the continued punishment of the american people and the continued harm that would do to the american economy, why? >> but -- >> why? open the government at levels set by the republicans and then let talk about our budget priorities. let's talk about solving these issues for the longer term. >> take one bite at a time here? >> jim, i've been clear in answering the question. >> can i ask a straightforward question. >> i'll come back to you, jim, john, straightforward. >> is the president willing to engage in budget negotiations with the republicans if the government is still shut down? >> i think the president's been very clear on that. if the republicans think, the tea party that is driving the republican decision making thinks, they extract concessions by punishing the american people, punishing the american economy in order to get what they want, the answer's no. the president is meeting with house republicans today. the idea this is about having a conversation, well they're having a conversation today. but they will not, whether it's obama care or tax breaks for millionaires or any other o

comparing recent decades with decades before world war ii, the american economy did pretty well. 's the way the growth of our gnp fluctuated before world war ii. here's what happened from the 1950s to 1980. in real terms, the economy was more stable in the recent period. the success of these policies undoubtedly contributed to recent inflationary tendencies and, perhaps more significantly, to the expectation of future inflation. by 1980, they'd created a general sense that the government would back down when it began to create recession and unemployment. people began betting on continued inflation. this made the government's task more difficult. the government had to act to break the back of these well-entrenched inflationary expectations. it had to fight inflation and a belief it wouldn't fight inflation that hard. expectations are important in economics. they made the task of monetary policy harder in the early 1980s. some economists have concluded that they make stabilization policy virtually useless. according to this new school-- the so-called "rational expectationists"-- onl

the economy running. if they want to shut the economy down, the way the republicans have already shut most of the government or a good portion of the government, that doesn't help any american. and certainly when the president made very clear that he's open to new ideas, but not with a gun to the head of the american economy and the american family, so we're ready to have that conversation. on all those different ideas. to see if we can reach commonsense solutions and the senate seems to be trying to move in that direction. we have yet to see what the senate would propose but what we're hearing our republican colleagues in the house are proposing flies not only in the face of what senate republicans are preparing to move forward with, with senate democrats, but it flies in the face of what the american people want and what our american economy needs. >> on the other side, reid and mcconnel are negotiating some type of deal, there's not been any sort of similar negotiations on the house side with speaker boehner and leader elosi. would people put forth those kinds of discussions on this side of the capitol? >> i think the traditions of the house and senate are somewhat diffe

virginia tochmond, see the impact it is having on families, and the american economy. a mother in her mid-30's with another daughter on her way. in threeer them cities. we have 25 employees. responsibilities running the company, a lot of the responsibility falls to her husband scott. >> i am the one arranging childcare or babysitting so she can be where she needs to be. adjustment took some time. >> it was not easy to get used to. >> i do think it changes the relationship when the woman is

to be running contrary to the desires of the american will have a good number of colleagues in the house of representatives. us not jeopardize the american economy. it.s not heard let's not further hurt american families that have been put out of work as result of the government shutdown. i think most of us are here to let us exercise our right is what presented as for the people to vote to reopen our government and to not put our economy at this reckless approach that house republicans thing his puttingo take any number of american families in jeopardy. i think it has been made very economists, republican leaders, by regular families. two of our interest rates to rise dramatically. it would not only harm the economic recovery that we have seen were the last 3.5 years more than 7.5 million jobs were created. it would put at risk the family that just sent the child to school to pay for that education was student loans. would put at risk payment of social security benefits to those who are now retired and earned those benefits. this is 18 years old. a savings bond. a savings bond that my daughter olivia received when she was born. it was a gift fo

as we talk about the american economy, let's take a look at the profound social trend. amount of families are relying on mums to raise money. virginia tochmond, see the impact it is having on families, and the american economy. a mother in her mid-30's with another daughter on her way. in threeer them cities. we have 25 employees. responsibilities running the company, a lot of the responsibility falls to her husband scott. >> i am the one arranging childcare or babysitting so she can be where she needs to be. adjustment took some time. >> it was not easy to get used to. >> i do think it changes the relationship when the woman is earning more than the man. >> this is an example of a um is theeality that m breadwinner. in 1960 only about 11% of women were the primary providers. a recent poll put it at 40%, and all time high. she owns a small nursing business and works in number of jobs. >> there are always bills, always financial obligations. i am attached to my kids. it can become overwhelming, but i don't let it get the best of me. >> somehow she manages to produce a rea

ok well obviously the american dollar is the largest quantity of currency in the world the american economy still remains the largest in the world. the problem is the reality that the americans can't be trusted anymore whereas over the last fifty years or so the americans have been predictable they have kept to their laws they have. paid for all of their obligations this time around in reality america did default it defaulted on its obligations to its own people it defaulted on obligations it had made in law when it set up laws and set up certain programs that needed to be funded and the seaquest ration actually didn't fund those laws so there was a default the problem for the rest of the world is that we have to create other structures we have to create them we can't look for them we have to frame them. that's the that's the problem for today and what do you make of what richard just said. very difficult to believe that america defaulted yes we can argue about its moral obligations but show me a lawyer who will argue on moral grounds rather than legal grounds and i think you'd struggle so

and the guy in the street know the to risk the american economy over this issue is ridiculous the problem is people can miscalculate because remember seventy two percent of americans are against doing this but fifty seven percent of the people who say they're with the tea party are for what's going on so if you're a tea party supporter and you look at your local numbers you say keep going which is of course a disaster for the country and indeed the worlds. much more government must now shut down until congress funds it again. and just four years time switzerland could become a big fan of social security and that time ever want in the country could be guaranteed a basic income to live on. with rum play video agency to follow the story beat on to reports now from. what we're seeing here in switzerland is a completely revolutionary outlook towards the social welfare system what's being proposed by a group of swiss citizens is a guaranteed minimum income now what that would mean is that every citizen whether working in whichever job or not at all would receive a set amount of money now in ord

game that is being played out, what is the signal being sent about the state of the american political body and the economyernationally to america's allies and those who are dependent on the american economy? >> i think if i had to pinpoint the biggest danger in all of this, it goes as follows, for the last half of century, corporations, governments, and wealthy people around the world have parked significant portions of their wealth in the united states, whether it's a bank account in new york or real estate on 5th avenue, they did that because they believed the united states was a secure, stable, safe place relative to the rest of the world to park their wealth. and it has had an enormous impact on the well-being of the american economy. every one of those people looks at the united states in the worse economic crisis since the great depression with a government incapable of coping with that problem, and now unable to function even in the normal ways, they are all going to reconsider what they thought the united states was, and if we were helped on the way up, we are going to be in serious trouble if tha

the u.s. economy is on the yelp. well you look at a deal recently between car like on an apple computer it's a story of two different economies because while most americans deal day to day hand to mouth paycheck to paycheck then you have the other economy which is the wall street economy the financial the hottest economy well carl icahn can tweet about getting apple computer to buy back one hundred fifty billion dollars worth of their own stock of course that's finance with zero percent interest rates and if they make a mistake they get bailed out just like long term capital management was bailed out remember that the late ninety's early two thousand long term capital management ran into trouble alan greenspan the fed chairman sometimes bailed them out he lowered interest rates to bail out a hedge fund what happened here bill this is the out of those two outcomes either a the federal reserve bank will increase our monthly buyback of bonds from eighty five billion a month to one hundred twenty or one hundred thirty billion dollars a month or america defaults on its sovereign debt like it did in one nine hundred seventy one when they closed the gold window

and the guy in the street no the to risk the american economy over this issue is ridiculous the problem is people can miscalculate because remember seventy two percent of americans are against doing this but fifty seven percent of the people who say they're with the tea party are for what's going on so if you're a tea party supporter and you look at your local numbers you say keep going which is of course a disaster for the country and indeed the world. much of our government must now. shut down until congress funds of ago. you know make a decision to put cia contract of sand whistleblower edward snowden on the final list of nominees for the european human rights prize has received plaudits from people around the wild his form of also however is not among them and says he dreams of a somewhat different fate for snowden on his marina partner reports. well speaking at a washington post panel discussion on a cyber security former n.s.a. director general michael hayden joked about putting edward snowden on a list that has very little to do with human rights or honorable recognition america'

bothered us very much in the years to come, but more important for americans was how the war ended at home. number one it's in the worst form, and number two, the american economy rmped up to produce armorment for the war, and they never got in anymore. we went in war in 1917 using mostly real weapons, for example, had tanks, hand grenades and so forth were bought from the british, but we had, at that point, what, by 1918, the largest arian norment in the world. largely after the end of the war, the government started producing contracts. and it's just like -- without warning. thousands of workers were -- a state like connecticut felt it because they had so many of these. at the very least, we need a tax credit so we can carry these in case they were ever needed again. in almost every case, remmington arms to you name it, tore down the fake tries, gutted them because they didn't want to carry the expense of them. the result was by the time you get to 1939 we have no industry so when the world breaks down in europe, we're in pitiful shape. the u.s. army is something like 28th in the world. it appearses they could have a battle to a group of boy scouts and nots m

let's not tinker with the american economy. let's not toy with american workers livelihood. let's get that out of the way. and we can sit down and talk about anything and everything. we have proven that we are ready to move in fiscally responsible ways. we have seen substantial decreases in spending over the last 2-3 years. we have continued to see a precipitous drop in the size of the deficit as a result of some of the actions of the president. we hope to continue to see that progress. millions of americans have regained employment. we want to have that number dramatically. we know there are a lot americans who are suffering. democrats are first and foremost focused on telling our colleagues that the president has told them to stop tinkering with the economy. stop playing with american workers lives. reopen the government. let sit down and talk seriously. will make you hopeful this might end soon? is obama insisting that the c.r. be clean? republicans insisting something be attached to the c.r.? how is this going to break down? we are hopeful because the lives of millions an

they're only doing harm to the american economy. they're only doing harm to the american people, and, you know, the president cannot, as he said, so many times pay ransom in exchange congress doing the fundamental responsibility, which is to ensure the that united doesn't default and pay the bills. [inaudible] i'm not sure about the comments except to say that the senator should have expected the president to express his views on how we ought to move forward. i don't think republican senators held back or republican house members held back in express how they think we ought to move forward. we need to have constructive negotiations about our budget choices. not under a cloud that threatens default or continued government shut down. >> reporter: you mentioned the administration's concern with the republican proposal. what is the white house putting on the table? what do you see as the most realistic proposal in term of getting something done here? >> it is our position that there is no acceptable reason to keep the government shut dow

the american economy and its hasrnational standing emerged on us. >> the american people are completely fed up with washington. at a moment when our economic recovery demands more jobs, more momentum, we've not yet another self-inflicted crisis that set our economy back. and for what? >> at least the new bipartisan budget committee met today with the aim of finding common ground on taxes and spending. good luck with that. >> i want to have a budget agreement that works for the country. i want to have a budget agreement that gets this that and deficit under control, that does right by future generations, and helps us grow the economy. >> washington is badly broken. thechecks and balances for u.s. system now look like vetoes and roadblocks. it sometimes set of america that the country is always going to hell but it never quite get there -- it never quite gets there. perhaps this deal is proof of that. there's another possibility that in just a few months time, we might go through this whole charade again. >> please, no. let's hope that we don't. where does the republican party go from her

federal stop which was placed hundreds of thousands of workers on paid leave it's costing the american economy at least three hundred million dollars every day hitting both business and consumer confidence kenneth livin from the city university of new york he says the crisis has actually been snowballing for years. between crisis there's a new normal in the economy and seems to be a new normal in our political system this isn't the first time that congress hasn't passed a budget by october first which was the deadline it's the twelve consecutive year that they failed to meet the deadline the only reason there hasn't been a shutdown for the last twelve years there's always been these temporary resolutions that's the bill for a six week temporary resolution that the house speaker of the house john boehner is refusing to put before the congress for a vote right now so there is no constitutional mechanism and that suggests some sort of constitutional crisis in a time when the economy is provoking serious conflict in the two parties in terms of the federal stoppage is now in its fourth day and with

or for there are delays and reaching the compromise would mean for the american economy so this is the case for the u.s. economy this is the case for the global economy as well as for russia as we've seen before with similar cases in two thousand and eleven. certainly the main transmission mechanism is through will prices so pressure on commodities pressure on oil prices would signify essentially pressure on russia's economy and financial markets and then the other channel of course is capital outflows those may intensify further delays in reaching the compromise in the us to a place washington's position as the global economic and political elite are threatened this is certainly something that undermines. the the role of the u.s. and leading the world economy out of its current predicament and going forward of course the hope is that some sort of a working arrangement is worked out in the u.s. so that cases like that in the future are avoided well let's get more perspective now from robert she's chair of the european union think tank of the bruges group robert so if it did happen if t

. >> we hear some members pushed for the shutdown say they were doing it to save the american economybut nothing has done more to undermine our -- [ technical difficulties ] -- >> hurt the american economy of course it has also hurt the deficit which is an irony of ironies, since the very members that were talking about their concerns contributed to the show down. >> and now that the government has reopened, and this threat to our economy is removed, all of us need to stop focusing on the lobbyists, and bloggers, and talking heads on radio, and focus on what the public sent us here to do. >> the participate was also talking about the legislative priorities that are come ing up. and he talked about immigration reform and the farm bill, which is really languishing, so the president said time to get back to work. dell? >> and libby the polls seem to indicate the american public is fed up with both the house and congress and not too happy about the white house either. are democrats avoiding gloating? >> they are for the most part. and any that are trying to get a positive spin on this is

the economy? . deutch: how would a g.o.p. economy that hurt ours relationships with other countries be good for the economy. how could hiking interest rates on american families be good for our economy? how could stopping payments for doctors and nurses who care for medicare beneficiaries be good for our economy? the answer is, it can't be. the treasury can't peck and choose which commitments to honor, nor should it have to. when you spin the g.o.p. wheel of misfortune, there are only losers. americans are disgusted when reckless games are played with our economic future. be responsible, finally, today, vote to reopen the government and prevent default. the speaker pro tempore: for what purpose does the gentleman from maryland seek recognition? >> i ask unanimous consent to address the house for one minute and revise and extend my remarks. the speaker pro tempore: the gentleman is recognized for one minute. >> mr. speaker, the president's health care plan is broken. let me read from some of the letters and communications my office is getting from around my district. my -- mike and pat in queen anne's county writes, my daughter's health care premium j

predicting and unprecedented default with quote catastrophic consequences the collapse of the american economy sending shock waves across the world are ending with a financial crisis and recession worse than the two thousand and eight meltdown. the u.s. government shutdown is certainly taking its toll on the president's plans as well with barack obama forced to cancel a trip to asia and missed two summits the federal stop which was placed hundreds of thousands of workers on unpaid leave and it's costing the american economy at least three hundred million dollars every day i think business and consumer confidence that live in from the city university of new york he says the crisis has been snowballing for years. now between crisis is the new normal in the economy and seems to be a new normal in our political system this isn't the first time that congress hasn't passed a budget by october first which was the deadline it's the twelve consecutive year that they failed to meet the deadline the only reason there hasn't been a shutdown for the last twelve years there's always been these temporary res

before then, the american economy was showing signs of revival. o lloyd blankfein about when i sat down with him recently at the clinton global initiatives meeting here in new york. listen it. lloyd, when you look at the u.s. political system, it seems deadlocked, paralyzed, use whatever phrase one wants. the american economy seems to be coming back in a broad way. >> because it's pretty resilient. listen, the american economy, you're right, it's doing well and there's a lot of tail winds, energy, you can tick through the amount of tail winds that are happening. ultimately, it's the culture of the united states. we all had the same dealing with the consequences of the credit bubble. with the united states, we recapitalize the bank. nobody likes -- by the way, the aftermath was also hard. it got done. restructu restructured. accepted a higher unemployment rate. didn't make people keep the same employment as often happens in europe when you have that different balance between social interests and economic interests. did all of that painful stuff and

i think again, the fundamentals of the american economy or improving. this program was at its diamond of risks to the economy seemed larger. it draws attention to something, but i don't think it is behind the american economy's improvement. lou: we will have to conclude there. i will give you the final word on it. it is interesting to see right now as to where we are in this economy suggesting to me at least a week, perhaps, need a little more evidence. i'm not sure how much we can rely on government reports of their shut down, but there we are. good to have you with us. please take a second to visit our social sites. find links to our facebook page. e-mail me. follow me on twitter. go to foxbusiness.com tonight for the latest on the government shut down and how government to the how the government shut down might affect the economy. up next, accused of some of benghazi. another major network cancels a hillary clinton project. they're called projects in the business. dear, right back. ♪ lou: breaking news following up a story we first brought you yesterd

the president was in the briefing room warning of dire consequences for the economy. >> idea of putting the american people's hard earned ro gres at risk is the height of irresponsibility. >> then gathered his cabinet to prep for the worst. >> i wish they're spending more time focusing on how to grow job skptz economy opposed to having to spend time how to manage a government shut down. >> the message pushed throughout the day is the president is eager to work on a broader budget deal. >> only way to do that is for everybody to sit down in good faith. >> except there is no sit down today or in recent weeks. >> if they're wrong. >> can i remind you the speaker of the house said at the beginning of the year he would never negotiate with the president again he felt doing so burned him. >> bring him here. >> maybe you didn't catch up to what the president just said he said he would be talking to leaders of congress. >> why isn't there a meeting snowed. >> again very nothing new to report on the president's schedule. >> republicans continue to charge the president is going slow because the white house wa

and the guy in the street no the to risk the american economy over this issue is ridiculous the problem is people can miscalculate because remember seventy two percent of americans are against doing this but fifty seven percent of the people who say they're with the. party are for what's going on so if you're a tea party supporter and you look at your local numbers you say keep going which is of course a disaster for the country and indeed the world the crisis has been now really voided multiple times in the possible so what would prevent it from happening again well i think that again human error i mean you know we're one hundred years out from world war i want to nobody can tell you why that war started exactly human beings make mistakes and the closer it gets to the deadline the more likely a mistake could be made the good news coming out of washington today is that those around john boehner speaker of the house are already saying if it comes to a boehner will go ahead and put something on the floor to avoid a default with democratic support and about ten to fifteen republicans this

the american people. and to the american economy. there are costs that have already been incurred because of shutdown, because of the flirtation with default. and they're not retrievable. so, we ought to instead focus on making progress instead of creating all this unnecessary conflict. but whether or not this experience has -- will lead to different choices in the future is really a question for mens -- members of congress. >> ted cruz, i know you don't like to comment op him directly, but him and whoever supports him , have they been -- do you think they've driven people apart? do you think there's any room for compromise you talked about moving forward from this? >> well, that again, completely legitimate questions. i think that these are questions that can be best answered by epublicans in both houses. but we know that the strategy that was pursued, shut the government down, caused harm to the economy and to the american people. had a lot of people out of work, has kept a lot of people out of work. i should very much refrain from

and that's one of the tragedies of these past two weeks because before then the american economy was ally showing impressive signs of revival. those positive signs are what i talked to goldman sachs' chairman and ceo lloyd blankfein about when he sat down with him recently at the clinton global initiatives annual meeting here in new york. listen in. lloyd, when you look at the u.s. political system, it seems deadlocked, paralyzed, use whatever phrase one wants, but the american economy seems to be coming back in a pretty broad way. >> because it's pretty resilient. and, listen, the american economy, you're right, it's going well and there's a lot of tailwinds, energy, you could tick through the amount of tailwinds that are happening, but i think ultimately it's the culture of the united states. we all have the same noise, the same dealing with the consequences of the credit bubble, but in the united states we recapitalized the bank. it was painful. people didn't like the way it was done. by the way, and the aftermath was also hard. but it got done. restructured, accepted a higher unem

federal stoppages place hundreds of thousands of workers on unpaid leave and it's costing the american economy at least three hundred million dollars every day and one of the not essential services affected is the national space agency which is just celebrating its fiftieth anniversary george abbey he's a fellow in space policy at the baker institute of rice university he used to oversee the international space station for nasa says there will be consequences of this shutdown down the line. there are missions that are coming up in say four or five or six months fairly critical motions or missions that robotic flights are going to the planets they have launch windows that have to be maintained and if the workers are that working and being done and so there is going to be an effect on the line this is the second shutdown of the space agency for exactly the same reason is it any different from the last time what we're seeing today or these last few days. in the last i was involved in the last one i was a director of the johnson space center and we were flying the space shuttle and of course flyin

cut in half we hear some members who pushed for the shutdown said they were doing it to save the american economy, but nothing has done more to undermine our economy these past three years than the kind of tactics that create these manufactured crises and you don't have to take my word for it. >> the agency that put america's credit rating on watch the other day explicitly cited all of this. saying that our economy remains more dynamic and resilient than other advanced economies and that the only thing putting us at risk is, and i'm quoting here, repeated brinksmanship. that's what the credit rating agencies say. that wasn't a political statement. that was an analysis of what's hurting our economy by people whose job it is to analyze these things, that also happens to be the view of our diplomats who have been hearing from their counter parts internationally. some of the same folks who pushed for the shutdown and threatened default claim their actions were needed to get america back on the right track, to make sure we're strong, but probably nothing has done more damage to america's credibility i

who is september here to washington by the american people can call themselves a winner if the american people have paid a price for what's happened. and the economy has suffered because of it. and it was wholly unnecessary. and let's just remind ourselves, we're not even out of it yet. this is not done. we need action to be taken so that the government can reopen and the threat of default can be removed. >> reporter: the president or in this agreement, is there a little bit of ran some paid? i mean, there is a provision in here that requires verification for recipients of sub ids under the affordable care act. >> the income verification provision to which you refer was negotiated by senate democrats and senate republicans and is a modest adjustment to the existing affordable care act law. we have always said we are willing to make imof promentes and adjustments to the law. ran some would be a wholly different thing. >> its an a little bit of ran some. >> no, not in both sides agree to it and we support it. we're fine with it. >> okay. very quick to just factual things on the affordable care act. can you give us some updated figures on web traffic

country, especially its elected officials to prevent a looming crisis that would put the global economy at risk. the american people, our economy and quite frankly the world is hoping for better news from washington. the u.s. h.c.c. stands with our friends at fix the debt, with secretary panetta, with former o.m.b. director jim nussle, and all of the other organizations assembled here and we all call on congress to raise our nation's debt ceiling and avoid this default. we urge congress to put the end -- put an end to this hostile climate of uncertainty and brinksmanship. it is time to move our country forward, not jeopardize the hard work and the progress we've all made together. at the end of the day, elected officials like our business community, have a stake in preserving our free market economy and our american way of life. negotiations, whether they're motivated by profit or politics, achieve their highest possible success when we recognize that cooperation works much better than conflict and that solidarity will always outlast isolation and that our differences do not outweigh our common interests. th

played out many a times before where he indulges these guys and their adventures to destroy the american economy. they exact a horrible toll on the country. consumer confidence has been hurt. the shutdown has messed up the recovery. yet, we know in the end that he's going to go to the guys and say, look, i did everything i could to indulge your lunatic fantasies, but i have to go along with the responsible people at the end of the day. >> i also think we can't let boehner sort of -- i mean, i don't know if we're letting him off the hook, but it is his problem that the tea party has been indulged this far. he was the one that kept promising christmas day just one more fight away. i mean, therefore, is responsible for this. >> yes, yes. it is a failure of leadership. the speaker is supposed to lead the caucus. the caucus is not supposed to lead the speaker. to follow up on frank's point, we've been through this at least three times. the grand bargain in 2011, he couldn't deliver. plan b, his own plan b, he couldn't deliver. and now what happened yesterday, he couldn't deliver. and that's why every

federal stoppage has placed hundreds of thousands of workers on unpaid leave and it's costing the american economy at least three hundred billion dollars every day and one of the non essential services affected is the national space agency which has just celebrated its fiftieth anniversary joined live by george be used to oversee the international space station for nasa. tell us how is this shutdown affecting nasa as operations at the moment. well i think right at the moment those individuals that are supporting the international space station are continuing to work that control center in houston the johnson space center still is online and it is manned by a nasa flight controllers so that work is still going on and the crews that are going to be flying up to this race station it in near future are still training so it's really affecting more of the support people that will have an effect down the line what about the crews in space then would they be affected in any way would any compromise perhaps be made to the safety. no not at the moment because the control center and mosque the control center

the economy. it is already causing uncertainty among americans, which, in turn, has them making decisions about how they spend their money, which has a negative impact on potentially on the economy. and that creates a cascading effect which can only be bad. this is why congress needs to reopen the government and make sure that the full faith and credit of the united states is upheld, as it has been in the past. > what is the debt limit for raising the debt ceiling for default? >> those are two different things. on october 17, as the treasury secretary has noted, the united states runs out of borrowing authority. and beyond that point, we only have cash on hand available on hand to pay our bills. the secretary of treasury has testified to this. so i would put to his statements about that fact. but as everyone knows, in order to meet all of our obligations as a country, the united states needs borrowing authority in order to make sure that all of our bills are paid. all of the obligations that congress has made, all of the bills that congress has incurred will come due. and if we can only pay those b

briefly with the presidents of russia and china to discuss syria and the uncertainty over the american economyich holds more than $1 trillion of u.s. debt that's growing increasingly concerned and more vocal over the american debt ceiling crisis. for his part, kerry attempted to quell those fears and apologized to american embassy workers in bali who are feeling the squeeze of the government shutdown. and coming up, the president spoke this afternoon. up next, speaker john boehner. we'll bring that to you live, straight ahead. [ male announcer ] this is claira. to prove to you that aleve is the better choice for her, she's agreed to give it up. that's today? [ male announcer ] we'll be with her all day to see how it goes. [ claira ] after the deliveries, i was okay. now the ciabatta is done and the pain is starting again. more pills? seriously? seriously. [ groans ] all these stops to take more pills can be a pain. can i get my aleve back? ♪ for my pain, i want my aleve. [ male announcer ] look for the easy-open red arthritis cap. >>> we're awaiting a statement from house speaker john boehner

here when you destroy the american economy and must be getting. live to back here in moscow on the way with me kevin can't crack down on efforts to check its human rights record and a huge chunk of asteroids dragged from a lake in central russia covering those stories rather. where's the trust element here because even if they even if these internet groups break themselves away or attempt to break away from the n.s.a. they have other ways of finding getting into data anyway. and i think one of the things that's really surprising about what we're trying to do is that they try to find every possible way of getting data but we all know that the governments have surveillance and that actually working with them so it's not just the united states it's governments you know if you're among what is what do we think the all those kind of things that stuff happened way before the internet so i agree with you completely but great the difference is that the u.s. government says we don't do these things and we keep finding out that they do these things and even

not just for the american economy, that is why the eyes of the world are on it. but the global economy? >> it certainly would, piers, because the global economy, not just the american economy, depends on the full faith and credit of the united states government. on the treasury bill, the dollar, all would be brought into question if the debt ceiling is not lifted. and remember, this is not a debt ceiling that is lifted to pay more debts. this is to pay off and to pay the bills we already have that congress and the president have already incurred. so it would be the height of irresponsibility not to lift that debt ceiling. >> right, i heard warren buffet say in the end there will be extreme stupidity. but he said there is a really why you can't go with the debt ceiling or use it for political gain, let's watch what he said. >> it makes absolutely no sense to let it be used as a lever for other things. i mean, if you want to change the laws on abortion, immigration, you name it, tax laws, whatever, let that be a piece of legislation that people hammer out. but to ti

the economy. it is already causing uncertainty among americans, which, in turn, has been making decisions about how they spend their money, which has a negative impact on potentially the economy. that creates a cascading effect that can only be bad, which is , why congress needs to fulfill its basic responsibilities, reopen the government, and make sure that the full faith and credit of the united states is upheld, as it has been in the past. >> what exactly is the deadline? >> for? >> raising the debt ceiling, for default? >> those are two different things, as we have been clear about. on october 17, at the treasury secretary has noted many times, the united states runs out of borrowing authority, and beyond that point, we only have cash on hand available to pay our bills. the treasury secretary has testified to this on capitol hill and is far more an expert than i. i would point you to his testimony and public statements about that fact. as everyone knows, in order to meet all of our obligations as a country, the united states needs borrowing authority. in order to make sure that all of our bills

our economy's been growing, our businesses have been creating jobs, and our deficits have been cut in half. we hear some members who pushed for the shutdown say they were doing it to save the american economy, but nothing has done more to undermine our economy these past three years than the kind of tactics that create these manufactured crises. you don't have to take my word for it. the agency that put america's credit rating on watch the other day explicitly cited all of this, saying that our economy remains more dynamic and resilient than other advanced economies and that the only thing putting us at risk is and i'm quoting here "repeated brinksmanship." that's what the credit rating agency said. that wasn't a political statement. that was an analysis of what's hurting our economy, by people whose job it is to analyze these things. that also happens to be the view of our diplomats who have been hearing from their counterparts internationally. some of the same folks who pushed for the shutdown and threatened default claim their actions were needed to get america back on the right track, to make sure we're strong, but probably nothing has done more damage to america's credibility

why would anyone want to do that to the american economy? this is not new issue. m goi t q to you something president reagan said to the country in 1983. the full consequences of the default or the serious prospect of the default are impossible to redistri predict. >> let me vote you, the treasury department issued a report late this wek that said a possible default would be, quote, strofic. credit markets could freeze, the value of the dollar could plummet, interest rates could skyrocket and there could be a recession that could ec 2008 or e. continues to pu money into the economy. what's the likelihood that they would default? >> it is rady to avoid the kind of uninkable probms th wouldapf the united states willfully defoughts on the good full faith and credit of the united states. i don't if i there is anyone that thinks the consequence is inmall. let me ask you, if y pay one e , wt happens if you don't pay millions of people on social security? what happens if you don't pay hospitals and health care across the country. >> i asked ynconomic qio wo e catastrophic