i'm joined by phil mattingly, our white house correspondent, , thelso maya macguineas president of theonpartisan committee for a responsible federal budget. cochaired by michael bloomberg. he is the founder and majority majority holder of bloomberg lp. what happens next? >> the significance is the fact that nine republicans voted with senate democrats to clear this. this was a bipartisan budget deal, about 63 billion dollars in relief for the sequester cuts. 62 billion in release. come to able to bipartisan consensus. house republicans pass with a large majority last week. this matters. anyway you look at it, anytime you can get bipartisanship in in a very partisan town right now, this is considered a positive thing and it takes the budget issue off the table for the next two years. a big problem recently. positive news from capitol hill. a small deal but a deal nonetheless. >> is it good to take it off the table for two years? steps thatit is good they passed this bill or the exact reasons that we just heard because we have not been able to do anything and the fact is that any biparti

i'm joined by phil mattingly, our white house correspondent, and also maya macguineas, the presidentf the nonpartisan committee for a responsible federal budget. it is also cochaired by michael bloomberg. he is the founder and majority owner and majority holder of bloomberg lp. what happens next? >> the significance is the fact that nine republicans voted with senate democrats to clear this. this was a bipartisan budget deal, about 63 billion dollars in relief for the sequester cuts. they are able to come to a bipartisan consensus. house republicans pass with a large majority last week. this matters. anyway you look at it, anytime you can get bipartisanship in in a very partisan town right now, this is considered a positive thing and it takes the budget issue off the table for the next two years. this has been a big problem recently. positive news from capitol hill. a small deal but a deal nonetheless. >> is it good to take it off the table for two years? >> i think it is good steps that they passed this bill orhe exact reasons that we just heard because we have not been able to do a

maya macguineas, thank you for being here. the s&p 500 is off almost 20 points now. have a sizable sell-off across the board. >> yeah, that's right. one we haven't had for some time. just a couple of quotes to put this in context. the fiscal drag will move to zero, monetary policy won't be able to hide. that's the kind of rhetoric we got on the details on the bupt agreement, even if it doesn't do anything dramatic. >> one of the key issues in asking the question we did network wide yesterday whether the crisis trade was over, this plays into it, right, that they at least are willing to have a budget deal to avert another shutdown. so it's check the box of another positive for the stock market, we'll see what the lasting impact of it is. it does pay to read the fine print. >> that's just what jane wells did when a congressional budget report landed on her desk and she found stunning information on who is really paying income tax in america. jane? >> guys, inside this mind numbing report on tax burdens from the cbo this week is a nugget on page 13. the cbo broke the co