bill clinton treasury secretary. merely the thought of it is enough to make the case. an hour a day right now trying to grasp the economic challenges facing our country and the world. a person who realizes the old campaign slogan of his, it's the economy çstupid, is more vital than ever. before there was the disasters bush policies that brought us the catastrophe of 2008, bronger before the job poor recovery, we had products, people wanted it buy them. we had 23 million new jobs in the 90s. why not bring it back. the politics, with bill in treasury and hillary clinton still in state, president obama would be in sterling state to hold the democrats and bring confidence to the middle men perhaps given the weak political line-up. i recommend this appointment for the reason that the country needs a strong economic spokesman who can translate the complicated economy into words and experiences that the average american can grasp. before we can recover, before we can find confidence to act, we need to know what we're facing. what we're overcoming. and how we can succeed in t

with bill clinton the treasury and hillary clinton still at state, president obama would be in sterlings next time and bring confidence to the political middlemen, perhaps, given the weak republican lineup. i recommend this appointment for the reason the country needs a strong economic spokesman who can translate the complicated economy into words and experiences that the average american can grasp. before we can recover, before we can find confidence to act, we need to know what we're facing, what we're overcoming, what our strengths are, and how we can succeed. one person that has the brains, the political moxy and the charm, let's bring back bill and put him atç treasury, where everything he's done, learned, and achieved will work for him, the country, and our children's

in fact if you look back to the 1990s, newt gingrich held the treasury secretary and bill clinton work out a system where the treasury department would go around the congress to bail out mexico. money that was eventually paid back by the way ahead of schedule. this is after the house rejected it. and the white house argued very persuasively as did the treasury that it was an emergency, that mexico's default would become a major crisis for the american economy as well. and newt gingrich for all the rhetoric of the republican revolution stood at bill clinton's side and with bob rubin and endorsed that. there used to be a time when no matter what the ideological principles of a particular republican or democratic there was a larger mission which was the public good as perceived and we've now gotten to the point as chuck was pointing out the timeline later, this really is the two-minute drill. this is a point beyond which they cannot bend the rules. you can buy unanimous consent as chuck was saying, do a lot of things. but that unanimous consent has to be unanimous. you have to get let's j

. >> let's begin with the fact that when a democrat left the white house, bill clinton in 2001, and treasury secretary, me, left the white house, the country was in surplus and was paying back its debt. and then a set of proposals put forward by a republican president enthusiastically supported by a republican majority in both the senate and the house were passed, and as a result -- >> these are the tax cuts. >> the tax cuts, the iraq war, the prescription drug benefits, huge increases in discretionary spending, much larger than anything that took place during the clinton years. and as a consequence, the economy was in substantial deficit and then the economy was, because of other problems, poised with a bubble for a crash and it then crashed. so they're in no position, i would argue, to lecture others about fiscal responsibility. where are we in this debate? the president's health care bill contained very substantial cuts in medicare. the president has even raised the prospect of pushing upwards on the medicare age, something that was unthinkable to many democrats. the president has indicat

president clinton with a republican congress and a goldman sachs former ceo treasury secretary deregulatedks and affected trade reform. bob rubin was the treasury secretary. effectively, they released trillions of dollars of funny money into the american economy. in banking, it let the bank lend and gamble with money that wasn't theirs. that didn't have to be invested. had no standards, no capital, no nothing. it set in motion a ten-year credit and housing bubble that eventually led to the explosion and collapse in 2008. meanwhile, less than abled nafta, the so-called free trade deal which basically empowered a few u.s. businessmen to earn billions for themselves and their shareholders by sending our jobs and trillions of our dollars offshore, at this point not to be seen again. that boom caused by the bank gambling and the foreign trade profits caused a huge spike in revenue, and with those revenues, clinton was able to leave office with no budget deficit, a budget surplus and smelling like a rose. president clinton then handed that bank and trade left soaring revenue to george w. bush. t

treasury secretary in 2009. now here's what geithner told former president, bill clinton at a clinton global initiative event whenhe was asked about his future. >> i live for this work. it's the only thing i've ever done. i believe in it. i'm going to be doing it for the foreseeable future. >> for the second time in six years, minnesota state government is out of money. and close for business, the state's democratic governor and republican-controlled legislature could not agree on a budget on how to close a $5 billion deficit. the shutdown doesn't affect prisons or nursing holes, but it does involve other things, a big hassle for campers who have to leave the state parks on this busy fourth of july weekend. don't miss my show saturday and sunday. your money. and how you invest in this kind of climate. >> the barenaked ladies, a good canadian band, because it's canada day. >>> walmart offering ten cents off gas for the rest of the summer. you have to buy the fuel using a wal mart gift card or credit card so you've got to go into the big box store to fill up your card. catch number two, you can only get the discoun

clinton is arguing. but administration has essentially ruled that out. tim geithner the treasury secretary has made it clear they do not think that's constitutional. they're not going to go down that path. i think one of the reasons they're slamming that door shut is for the reason they want to keep pressure on to see if they can't get a deal. look, i think the real -- the real crunch will come here over the weekend and we're going to see where the parties really stand, what their bottom line cards are. we don't know that right now. we've got to get past the reid-boehner duel and then into the real negotiations and the real deal. >> right. >> david, gloria thank you very much. >> i never thought i would wish for sort of deals to take place behind closed doors, but that's kind of what we're into. >> but there's sort of a point where a lot of people would sort of like to turn off the television cameras and shut these people up and let them go to work. we don't want it hear any more of this. just get the darn thing done. >> right. >> it's going to be interesting the ramifications of

he also had some speculation swirling that he was looking to leave the job at treasury at some point. he was at the clintonr. >> right, tim geithner. and he got on a late flight, headed back to the nation's capital. someone said you caused quite a stir today. geithner was overheard responding yeah, and they'll get over it. the reason we know this is because cnn's own wolf blitzer was on the plane. little offhand remark there. treasury secretary geithner has had a very tough job over the past woup couple of years. >> but the kicker was he was sitting in coach. >> yeah, what's up with that? >> he's doing his part, saving a little cash. >> maybe the government says he's got to do that, or maybe he's every man. i don't know. it's one of those three. >> we kind of liked it. joe johns, who knew? thank you so much. and now this. >> fireworks can be bad. but wait until you see how bad. we'll talk fourth of july here coming up next. losing your chex mix too easily? time to deploy the chex mix boring potato chip decoy bag. now no one will want to steal the deliciousness. with a variety of tastes and textures, only c

inadequate in revenue flow the treasury secretary may borrow money, above the debt limit, if all of it goes to paying debt service and certifies there is no other source. the reason clinton won the government shutdown of '96, is he committed to a balanced budget and that cut the ground out from under gingrich. if the house says, all of these fear tactics aren't going to happen. social security will be fine. defaults will be fine. military will be a. but the post office, amtrak and interior department and bureaucracy, epa those are the folks that are going to be closed down, they are going to win this fight. >> sean: i agree with you. i agree with cut, cap and balance. it i -- i think it is where the mood of the country is. rasmussen poll only 34% want to raise taxes. people understand this is a spending problem. here's my concern. mcconnell did co-sponsor the cut, cap and balance bill in the senate. he put forward a proposal, this is my concern, the so-called fall-back, last minute deal that reid likes, obama likes, pelosi likes. i'm concerned that in fact, we may have a situation where they've all been winking and nodding at each other saying we are going to satisfy tho

government, with secretary of state hillary clinton in athens and here in washington with secretary of the treasury, timothy geithner. there are many interesting areas such as energy, and real estate in this plan. the u.s. support is strong, and i'm sure you can take it very -- back and forth. overall, the support provided by the u.s. is particularly important for greece, for the eurozone, for the international economy and the global economic. your support especially to the imf is vital for us, but also for international stability. if i may say, the support is in the interest of the united states as a living power of the global economy. we are partners. in the previous two years, as you know after the warm introduction, as minister for defense, i had the opportunity to work with the u.s. administration, with secretary gates, and nato in very essential and crucial issues against pakistan, libya, against piracy, the fight against national terrorism, and in the recent weeks, last five weeks as minister of finance i find myself in the battlefield of debt, deficit and economic growth. in his last five w

treasury over the next decade, is that correct? >> of course we would. look, i was very proud, i was a member of the clinton administration.n administration with 22 million net new jobs and a $5 trillion surplus. >> mr. reich, great to have you with us tonight. always look forward to your take. thanks so much. robert reich, former labor secretary here onç "the ed sho" speaker boehner's tough guy act isn't fooling anybody. the debt clock is ticking. and what does this all mean for the folks like you sitting at home? i'll talk to america's mayor. finally, there's a choice for my patients with an irregular heartbeat called atrial fibrillation, or afib, that's not caused by a heart valve problem. today we have pradaxa to reduce the risk of a stroke caused by a clot. in a clinical trial, pradaxa 150 mg reduced stroke risk 35% more than warfarin. and with pradaxa, there's no need for those regular blood tests. pradaxa is progress. pradaxa can cause serious, sometimes fatal, bleeding. don't take pradaxa if you have abnormal bleeding, and seek immediate medical care for unexpected signs of bleeding, like unusual bruising. pradaxa

treasury over the next decade, is that correct? >> of course we would. look, i was very proud, i was a member of the clinton administration.e clinton administration with 22 million net new jobs and a $5 trillion surplus. >> mr. reich, great to have you with us tonight. always look forward to your take. thanks so much. robert reich, former labor secretary here on "the ed show." speaker boehner's tough guy act isn't fooling anybody. his bogus two-step plan doesn't even have the support of house conservatives but as the debt ceiling clock ta man seems to b, and what does this all mean for the folks like you sitting at home? i'll talk to america's mayor. lancing, michigan. peer into the. peer into the. there's a nurse who can access in an instant every patient's past. and because the whole hospital's working together, there's a family who can breathe easy, right now. somewhere in america, we've already answered some of the nation's toughest healthcare questions. and the over 60,000 people of siemens are ready to do it again. siemens. answers. ♪ i like your messy hair ♪ i like the clothes you wear ♪ i like the way you sing ♪ an

treasury over the next decade, is that correct? >> of course we would. look, i was very proud, i was a member of the clinton administration.ded the clinton administration with 22 million net new jobs and a $5 trillion surplus. >> mr. reich, great to have you with us tonight. always look forward to your take. thanks so much. robert reich, former labor secretary, here on "the ed show." speaker boehner's tough guy act isn't fooling anybody. the debt clock is ticking. and what does this all mean for the folks like you sitting at home? i'll talk to america's mayor. i have astigmatism. so my old contact lenses would sometimes move out of place and blur my vision. my eye doctor said there's great news for people with astigmatism. acuvue® oasys for astigmatism. he said it's the only lens of its kind designed to realign naturally with every blink and created with hydraclear® plus. i'm seeing more clearly, crisply, comfortably, all day long. now life doesn't have to be a blur. [ male announcer ] learn more at acuvue.com. acuvue® oasys for astigmatism. >>> raising the debt ceiling does not allow congress to spend more money. it simpl

ands in the process of doing that the revenues increased to the federal treasury, and it was back in the days of president clinton what we came to the the closest that in the books balanced and the most recenting time and while there was aocrats spending restraint and this p agreement about thero spendingg programs or bigger government in my view the reason we were had s balanced budget is the economyai was growing and so on the again ask my colleagues to pay m believe was the 2010 election of the economy and the desire for people to have a better life tor save money for their children's education and retirement and be able to be satisfied the job they have today and tomorrow and there's a number of things we can do in regard c to the regulatory environment, the taxe code and the credit trend policy that allows us to increase exports of agricultural and manufactured goods and an energy policy that reduces the reliancr upon foreign energy and give greater control over its cost. but i do believe the time has ayme to reach an agreement, andm we anxiously await what action the house of representatives ma take. that w

treasury. it was back in the days of president clinton in which we came the closest to having our books balanced the most recent time. and while there was spending restraint and disagreement among republicans and democrats about new spending programs or bigger government, in my view, the real reason we had a balanced budget was because the economy was growing. and so i again ask my colleagues to pay attention to the message what i believe was of the 2010 election. it's the economy. it's the desire for people to have a better life to, save money for their children's education, to save money for their retirement and to be able to be satisfied that the job they have today is and i believe there's a number of things we can do with regard to the regulatory environment, tax code fair and certain, a trade policy that allows to us increase exports both agriculture and manufactured goods and an energy policy that reduces our reliance upon foreign energy and gives us greater control over its costs. but i do believe that the time has come for us to reach an agreement and we anxiously await what action the

only treasury secretary tim geithner remained and word has just come in that geithner is weighing leaving office after the debt ceiling crisis is resolved. he talked about it today at the clinton global initiative in chicago. >> i live for this work. it's the only thing i've ever done. i believe in it. i'm going to be doing it for the foreseeable future. people are interested because, you know, i have a family and my son is going back to new york to finish high school and i'm going to be commuting for a while. i'm going to be doing this for the foreseeable future. >> that's what the treasury secretary may have said out in public today. certainly not from what we are hearing from inside the white house. what will this mean for economic policy? joining me chief white house correspondent jessica yellin and jeffrey toobin here in new york. jessica, let me start with you. why now, of all of the moments to add one more name to the list of departures, this seems absolutely horrific for the president. >> well, frankly, eliot, the reason why now is because i think it leaked. i think that the treasury secretary, we all know, as wanted to go for some time. has indicated repeatedly that h

republican party, and there was a democratic president, president clinton, and they passed and was signed into law a measure that provided the treasury with temporary authority to issue securities to the public in the amount equal to the social security benefit payments due. mr. president, i ask for four additional minutes. the presiding officer: is there objection? without objection, the senator may proceed. mr. nelson: and i will conclude, mr. president, by i wanted to point out that after that was done in 1996, then congress later extended the borrowing authority for an additional two weeks. well, i believe that we should use what we know works and not play games with social security benefits. and so i am introducing some legislation, and i'm introducing it today. it's called the social security benefit protection act. and what it suggests is the way we ought to go. now, i know this legislation we're not going to take up and pass, but i have got a means by which i can get this idea out, and what it does is guarantee that the social security administration will be able to continue paying social security benefits to retirees, surviv

treasury secretary says if the debt ceiling isn't raised by august 2nd, then the u.s. won't have enough money to pay its bills. one on woun interview with wolf blitzer, former president clintoneadline and why it's such a big deal. >> well, i think i know it's a hard deadline in the sense that just letting it happen will have, at the very least, a short term adverse effect on our standing in the world, on our credit, on people thinking we're a grown-up country who know what we are doing. now, how bad the long-term damage is will be determined by how quickly we remedy it, but it's -- since it's never happened before, it's impossible to be absolutely specific, but it's nutty. what you're really saying when you don't raise the debt limit is not you want to balance the budget in the future. it is, i'm sorry, i'm so mad, i can't get my way, i'm not going to pay our past debts and a grown-up country can't do that. we can't afford to do that. >> he went on to say he believes congress will reach some kind of short-term deal. >>> coming up on july fourth weekend expect a year a lot of people singing the national anthem but don't expect our next guest to be one of them. a pastor explai

former president clinton urged president obama to stand firm against republican opposition to increasing tax revenue and just in case you don't really believe that august 2nd date, treasuryis august 2nd. >> the fact of the matter, the message it sends to the world when we're deciding whether to pay our mortgage or car note, like the white house likes to say, pay our chinese investors interest but maybe not social security payments, you get an iou from the government. >> it's a bad place for the government to be. >> not a good position to be in. >>> just in time for the holiday, the minnesota zoo back open despite the state government's shutdown. a judge ruled the zoo could use money from other sources like memberships and parking to keep running. this is a busy weekend for the zoo there. minnesota's government has been shut down since friday because democrats and republicans can't reach an agreement on a new budget. sounds familiar, doesn't it? >> the zoo has fixed costs because they have the monkeys to feed. >> they have revenue they can count on, people coming in and paying to walk in the front door. >> helpful to people in minnesota to do that today. a lot of governme

treasury. it was back in the days of president clinton in which we came the closest to having our books balanced the most recent time. and while there was spending restraint and disagreement among republicans and democrats about new spending programs or bigger government, in my view, the real reason we had a balanced budget was because the economy was growing. and so i again ask my colleagues to pay attention to the message what i believe was of the 2010 election. it's the economy. it's the desire for people to have a better life to, save money for their children's education, to save money for their retirement and to be able to be satisfied that the job they have today is and i believe there's a number of things we can do with regard to the regulatory environment, tax code fair and certain, a trade policy that allows to us increase exports both agriculture and manufactured goods and an energy policy that reduces our reliance upon foreign energy and gives us greater control over its costs. but i do believe that the time has come for us to reach an agreement and we anxiously await what action the