back with us on set now, mike barnicle and steve rattner.house republicans called off a vote on speaker boehner's plan. the vote was scheduled for 6:00 last night but repeatedly delayed since boehner didn't have the 216 votes needed to get it passed. as the plan gets reworked, eric cant z cantor is advising the house will be in session this weekend. it involves two steps. first includes a $900 billion increase to the debt ceiling and $917 billion in spending cuts over ten years. the second step, a $1.6 trillion increase contingent upon congress passing an additional $1.8 trillion in cuts. indiana republican congressman mike pence who we heard from just a few moments ago, compared the ongoing negotiation to, "all the sausage making" saying nancy pelosi hopes the delayed vote will bring republicans back to the table for a ball,ed agreement. 's in a statement she says, "republicans have taken us to the brink of economic chaos. the delay must end now so we can focus on the american people's top priority. creating jobs and growing the economy. so

." >> we are going to look into the wall street poll numbers and talk to steve rattner about taxes. he's got charts, kids z. >> love them. my contacts are so annoying. they're itchy, dry and uncomfortable. i can't wait to take 'em out, throw 'em away and never see them again. [ male announcer ] know the feeling? get the contacts you've got to see to believe. acuvue® oasys brand contact lenses with hydraclear® plus technology, keeping your eyes exceptionally comfortable all day long. it feels like it disappeared on my eye. [ male announcer ] discover why it's the brand eye doctors trust most for comfort. if you have astigmatism, there's an acuvue® oasys lens for that too, realigning naturally with every blink. ask your doctor for acuvue® oasys brand. and i count on social security. here's what i'm not... a pushover. right now, some in washington want to make a deal cutting the social security and medicare benefits we worked for. with billions in waste and loopholes, how could they look at us? maybe we seem like an easy target... until you realize... there are 50 million of us. [ fema

steve rattner. >> anybody can perceive what they want.was done with wall street has nothing to do with joblessness. they are two separate issues. it's a tough problem. the president has been doing what he can to protect them. >> is there anything to do with financial reform saying we created the situation we got into. we haven't moved the meter at all. >> the president can't wave his wand at all with congress in the way. dodd frank was the best. it's not a perfect bill. it's not even a great bill, in my opinion. no thanks to pat's friends and others who tried to block it. >> the financial industry made out like bandits. they got bailed out. they are getting money at a low rate of interest and charging a higher rate of interest. i agree with steve on this. i don't see the connection between the two. i think the president tried on joblessness. the problem is, his policy's simply haven't worked in terms of dealing with the 9% unemployment. he's tried them in good faith. they have failed. >> i think it shows the limitations of policies being

steve rattner is back with us. good to bring you in for these discussions.congressman, rep sresentative keith ellison. president obama is expected to meet with leaders at the white house to hammer out a debt ceiling deal. the meeting comes as "the washington post" reports the president is considering changes in social security and medicare as part of the deal in exchange for republican support on taxes. the plan would cut more than $4 trillion over the next ten years. this is up from the original plan of $2 trillion in savings. let's stop there before we get to the president's twitter town hall. rattner, steve rattner, you think in is a big headline on what the white house is putting on the table? >> i think it's a very big headline. as the report said, the president proposed $2.4 trillion including tax increases. now he's trying to go for $4 trillion. i don't know that we know whether that is pure policy and a desire to do the right thing. i think it's clear the president wants to get beyond 2.4 trillion. i don't think he wants to be fighting the budget cei

start it off, steve rattner helped put together the following charts which show just how much less ascentage of income the richest americans are paying now as compared to, say, 15 years ago. according to the irs, the 400 wealthiest americans were paying taxes as a rate of 18% under president bush in 2008. back in 1993 under clinton, those individuals paid rates at about 29.4%. that's a drop of 10% points in 15 years. well what do we make of this now, how they're bet are off? look at that, seems to me 18% is now about what poor people pay at a much lower percent than middle class people. andrew? >> what happened, the rate has clearly don down in large part actually a function of investment accounts. think of the top 400 individuals in the country and where they're make thirg money, a lot of it is investment. not paying the higher 35%, obama would like closer to 40% or in the 39% range. that's why you see the numbers where they are. the proposal on the table today has almost no cuts and the proposals onned table over the weekend had very few real revenue enhancements, except to go after

steve rattner, tina brown. talked to a few on the phone over the past week.t know rupert believe he's going to step down. you say he can't survive this and they laugh in your face. he'll survive this. >> we don't know where it's going to go. this is an institution that's been hardened. his stature, what you saw in the hearings is he is a person of stature. whatever the hell you say about him and the people who have gone after him come late to the game and at the same time, he is now lawyered up in terms of trying to isolate himself from the worst of this and the worst of this is a kind of paint that has to do with basic corruption. >> yeah. >> corruption and abusive power. on a scale that we have not seen in a long time. >> how do you take corruption and power away from the name murdock? >> that is the big question. sure, you don't want to bet against murdock. at the same time, there's a train coming down the tracks. >> yeah. tons of bodies on the side. >> he's standing by the tracks. we don't know the outcome of this. >> what is the attitude inside fox and t

>> and you were just answering my last question, and steve rattner was writing something down. >> if government budget -- sorry, our gdp came in the form of rev news and that has gone down. we have a spending problem and revenue problem. we have from surplus to huge deficit. it occurred for spending reasons and tax reasons. >> if you look at the two lines, the red line is spending going way up and the blue line is revenues going way down at the same time, and this looks like the perfect storm. >> yeah, you will see we are way above historic averages on the spending side and on the revenue side. it gets to the point where we need both to close the gap. one or another loan is not going to get us back to where we were in 2000. >> what kind of tax reform do you support? >> there are a lot of different things we can do. let's look at one of your points, which is what the richest pay. the 400 wealthiest americans paid 18% of their income. this was on an average of $270 million per person of earnings. >> and this is one of the things is that so maddening to me. we are looking at a chart rig