the senate introduced a plan to avoid default, enshoes we don't have to go through this again in six months. i think that's a better approach. i told leaders of both parties they must come up with a fair compromise that can pass both houses of congress. and a compromise that i could sign. i am confident we can reach this cochrumize. -- compromise. republican leaders and i found common ground before. and i believe that enough members of both parties will put politics aside and help us make progress. i realize lot of the new members of congress and i don't see eye to eye on many issues but we were each elected by the same americans for the same reasons. many want government to live within its means and many are fed up with a system in which the deck seem stacked against middle class americans. do you know what people are fed up with most of all? with the town where compromise has become a dirty word. they work all day long, many scraping by, and when these americans come home at night tired and turn on the news, all they see is the same circus here in washington. they see leaders who c

debt ceiling turned the world's risk free benchmark into a risky asset, pabd moan yes, ma'am would enshoenvestors would not know which way to turn. they might hide from all risk. do you believe it would be that bad? >> i believe there is a significant possibility that this would be the most disruptive event. if suddenly that is cast into doubt, who knows what effect that has on euro bonds, on chinese growth rates and all kinds of things. you can imagine ripple effects that go well beyond any simple systematic calculation. do we really want to play with that? do we want to try and risk that scenario? it's possible but let's say there's a 15% possibility, that this poses an economic magnitude that plunges the world into a second global recession. is it really worth it? we've got to get this straight any way. we've got to sole this problem, our fiscal problems any way. is it really so hard to get it done? i think people who want to play this game of chicken with the credibility of the united states, we have not in 222 years defaulted on our debt. we have an impeccable history. do we really w