. >> do you believe the deadline established by tim geithner is a real deadline and if you're going to describe to your constituents in kentucky the damage that are going to be done if the united states were mixed and fall into default, which tell the men do you believe there would be significant economic consequences as president obama said this week? >> ultimately, if a country keep spending more than it takes an, as to borrow more money. what i would say about the deadline is it the -- the deadline has already been moved three or four months and they could move again. the real thing people need to realize is that we bring in about $200 billion in revenue and spend about $20 billion on interest. there is plenty of tax revenue to pay the interest on our debt and never default. the responsible thing from the press -- for the president to do is to take off the table and say we will not default. we think it is the appropriate right thing to do. >> let me follow-up on that. the president said at a press conference today and there is a bipartisan commission on this that there would be sign

racially secretary tim geithner has the sole authority to determine how our debt obligations are met by deciding which bills to pay and when to pay them so if republicans really want to play hardball the president can direct tim geithner to play hardball right back at. is there cannibalizing federal pension funds he could cut into federal assistance to states whose republican senators and congressman are blocking a limit on the debt increase hey john boehner you don't want to raise the debt ceiling that's fine but kiss all that federal money ohio gets every day by using that money to pay off our debt no more highway funds no more medicaid funds nowhere education funds no more nothing oh you're out of business. the next day glenn beck's web site the blaze posted a creatively edited version of my take on their website with the headline lib talkers calls on obama to star people in red states which isn't exactly true i was hoping president obama would get the message about how to force republicans to have a little skin in the game in the debt ceiling negotiations not exactly calling for

i put that the feet of ben bernanke and tim geithner.hat figure was a mistake and wrong policy to put them into high office. i think they felt was during the housing boom in prices. it would have to be somebody who believes in the marketplace and that interest rates should not be manipulated by the government and credit should not be manipulated by the government, and we shall allow the marketplace who help us make wise decisions about what price of things -- what price things should be. >> who would be your dream candidate? >> it is probably better to talk about the policy. sayn't think i will get any nor will republicans must be getting a president and that will be a year or two in the coming. >> do you think this treasury secretary would be the kind of anomaly that could be subject to a filibuster? >> it is are to make a prediction on what people will do not knowing who the is. we should try to get someone who has an appreciation of the marketplace and business. the biggest complaint i have had of this administration and the talk to b

that's when treasury secretary tim geithner said the u.s. will default on its debt obgations. though there was no break through, the president said today's talks has been "very conductive." >> i will reconvene congressional leaders here on sunday with the expectation that at that point the parties will at least know where each other's bottom lines are and we'll hopefully be in a position to then start engaging in the hard bargaining that's necessary to get a deal done. i want to emphasize that nothing

and i think tim geithner should be doing the opposite. no matter what happens on august 2nd there will not be a default. they will pay the creditors and full faith and credit of the u.s. government will be in fact and he's doing the opposite for political gain. i think the issue whether the rating agencies downgrade or not is beside the point. the worry that i have, stuart, is that if we pass a debt ceiling negotiation, that is not something that the-- international investors believe is serious about bringing this debt down, i think that's what could trigger a run on the dollar, an increase in the price of gold and an increase in

treasury secretary tim geithner and secretary geithner welcome to "fox news sunday." >> good to see you, chris. >> chris: congressional republicans are working on two stage plan that would cut over a trillion dollars in spending right away and raise the debt ceiling into early next year. then there would be a mechanism for more cuts that if approved the debt ceiling would be raised past the 2012 election. will the president sign that into law? >> chris, let me tell you what we are trying to do what the president is trying to do is first and most important we have to lift this threat of default from the economy, you know, nor for the next 18 months. we have to take that threat off the table through the election. but we also want to try to make sure we come together and make some tough choices, lock in some long-term savings to help get our fiscal house in order. we need to do both those two things so the congress can get back to the business to make the economy stronger and get more americans back to work. >> chris: so for lack of a better word i will call it the boehner plan, would the

we'll sit down with the administration's point man treasurey secretary tim geithner and the president tells congress to come up with its own plann. and the republicans are making an offer democrat can refuse. we'll find out before the financial markets open in asia from the top public negotiator speaker john boehner. geithner and boehner on fox news sunday. what happens if there is no deal? will there be a market melt down. we'll ask the sunday panel about the political and policy realities. all right now on fox news sunday. hello again from fox news in washington. it is nine days and counting until the u.s. hits the debt limitt. can the nation's leaders come up with a last ditch plan to raise the debt ceiling. we'll talk to john boehner in a moment. treasury geithner, welcome to fox news sunday. >> good to see you, chris. >> chris: congressional republicans are working on a two-stage man to cut spending right away and raise the debt ceiling next year and then a mechanism for more cuts if approved the debt ceiling would be raised in, will the president pass that into law? >> we have t

some weeks ago, let's say weeks ago the secretary of the treasury, tim geithner, laid out a date. he said august 2 is a hard break deadline beyond which we can't extend our borrowing and our spending, and that the government will not be able to pay its bills and we'll have to default on our debt. that i think, madam speaker, is irresponsible statement on the part of the secretary of the treasury. we should keep in mind that his first boss is the president of the united states. so the things that come out of the mouth of the secretary of the treasury often reflect the best interests of the president and perhaps explicit or implied directive that comes from the president. and i happen to have this belief that when someone -- i happen to have this belief when someone goes to work for the president, their judgment becomes what they think the president would do if he happened to be doing their job. i have watched the transition of executive offices over the years in places like the governor's office in iowa where i come from, and serve in the iowa senate before i came here, i watched a

that was treasury secretary tim geithner.iting for this statement to talk about the debt ceiling and what fruits the negotiations had borne. but all he said is we are running out of time. we don't have time to go beyond august 2 so he wanted them to get back to work. let's listen to what senator mitch mcconnell said earlier today. we just heard from senator harry reid. >> it's time to change this debates all together. it's time to make it clear to the american people where the two partsies snrand this debates. if you are with the president and his vision of a government that continues to live beyond its means or you are with those of us who believes washington needs song medicine. either you want to borrow and spend our nation into oblivion or you want to get our fiscal house in order. alisyn: you heard from senators on both sides of the aisle as well as treasury secretary tim geithner. so what does the average american think about the sail mate on capitol hill? we'll discuss that next. >> we are in a debt crisis. the america

this morning, tim geithner said we are not doing the short-term... >> yes.cifically, harry reid and president obama. if they say, absolutely no short-term deals, we don't like this, then i think you will probably have a severe negative effect on american stocks trading over there. that is what i think, and the chronology and why i say, today, is the first judgment day about what we're doing with our debt. a big deal. >> dave: not to get too deep into the politics, the never said no to a 120-day extension and may be the opportunity, he allowed himself to say yes to the boehner plan but ultimately we will not have consensus and tell us, are the markets going to crash? we know we will not have agreement on anything. >> i will make no prediction. i would never make any such prediction, no, period but the judgment will be passed by the markets, if everybody accepts a short-term deal and debt ceiling is raise and borrow a trillion dollars and don't default, the markets could go up and, if we reject that, no deal of any kind, what, 7 days, 8 days left to the deadli

i spoke with treasury secretary tim geithner earlier. thank you so much for joining us. >> nice to see you. >> you heard the two-tier plan coming from the republicans. let me have the white house take on it. >> let me tell you what we're trying to do, okay? the most important thing is we remove threat of default from the country for the next 18 months. very important we do that. can't leave the american economy with -- >> through the election -- >> i wouldn't say through the election. this is a hard thing to do, and you want to take this out of politics. you don't want politics messing around with america's credit. >> a second too late on that. already messing around with it. >> they have taken it too far, frankly. the other thing we want to do is put in place a framework that locks in real reforms, real savings, so we can return to living within our means as a country. that's very important to do. we have to do it in a way that is fair and balanced and we have have a way to force congress, frankly, to make some tough decisions over the

here is tim geithner. >> here we are 7 months later, we are running out of runway. i never thought they would take it this close to the edge and let politics get in the way of not paying our bills on time. >> reporter: other bit of concern when the white house it has been this much politics in 2011, there will be more politics in 2012 why they are going to need some kind of plan that will carry the nation's debt through the election next year into early 2013. >> gregg: speaker john boehner has been talking about a two stage process. what is the white house saying about that. isn't bill daley shooting that one down? >> it's interesting from the beginning, president obama has said he would like a big plan in terms of making substantial cuts to show we are serious about cutting the deficit. he would also like us to carry the nation through the 2012 election, but today the white house chief of staff was asked about the two-stage or two-tier plan. here is how he responded. >> if there are two steps fine, but do not of a step in the second part that lets the political sys

, tim geithner, come out and talk.e has been on tv saying that he has bent over backwards. and you guys have to give something, too. that message is starting to come out. the american people are starting to understand that republican intransigence is the issue. >> the tea party members think that if there is a default it will help them. >> exactly, and they are among what is being dubbed as the " heck no!" conference. they are saying that the default does not matter. if you run out of money on your credit card you do not ask for an extension. you pay what is there. -- they areying saying that the dire consequences are being oversold by the president. >> you are watching bbc world news america. still to come on tonight's program, dropped as far as the eye can see. the world is being asked to help kenya. queen elizabeth has paid tribute to the code breakers who worked at let me park in england during world war ii. they cracked the german code. >> there were some of the darkest days of the second world war, but britain's

it may require tim geithner to make decisions on who gets paid for spurted i would like to think theinistration will to pay thehave bondholders verse. i assume all of you have some kind of 401k. local governments have all kind local governments have all kind of -- meet bond obligations first and you start going down to social security, our troops, and you make sure that they get paid first. at some point, it may mean that people work and the federal government and bureaucrats who work here have to wait awhile. >> social security payments are made of the third of everybody. the bipartisan policy center did an analysis of august 3 and what happens if the debt ceiling is not raised. we have an income of $12 billion of revenue coming in and $32 billion in committed spending on august 3. $23 billion of that is so security and that assumes you pay the bondholders first. how will you explain to constituents that a bond holder got paid first but they did not get their social carry payments? >> i understand we have social security payments. some of this plays out on the 15th of the month. it

the administration's take from treasury secretary, tim geithner. >> it's unthinking the country would not meet its obligation on time. >> then, senior democratic senator, diane feinstein. presidential politics with governor tim pawlenty in iowa doing what it takes. >> he's the president. come on out to the lawn of the white house or the microphone and tell us your plan on entitlement reform, and he won't indict because he doesn't have the courage to do it. >> i am candy crowley, and this is "state of the union." late into the night, leaders on capitol hill scrambled to put together a last-minute debt deal, now being considered a two-step plan that would raise the debt ceiling through 2011 in exchange for a trillion dollars in spending cuts. both sides are onboard. but the hang-up is the second increase that will be needed in 2012. before that happens republicans want a special commission to outline future reductions. a no-go at the white house. i spoke with treasury secretary, tim geithner, earlier. >> thank you so much for joining us. >> nice to see you. >> you heard the two-tier pla

i think tim geithner wants real cuts. i think obama politically wants fake cuts. i think you get the tax increase, and then all the cuts would evaporate at the end of the day. >> how serious is that dispute? is geithner on his way out? >> i don't know about that. >> he said he will leave and he would not say he would stay until. end of the term, just for the foreseeable future. so i believe he's definitely going to leave. >> so he was told by the white house chief of staff it's time for are for you to move on? >> no, no. they can't get him a replacement. talk [everyone talking at once] >> he's been told his time is up. >> you couldn't get a new secretary of the treasury through! >> what about the former governor of new jersey? >> you mean former governor of jersey the -- >> come on! >> jon corzine! >> gold is goldman sachs! is this legislation or reasonable facsimile gets passed by both houses of congress, will it be an historic event, pat. >> i think if they got the obama big deal be historic. i don't think they'll get a small deal. i think they're going to get s

you get somebody in there who's not let's say like a geithner tim geithner remember tim geithner put it was it eight billion dollars of new york fed cast american dollars onto a plane airlifted to iraq and it promptly disappeared oh and by the way eric king of where erik prince of blackwater just happens to be now living the the big life there in the middle east i wonder where that money went well you're more likely to get the same exact sort of paradigm that played out in tahrir square which is remember what mubarak said at first first he met the people in a televised address saying oh i'll make a few little changes that was basically i'll have a commission to investigate whether or not there's been any fraud or corruption or torture and then he said there will be chaos if i step down this is a classic technique that the new york fed the u.s. fed the banks are occupiers always claim there will be chaos if we leave the scene do they try but they did in two thousand and eight famously with hank paulson in front of congress and they've done it every few months since the debt ceiling is

they're saying is that what you -- i thought it was a revealing moment that you had, chris, with tim geithner when geithner said he thinks there are some republicans who are praying for a default, that's his language and you get the idea, the white house to the extent that bill was talking about the white house as the problem. the white house has said there are some republicans who just are stubborn, resistent to making a deal on any circumstance because they don't want added revenue, they don't want the tax hike and what we saw this week from the democrats, you talk about the white house. the democrats flew over to the white house to say, what are you talking about? you're willing to make significant cuts in terms of medicare, medicaid, social security, you are putting our political fortunes at risk? this is not what we want. you saw move on, you saw aarp. saw afl-cio. sdiu, all engaged their members to absolutely zoom in on congress with phone calls and lobbying to say stop the president from giving up everything to the republicans. one last point here. i'm amazed, you heard the speaker of

have to come in friday, and friday is shaping up to be something of a deadline, and meanwhile, tim geithner, the treasury secretary up on the hill behind closed doors talking about the senators of a doom and gloom scenario is nothing is done by august 2nd, and the united states has to begin to default as carney and other white house officials call it hypothetical and insists that the country will not default and some arrangement will be made, but it is not clear what the path of the arrangement may be before august 2nd, tamron. >> and what about the report that the president was mulling over a bipartisan meeting at camp david and there is a quote at nancy pelosi saying it is not a good idea many her opinion, because the rsvps have not been released as politico pointed out, but what is story here? >> well, everybody is backing away from something that is not formally put on the table. there was some talk of moving them to camp david over the weekend, but there is no question that the talks will continue over the weekend, but it depends on the venue. john boehner is the first through a spokes

and thanks, steve. >>> tim geithner now says that august 2nd is a real deadline to raise the debt ceiling or else the u.s. will go into default and face potentially catastrophic results. republicans say geithner is crying wolf. chuck todd, kelly o'donnell, capitol hill correspondent, both join us now. chuck, first to you. the white house says that the deal has to be done by july 22nd in order to get it passed by august 2nd. they say it is a real deadline. address that and also of course the talk about whether or not tim geithner, now that we know his son is going to return to high school, they never were able to sell their house in west chester county, new york. whether or not he's looking for an exit strategy. >> let's take on first the part about the july 22nd deadline. this is, according to the way the white house puts it, is that this is the only way, if you want to meet august 2nd, you've got to get it basically done by july 22nd, because to get the bills written, to get them marked up, to get them passed through both the house and the senate, get those three-day waiting period, you

. >> we will be hearing from tim geithner, who is meeting with the democratic senate side today, theh. he's going to come out and give the latest on the dire predictions of what is going to happen if they don't get something done in the next 19 days. >> right. he's going to talk about the effect it would have on the economy, on debt, on social security checks and whether they could go out to recipients. i have talked to enough house republicans about it. they don't buy it. they don't believe in these warnings about catastrophic consequences. they think that you can find the money to be able to fund things while a deal is worked out and even if things do go bad, they think it's worth it. they feel they have to have this fight. they talked about it in the campaign, many of them won elections because they promised not to increase taxes and to dramatically reduce the size of government. they think this is a crisis and they will use this opportunity to fight for that smaller government, even if there is a risk which at least privately, many of them will say yes, there probably is a big ri

tim geithner's not that dumb. >> mike: i am not worrying that. >> i will say this. the bottom line is we issue a lot of debt and someone is making money off of it, it is wall street. >> mike: if the whole thing falls apart . we get downgraded, tell me specifically what happens to joe america out there? >> let's start breaking tup. we go in default and we don't have to go in default. i wrote the story last week on the fox business network. president's people said we'll do everything but going to default and our bond goes to d we'll have a financial collapse it will be bad. all of the financial instruments if it goes to d it is massive loss says. i think standard and poors is likely to downgrade . the impact of that. if they start cutting stuff. let's say they do two billion of legitimate cuts and s&p downgrades us. i don't think the market will care. that's what killed me about the wall street guys. they are make like it is not a debate. aside from national defense and social security what is the best debate. it is the amazing debate. >> mike: it does impact on every

tim geithner's not that dumb. >> mike: i am not worrying that. >> i will say this. bottom line is we issue a lot of debt and someone is making money off of it, it is wall street. >> mike: if the whole thing falls apart . we get downgraded, tell me specifically what happens to joe america out there? >> let's start breaking tup. we go in default and we don't have to go in default. i wrote the story last week on the fox business network. president's people said we'll do everything but going to default and our bond goes to d we'll have a financial collapse it will be bad. all of the financial instruments if it goes to d it is massive loss says. i think standard and poors is likely to downgrade . the impact of that. if they start cutting stuff. let's say they do two billion of legitimate cuts and s&p downgrades us. i don't think the market will care. that's what killed me about the wall street guys. they are make like it is not a debate. aside from national defense and social security what is the best debate. it is the amazing debate. >> mike: it does impact on everythin

you don't have to know who tim geithner is. all you have to know is people are losing jobs.eryone in that area where that ad is running knows someone who lost a job. >> in 2008 this -- unlike 2008 this time obama has to run on a record. >> it is effective ad, but misleading. didn't take into account that most of those jobs were lost in the first six months of his presidency. it still doesn't get romney past the south carolina firewall. >> it is effective because it plays to romney's strength as a tremendous businessman versus obama who was never a businessman. >> that's right. they spent us into a keynesian coma. now it is time to give free market, small government -- -- [ talking over each other ] >> it is how we got here monica. >> to be continued. [ talking over each other ] >> all right, all right. >> coming up, sean's interview on how we can reclaim american states and promise from the cultural elite. you don't want to miss it. stay tuned. >> welcome back. carol swain is a professor of political science and law. sean sat down with her to talk to her about her new book.

. >> tim geithner warned some sort of deal must get done. >> if congress doesn't acted by august 2nd they will downgrade our credit, first time in history and you will see catastrophic damage across the american economy and global economy. >> they want to focus on $2 trillion deal, no entitlement reform, no tax reform. the talks continue tonight. >>> meanwhile, the head of the international monetary fund foresees some quote really nasty consequences if the u.s. does not raise the borrowing limit. the chief sez expects u.s. will take action before the august 2nd deadline. >> there are expectations that will be the case otherwise it would be a real shock. it would be bad news for the u.s. economy. >> international monetary fund's new chief told abc news if the u.s. fails to act she for sees global interest hikes and stock markets taeng taking a huge hit. >> the switch to ticket machines begin yesterday as part of an effort to close an $89 million budget gap. the move eliminates 7 ticket agent positions but five of the employees have been placed in new jobs. ticket machines have been up

i wonder if the president still strike the same note we hear from tim geithner who may be the warm-upesident who we'll hear from moments from now. >> absolutely, some version of "can you hear me now" because the president has been saying days and days and days, it could be a full scale calamity and one of the president's top aides, dan pfeiffer said, we could have a financial depression if in fact the u.s. defaults next tuesday. and, so, a lot of republicans on the hill have been saying, look, these are scare tactics and is not true and they are exaggerating the situation and trying to maybe even manufacture a crisises. but, when you have tim geithner, the treasury secretary saying, look, folks, we are getting closer and closer here and starting to see signs around the world, maybe in the international markets, that some of those dire predictions could -- i express could, come true and, frankly we don't know the real answer yet because we have not been through a crisis quite like this. and so a lot of this is just predictions and forecasts the but the fact of the matter is as we get c

. >> reporter: adding to the drama, bloomberg reported that tim geithner is thinking about leaving his position after an agreement is reached. secretary geithner thinks there could be a window for him to leave if the economy continues to improve and if president obama approves his departure. that's too early though and that's a lot of if's, they say. >>> are you trying to throw hotdogs and burgers on the grill? we have apps to help your 4th of july sizzle. >> move over kid's menus. new items at fast food restaurants are for adults only. >>> also, we'll talk about sprucing up your home without breaking the bank. we'll be back. >>> tonight, if your goal for the weekend is to grill the perfect steak or burger, your smart phone may be the best help. we have grilling apps that really sizzle. >> reporter: summertime and the grilling is easy. that's if you use these apps. before you get the fire going, the ask the butcher app helps explain which cut is which. from the big grill maker, the weber app highlights hundreds of websites in addition to marinades and rubs. they also tell you which gro

. >> treasury secretary tim geithner sut approximatinging a date on what says would be a national disaster, as early as parch 31st. >> we can give congress until the end of june. >> geithner says the nation will disolve on its dead july 8th. >> moved the drop dead date from july 8th to august 2 wnd if congress doesn't act by the second they will put our-- they will downgrade our credit, first time in history, and if that happens, are you going to see cat strafk damage across the american economy and across the global economy. >> jon: the only other catastrophe that's moved its date this often was spicerman turn off the darbling. (laughter) (laughter) 112th congress has been completely unable to muster a debt sealing agreement to avoid eye holy unnecessary default, probably because its such a complicated thing we would only be able to do it in the past 102 times. (laughter) >> we've raised the debt ceiling 17 times under reagan -- times under hw dush, four and president clinton 7 under gw bush, so parently for past congresses it is as effortless as this. but of course for this conference, c

secretary of treasury tim geithner, who has been at the center of the talks from the beginning.s at 9:00 a.m. eastern sunday morning. >>> amanda knox heads back to an italian court monday for a critical phase of her appeal. she is the american convicted of killing her college roommate and sentenced to 26 years in prison. i talked with our legal guys earlier today about what is at stake during next week's proceedings. >> her defense experts are claiming that the dna relied upon for her convictions was either contaminated or unreliable. they're claiming that based on that, her conviction should be overturned because that with a the essence of the evidence against her and therefore she should be set free. the problem with that argument is that the prosecution's case did not solely rely on dna. there was other evidence that was presented, which led to her conviction. even if, even if the dna is struck from the record, she still has a mountain of evidence which convicted her, i don't know if this is going anywhere, it looks like they're bending over backwards to try to give her a bre

. >>> tim geithner weighing in on how it could have a ripple effect on the global market. >> if you look at the markets around the world, they show a remarkable degree of confidence that america is going to meet its obligations as it always has. and we're going to make prosecuting on our long-term fiscal challenges. >>> and the asian and european markets under pressure today. for more on that and what we can expect in the u.s. trading session, let's bring in anna edwards. she's live in london. how are the marketing looking? >> they could be worse is one way to summarize things. in europe, certainly. the asian market did open on the back foot. moves to the downside, where that particular market was down 3% by the close of trade. that wasn't echoed when we started to see markets open up in europe. we've been selling this morning. but essentially, things negative to flat right now. >> all right, anna edwards, thanks so much. >>> a lot of negotiators in this deal, saying we need a deal to stabilize the markets. >>> a historic weekend in the state of new york, where gay and lesbian couples be

tim geithner and tim pawlenty will appear.ater, bill daley and the newly appointed monetary fund managing director christine laguard. chris wallace will talk with mitch mcconnell and jim demint and another scheduled meeting on the budget with the white house. at 3:00, kevin mccarthy and chris van holland. at 4:00, it is "face the nation." bob schieffer will have another interview with tim geithner and alabama senator jeff sessions along with florida senator bill nelson from the budget committee. the five network tv talk shows are brought to you as a public service by the networks and c- span. they begin repairing at noon he eastern. -- they begin airing again at noon eastern. you can listen to them all on c- span radio. you can download it as an iphone app or listen online at c- span.org >> who is going to get fired up over nancy pelosi or john boehner customer they are proxies' for the narrow range of choice that we have been elected officials. gillespietv's nick takes on the tea-party system and possible solutions. c-span ha

that's the question that treasury secretary tim geithner may be forced to answer if the debt ceiling is not raised by next month. welcome to "your money." i'm ali velshi. what is it? chaos, catastrophe? no one can say for certain what's going to happen if the debt ceiling isn't raised. the prevailing thought is that those who hold u.s. debt, bond investors would be paid first to keep america from defaulting on loan payments, payments we use to keep the engine of our economy running. what about everybody else? according to the bipartisan policy center, it would be impossible to keep paying for all of the most popular and important programs that you rely on. that means possible reductions or delays to social security, medicare, medicaid, food stamps, maybe checks to federal workers, some combination of the above. jean sahadi is with us. every week we layout a confusing scenario and jean helps us make sense of it. what is likely to happen if we hit this deadline without a deal to raise the debt limit? >> you mentioned that report. they estimate a lot of bills won't be paid. somewhere be

. >>> treasury secretary tim geithner speaking this morning that this morning specific items regarding the debt deal. one of the options that senators harry reid and mitch mcconnell or working on raising the debt ceiling in exchange for $1.5 trillion in cuts over ten years. this would also create a new congressional panel that would study ways to reduce the deficit, but some senators are thinking it's the wrong idea. >> i think the mcconnell plan is more of washington not taking responsibility. it's a great political plan. it takes the pressure off all the politicians, but allows us to pass a debt limit without making the hard choices that this country has to make. >> and we'll talk more about the debt deal with congressman adam schiff and ezra klein coming up in a few minutes. >>> now we move to britain's prime minister david cameron. he has called for an emergency session of parliament to brief lawmakers into the expanding investigation into the news corporation's phone hacking scandal. overnight rebekah brooks was released from jail after being arrested. london's top cop has stepped

. >> what tim geithner said on that same program. >> there's two types of plans on the table now. one is the framework that the president and the speaker of the house have been talking about for the last several weeks now. >> i thought that's dead? >> no. they're talking still, because, again, both the president and the speaker believe that the best thing we can do is put together a very substantial contribution to getting our fiscal house back in order? >> you're saying the grand bargain is still on -- >> i wouldn't say it that way. there's two approaches before us. >> is the grand bargain still alive? unlikely, at least not until the markets react dramatically and some deal doesn't pass both houses. what we know is going to happen today -- speaker boehner will announce his own plan a two-step process, raising about a trillion, stoix nine months, creating a joint committee of a bipartisan committee, six democrats, six republicans who have to come up with about another $2 trillion in cuts to trigger this second debt ceiling increase. the boehner folks argue it's a similar two-step

only treasury secretary tim geithner remained and word has just come in that geithner is weighing leaving office after the debt ceiling crisis is resolved. he talked about it today at the clinton global initiative in chicago. >> i live for this work. it's the only thing i've ever done. i believe in it. i'm going to be doing it for the foreseeable future. people are interested because, you know, i have a family and my son is going back to new york to finish high school and i'm going to be commuting for a while. i'm going to be doing this for the foreseeable future. >> that's what the treasury secretary may have said out in public today. certainly not from what we are hearing from inside the white house. what will this mean for economic policy? joining me chief white house correspondent jessica yellin and jeffrey toobin here in new york. jessica, let me start with you. why now, of all of the moments to add one more name to the list of departures, this seems absolutely horrific for the president. >> well, frankly, eliot, the reason why now is because i think it leaked. i think that the treas

the associated press reports that tim geithner may be on the verge of resigning. a source close to the president's top economic adviser says no decision has been made. that source claims he may leave after the president reaches a deal with congress over raising the debt limit. they have until august 2 before the nation defaults on its loans. we have learned senators will work through the holiday ways -- recess to hammer out a deal. one day after the president called on congress to work harder. to the republicans fired back using the president's fundraiser in philadelphia as ammo. >> the president said he wants to get working. he wants us to get working. i cannot think of a better way than to have him come over today. we're waiting. >> the point of contention comes down to taxes and spending. the gop said it will not raise the debt ceiling unless the president agrees to budget cuts but democrats argue the way to save money is to end talks cuts for the wealthy. >> a big sendoff and surprise for robert gates. the commander in chief awarded gauge the presidential meda

it's a very risky move for him but i'm told he's still considering it. >> treasury secretary tim geithner joins me now. he would have to manage the chaos if the united states defaults for the first time in history. secretary geithner, thank you for being here. well, you just heard what jonathan said about what's on the table. is it possible that there will be a framework deal in place by 4:00 p.m. this afternoon. >> i hope so. again, both leaders recognize they're running out of time. they need to get this process moving in the house by monday night to achieve that deadline. they need to have a framework that they know with complete confidence will pass both houses of congress and is acceptable to the president and that should happen today. >> you think it can happen before the markets open in asia? >> well, again, what they're trying to do if you listen to what the speaker has said is try to make sure they demonstrate that they have a framework that can pasasboth houses of congress and the esident can sign and we're making progress, they are. >> jonathan raised several incarnations of po