% of their demand to reduce the deficit their way, ending the medicare guarantee, slashing education while protecting special interest tax breaks, if you don't do it 100% their way, they will allow the economy to go into a tailspin. that's what they're voting on today. now, they already tried once, as my colleague said, to pass the budget that ends the medicare guarantee, slashes medicaid, millions of seniors in nursing homes depend on. then they tried it agai

congressman chris van hollen, thank you very much. >> thank you. >>> rebecca jarvis joins us to explain the impact this is having on the american economy and what might happen if a deal is not reached. >> good morning, rebecca. >> good morning, chris. >> no one wants to hear not reache reached. >> first thing is our credit gets cut. that would get cut. that would send stock market shock waves through the entire system, not only here in the united states but around the globe. of course, that's an impact on anyone's pension fund, 401(k). for an average individual all of a sudden, access to loans get harder. the actual cost of loans is going to go up in addition to that, for anyone who wants to, for example, get a mortgage, buy a car, expand their business. >> just what people want to hear, interest rates going up as a residual effect. >> they may come to some type of agreement on a short-term deal. does a short-term deal help us in the long run? >> not exactly. it sort of kicks the can down the road. the big complaint in corporate america right now is that there's so much uncertainty. the

maryland's chris van hollen ranking member on budget committee.ave your handful, don't you congressman? >> we do, jenna. you summed up the situation with the lead-in there. jenna: we appreciate that. this is something moment by moment and keep our viewers up-to-date on as best as we can. one thing we're looking closely at the plan by senator reid. it doesn't include any revenue increases but the plan put forth by the democratic leader over in the senate. i know you're a congressman in the house, congressman van hollen, but is this a plan you can get behind? >> yes. senator reid's plan is one i don't like all the particulars but certainly one i could live with. it meets the criteria that were set out by house republicans quite some time ago. it is all cuts. and by cbo scoring you're talking about over $2 trillion now. in fact over the amount of cuts put forward in speaker boehner's plan. and it has the virtue not putting our economy in the same jeopardy we are now just six months down the road which is what speaker boehner's plan would do. it would

>> chris van hollen. the white house advising net, mark zandy.have at 8:30. >> thank you very much. see you at 9:00 eastern time here on msnbc. >>> coming up, maria bartiromo are here. [ female announcer ] the healing power of touch can be even more powerful, with precise pain relieving cream. it blocks pain signals fast for relief precisely where you need it most. precise. only from the makers of tylenol. >>> 32 past the hour. welcome back to "morning joe." a dramatic end for the top selling but troubled tabloid. it's on the front page of every paper in britain. the paper will shutdown on sunday. a controversy over a phone hacking scandal. it's accused of hacking into cell phones of thousands of people ranging from people in iraq and afghanistan to the 2005 bombings as well as the royal family. the former editor has been arrested in connection with the scandal. he's the former communications chief for prime minister david cameron. he called for new regulations of the press. >>> paris prosecutors opening a preliminary investigation into sexual as

wallace talks to herman cain, jim jordan, and the leading democrat on the budget committee, chris van hollenain, omb director, lindsey gramm, and former new york mayor rudy guiliani. at 4:00 p.m., "face the nation" with bob schieffer, dick durbin, tom coburn, and marco rubio. is are brought to you as a public service. they begin at noon with "meet the press," 1:00 "this week,: cnn's "state of the union" at 3:00 p.m. listen to them on c-span radio, 90.1, 119 on xm, an iphone app, on your blackberry or cspanradio.org. >> this is the main reading room specifically set aside for research. do you know which photo they consider their most famous? you will find out answers about this unique library in a lacy spans original documentary, "the library of congress" airing monday night. we will tour the thomas jefferson building. we will show treasures found in the rare books and special collections including the original thomas jefferson library and presidential papers from george washington to calvin coolidge. learn how the library is using technology to discover hidden secrets in the collection and t

. >> the senior democrat on the house budget committee, chris van hollen, in remarks earlier said that death -- a deficit reduction proposal by the gang of six is promising, but added that we need to protect or proceed with a plan b, in case this unravels. he said that there was likely to little time for congress to act before the august 2 default deadline. american airlines is buying a least 460 new airplanes over the next five years, splitting the order between boeing and airbus. they expect the new, better- mileage planes will save money on fuel and provide more enticing amenities to passengers. from afghanistan, the taliban says that their leader is alive and that a text message an internet posting announcing -- end internet posting announcing his death are fake. those are some of the latest headlines on c-span radio. >> is weakened on "booktv," on c-span -- and this weekend on "booktv," on c-span2. on afterwards -- "after words," ben mezrich. look for the complete schedule at booktv.org. sign up for our e-mail alerts to get the schedule in your in box. -- inbox. >> "the supreme co

speaker pelosi -- former speaker pelosi and chris van hollen from our budget committee, jim clyburn,ur people have been clear that they support what the majority of the american public wants, which is a balanced approach that deals with both revenues and spending adjustments. i personally think that fixing the social security issue to have long-term stability is one of the easiest things. i think involving the public with that, but that is not part of what the deficit problem is. it did not create the deficit problem. it is not going to solve the deficit problem. mixing vat in with this confuses the issue. host: it speaker leader -- if the leader reid and speaker boehner can come up with something like no tax increases as well as not cutting social security, medicare, and medicaid, would you vote yes? guest: i want to see it. part of the problem is that we are locked into an ongoing circus here on capitol hill. there was a big issue at the end of the last congress that threatened a meltdown over whether or not we were going to extend the package of tax cuts. then we have the cr, thre

understanding, just based on the core principles that nancy pelosi and steny and jim clyburn before and chris van hollenending the benefits of medicare and medicaid and so from that standpoint it's something that democrats have always been solid behind. yes, sir. >> except the fact that it doesn't add any revenues to fixing the problem? >> we'd like to see -- you know, if you're going to have a balanced approach, of course, we'd like to see revenues. if we're going to, in fact, rebuild the country, there's no economist that we know of on either side that hasn't said you're going to have to raise these revenues. now, what i think has been politicized is that the president hasn't said we have to do that tomorrow recognizing the very fragile nature of our recovery here, but they're going to have to be included in any kind of balanced plan, that is just untenable. javier, did you want to -- [inaudible] >> well, now we're going to miss the second vote. thank you very much. [inaudible conversations] >> both chambers are working on proposals to deal with the debt and deficit. the senate will outline its plan w