we asked representative jeb hensarling, the boss of the super committee if they'll get it done. let's go "outfront." >>> good evening everyone. i'm erin burnett. we're in countdown, counting down to a tax hike. congress has ten days to reach a deal that will keep american taxes from going up on january 1st. if they fail to agree, the average american worker will lose $40 a week. under fire today, republican house members who rejected a deal that would have extended the payroll tax cut by two months. >> past the two-month extension, return to work on the year-long extension or explain to the american people, 160 million of them, why congress would not listen to them. >> the speaker in turn went before the cameras to make his point. >> we're here. we're ready to work, looking for our counterparts to sit down with us so we can do what the president, bipartisan leaders in the house and senate all want. that's to extend the payroll tax cut for one year. >> deja deal. why don't we have a deal? let's asking republican jeb hensarling from texas, co-chair of the deficit super committee w

we asked representative jeb hensarling, the boss of the super committee, if they'll get it done. let's go "outfront." >>> good evening everyone. i'm erin burnett. we're in countdown, counting down to a tax hike. congress has ten days to reach a deal that will keep american taxes from going up on january 1st. if they fail to agree, the average american worker will lose $40 a week. under fire today, republican house members who rejected a deal that would have extended the payroll tax cut by two months. >> past the two-month extension, return to work on the year-long ic extension, or else explain to the american people, 160 million, why congress would not listen to them. >> the speaker in turn went before the cameras to make his point. >> we're here. we're ready to work, looking for our counterparts to sit down with us so we can do what the president, bipartisan leaders in the house and senate all want. that's to extend the payroll tax cut for one year. >> deja deal. if everyone wants to make a deal, why do we not yet have one? let's asking republican jeb hensarling from texas, co-c

presentative jeff hensarling, chairman of the house republican conference. >>> the u.s.er threatening moves after the death of a dictator in north korea. north korean media showed images of kim jong-il's body laid out in a glass coffin in a mausoleum in pyongyang. his third son and successor kim jon un paying respects. live in seoul, south korea for us, anna coren. no love lost between north and south korea what is the mood there in seoul about this? >> reporter: alina, i have to say there is a great deal of uncertaintyy. people just do not know what the future holds with kim jong un now at the helm. he is young. he is very inexperienced, but in an interesting act today, something that caught many people by surprise, south korea offered its, expressed, i should say, it's sympathies to the north korean people. the reason this struck many people is, as a surprise, because the south korean government has had quite a rocky relationship with its neighbors to the north under president lee myung-bak, almost non-exist. obviously, those attacks last year in 2010 on the south kore

john payner speaker will be there and we will also hear from eric cantor, jeb hensarling. as we count down to that, let's tell where you we stand. the version of the bill under consideration tonight is the senate version. it extends the payroll tax cut and unemployment benefits for two months. now, they're paying for this by having fannie mae and freddie mac charge higher fees on new mortgages, so it is paid for. what's the hold snup the bill only stepds textends the tax br two months. that's a real kick the can down solution and it frustrate as lot of people on both sides of the i'll. but enough so for the gop leadership that they may put the whole thing off entirely. the senate has already gone on recess for the holidays, which means they would have to be recalled back to washington in order to vote on any new bill the house creates. dana bash joins us. you come aboutback to a real na biter. >> that's right, i've been gone on maternity leave and i was saying before the specifics certainly have changed, but the chaos hasn't. you just showed a picture outside the republica

hensarling: it comes down to this. if you say you want to do this for a year, put your vote where your rhetoric is. if you're not willing to work over the holidays, admit to the american people you're not willing to work over the holidays. and do you want -- if you want to support a bill that actually works, talk to the job creators in america. that's the problem in washington. talk to the people who are absolutely responsible for this. and they will tell you the 60-day ad hoc approach doesn't work, that's why we need a rule to go to conference and put forth something the american people want and need. . the speaker pro tempore: the gentleman's time has expired. the gentlelady from new york. ms. slaughter: mr. speaker, i'm pleased to yield 2 1/2 minutes to the gentleman from colorado, a member of the rules committee, mr. polis. the speaker pro tempore: the gentleman from colorado is recognized for 2 1/2 minutes. mr. polis: i thank the gentlelady from new york for the time. threes last two weeks has shown the tax and sp

hensarling: a few weeks ago our nation celebrated thanksgiving. unfortunately, in the obama economy millions could not give thanks for having a job. in the obama economy, unemployment remains meyered at , near or above 9%. in the obama economy one in seven are on food stamps. in the obama economy we have seen the fewest small business startups in 17 years. and that's why, mr. chairman, jobs are job number one for house republicans. that's why our jobs bills have been passed but unfortunately 25 of them are stacking up like cord wood in the united states senate. the most important pro-jobs bill is on the floor today, the rarkte. mr. speaker, whether i am -- the reins act. mr. speaker, whether i am talking to dallas business owners they tell me the same thing, the number one impediment today is the federal regulatory burden. i hear from them each and every day. i hard from the grash family in texas. quote, i have to bring in an digsal -- an additional $,000 a month to break even. -- $1,000 a month to break even. i will not invest in any further expa

here's congressman jeb hensarling making his pitch. >> talk to the people who are absolutely responsiblend they will tell you the 60-day ad hoc approach doesn't work. that's why we need a rule to go to conference and put forth something the american people want and need. >> reporter: so we expect in a short time the house will vote to disagree with the two month extension passed by the unite senate and recommend -- united states senate and recommend that it goes to a conference committee to work out differences between the house and the senate. but as you mentioned, the senate is home on recess, and so it's not entirely clear what the next move will be, jenna. jenna: and it seems to be that's a little bit of what we've seen over the last couple weeks when it comes to this issue, mike. we just saw or heard from a republican congressman. talk to us a little bit about the house democrats, how they're trying to push through a plan that the senate passed, and just walk us through the dynamics of what's going on with the two parties and the two, well, the two branches of government, not two br

hensarling: mr. speaker, if my friends on the other side of the aisle are confused why we are here, let me enlighten them. it's because the president's policies have failed. in the obama economy, unemployment has been at, near, or above 9% ever since the gentleman was elected. one in seven on food stamps. small business start-ups at a 17-year low. mr. speaker, that's why we are here today. i think almost everyone in this chamber agrees, yes, we want to extend the social security payroll tax holiday, but what is so cheerest to me, mr. speaker, i hear my friends on the other side of the aisle we need to do it for a year, but we are only willing to vote for 60 days. i don't understand that, mr. speaker. and i hear my friends on the other side of the aisle say, middle income families deserve this $1,000 tax cut. yet they are only willing to vote for 1 $160. then they say we have to pass it today. we can't let new year's day come without passing this. and yet they won't appoint anybody to a conference com

hensarling: i thank the gentleman for yielding. mr. speaker, we all need to be reminded why we're here in the first place. we're here because the president's economic policies have failed. they failed this nation. ever since he was elected, unemployment has been at, near or above 9%. and the people suffer. i believe almost every member of this body believes that we must extend the payroll tax holiday. that's not the debate, mr. speaker. what is most curious, though, is our president. our president has said it will be inexcusable for congress not to further extend this middle-class tax cut for the rest of the year. he didn't say 60 days. he said the rest of the year. the democratic leader has said that she intends the fight to extend these provisions for a full year. and so, mr. speaker, i guess i'm confused. i hear my friends on the other side of the aisle say they want to do this for a year. they say they want to do it for a year. they're just not willing to vote to do it for a year. that's most curious, mr. speaker. i don't think i u

hensarling: i thank the gentleman for yielding. mr. speaker, we all need to be reminded why we're here in the first place. we're here because the president's economic policies have failed. they failed this nation. ever since he was elected, unemployment has been at, near or above 9%. and the people suffer. i believe almost every member of this body believes that we must extend the payroll tax holiday. that's not the debate, mr. speaker. what is most curious, though, is our president. our president has said it will be inexcusable for congress not to further extend this middle-class tax cut for the rest of the year. he didn't say 60 days. he said the rest of the year. the democratic leader has said that she intends the fight to extend these provisions for a full year. and so, mr. speaker, i guess i'm confused. i hear my friends on the other side of the aisle say they want to do this for a year. they say they want to do it for a year. they're just not willing to vote to do it for a year. that's most curious, mr. speaker. i don't think i u

erick kanter, kevin mccarthy, jeb hensarling, all of them are deeply dissatisfied with this deal.aybe there will be more happening on the house side than expected and might try to rework this to get a better deal. host: this is from "the washington post" article -- guest: the house will be coming back in tomorrow and they are expecting votes at 6:30 at night. the majority leader's office have -- has not given any guidance on what they will be voting on. members were given notice that they must be back in washington. we don't really know -- when john boehner appears on "meet the press" this morning, we should get a better idea. this is indicative of where the congress has been this year. one aspect has been the rank and file members and the house, 89 freshmen who came in this year, have fought tooth and nail to get what they can in a deal. on the other hand, will there be an opening for them to do it? they prefer the house to work its will. host: this has been said it is the worst year in washington for congress and we will talk about that in a few minutes. thank you again for shar

they had the opportunity and jim hensarling and they failed to deliver. j jon corzine.aly in "newsweek," warning about the dangers of debt and overleveraging, got out of office and committed the same sin help was criticizing. >> before were you let you go. former flavor of the month, herman cain. watch this first. >> yes. >> let me leave you with this -- i believe these words came from the pokemon movie. life can be a challenge. life can seem impossible. it's never easy when there's so much on the line, but you and i can make a difference. >> you know, it's really hard to top that. i have to say. >> both naughty and nice. you know, the naughty side of herman cain clearly, knowing all the allegations. when you look back at 2011, there is surreal quality. did we really spend six weeks on a former ceo's sex life? we did, america, and closing out his campaign with "pokemon" too good. >> sums it up. >> really that just happens. >> kind of a made-for-tv movie? >> that's the problem. the whole reality-style of this election. >> too many tv programs, reality tv presume programs

hensarling, for two minutes. >> thank you mr. chairman. fha is likely a disaster in the making if we are not careful and it may become fannie and freddie the sql. at 400 to one leverage, 10 times the leveraged that was employed by lehman brothers when they filed their bankruptcy, something is amiss. capital reserve ratio is almost 90% less than the statutorily required minimum. third year, working on the third year in a row than mutual insurance fund has been undercapitalized. if fha was a private financial institution, likely somebody would be fired or fined in the institution would find itself in receivership. instead what we have seen as an agency that has undertaken an expansionary strategy whose insurance in force is now more than tripled since 2008. we have an agency that now guarantees mortgages up to roughly twice of what they did just a few years ago. certainly, an example of extra nor it -- extraordinary mission creep. it's estimated more than half of fha's current insurance in force is on mortgages taken out by owners who have n

hensarling for five minutes. >> think you madam chair. mr. secretary, in the 2011 actuarial study that i guess was released last month, if i read it correctly, we have a proxy 1.2 billion in value supporting insurance in force of about 1.9 trillion on the single-family in m. i s. is that correct? >> is actually not correct, congress been. there's a total of 33 points $7 billion in reserves that are held against the book. that's the highest level of reserves in history of fha, and contrary to what was predicted last year, those total reserves -- >> i was talking about a single family. >> this is the single-family that i focused on. i think you're focused on, there are two reserve accounts. the capital reserve account and the financing account. the financing account is the peace i believe you're focused on, and that is only excess reserves that are, i'm sorry, the capital reserve account is only excess reserves that are held above and beyond expected losses. and this is very important. the total cash reserves we are holding against of that book