WITH HIS FOUNDATION FOR OUR KIDS FUTURE. OUR KIDS FUTURE. BUT WE BEGIN, OF COURSE, BUT WE BEGIN, OF COURSE, WITH THE DEBT LIMIT DEAL NOW WITH THE DEBT LIMIT DEAL NOW HEADING TO THE SENATE AFTER IT HEADING TO THE SENATE AFTER IT PASSED THE HOUSE LAST NIGHT PASSED THE HOUSE LAST NIGHT WITH SUPPORT FROM A MAJORITY OF WITH SUPPORT FROM A MAJORITY OF BOTH REPUBLICANS AND DEMOCRATS. BOTH REPUBLICANS AND DEMOCRATS. >> BUT WITH THE DEADLINE >> BUT WITH THE DEADLINE TO AVOID CATASTROPHIC DEFAULT TO AVOID CATASTROPHIC DEFAULT ONLY FOUR DAYS AWAY, CONCERNS ONLY FOUR DAYS AWAY, CONCERNS LINGER THAT THE DEAL COULD FACE LINGER THAT THE DEAL COULD FACE SOME HURDLES FROM SENATORS SOME HURDLES FROM SENATORS ON BOTH SIDES OF THE AISLE. ON BOTH SIDES OF THE AISLE. >> IF A.J. O'BRIEN IS ON >> IF A.J. O'BRIEN IS ON CAPITOL HILL AND HAS BEEN CAPITOL HILL AND HAS BEEN TRACKING IT ALL ALONG, TRACKING IT ALL ALONG, WITH ELIZABETH QOSI AT WITH ELIZABETH QOSI AT THE WHITE HOUSE. THE WHITE HOUSE. JAY, IT'S A BIG DAY, RIGHT, FOR JAY, IT'S A BIG DAY, RIGHT, FOR THE SENATE AFTER THE VOTE, THE SENATE AFTER THE VOTE, AFTER THIS BILL PASSED IN AFTER THIS BILL PASSED IN THE HOUSE. THE HOUSE. >> WHAT DOES THE SENATE LOOK >> WHAT DOES THE SENATE LOOK LIKE? LIKE? YEAH, AND TO ANSWER THAT YEAH, AND TO ANSWER THAT QUESTION, TERRY , I HAVE QUESTION, TERRY , I HAVE TO WALK YOU THROUGH SOMETHING TO WALK YOU THROUGH SOMETHING THAT THE FOUR OF US ARE VERY THAT THE FOUR OF US ARE VERY FAMILIAR WITH . FAMILIAR WITH . IT'S CALLED SENATE MAGIC, IT'S CALLED SENATE MAGIC, AND IT SAYS REAL. AND IT SAYS REAL. AND ALL AROUND US AS THE AIR AND ALL AROUND US AS THE AIR THAT I AM BREATHING HERE. THAT I AM BREATHING HERE. AND IT MEANS THAT WHEN SENATORS AND IT MEANS THAT WHEN SENATORS ARE STARING DOWN THE BARREL OF ARE STARING DOWN THE BARREL OF A WEEKEND, THEY WORK A WEEKEND, THEY WORK A LITTLE BIT FASTER THAN A LITTLE BIT FASTER THAN YOU PERHAPS WOULD HAVE EXPECTED YOU PERHAPS WOULD HAVE EXPECTED THEM TO EARLIER ON IN THE WEEK THEM TO EARLIER ON IN THE WEEK IF THIS PASSED THE HOUSE IF THIS PASSED THE HOUSE ON WEDNESDAY, WHICH IT, OF ON WEDNESDAY, WHICH IT, OF COURSE, DID LAST NIGHT. COURSE, DID LAST NIGHT. THE PREVAILING WISDOM WAS THAT THE PREVAILING WISDOM WAS THAT THERE WOULD BE A VOTE IN THERE WOULD BE A VOTE IN THE SENATE POTENTIALLY THE SENATE POTENTIALLY BY FRIDAY. BY FRIDAY. BUT WHAT WE'RE HEARING NOW BUT WHAT WE'RE HEARING NOW AS SENATORS EMERGE FROM AS SENATORS EMERGE FROM MEETINGS A LITTLE BIT EARLIER MEETINGS A LITTLE BIT EARLIER IN THE DAY IS THAT THERE IS THE IN THE DAY IS THAT THERE IS THE POSSIBILITY FOR A VOTE TONIGHT POSSIBILITY FOR A VOTE TONIGHT ON THIS DEBT CEILING ON THIS DEBT CEILING LEGISLATION. LEGISLATION. THERE IS STILL NO DEAL DONE THERE IS STILL NO DEAL DONE TO PUT THE VOTE SCHEDULED FOR TO PUT THE VOTE SCHEDULED FOR TONIGHT. TONIGHT. BUT WE KNOW THAT AIDES ARE BUT WE KNOW THAT AIDES ARE WORKING FEVERISHLY BEHIND WORKING FEVERISHLY BEHIND CLOSED DOORS TO TRY TO HAMMER CLOSED DOORS TO TRY TO HAMMER OUT SOME KIND OF AN AGREEMENT OUT SOME KIND OF AN AGREEMENT THAT WOULD ALLOW THE SENATE THAT WOULD ALLOW THE SENATE TO VOTE ON THIS TONIGHT. TO VOTE ON THIS TONIGHT. NOW, IT MIGHT BE LATE TONIGHT, NOW, IT MIGHT BE LATE TONIGHT, POSSIBLY INTO THE EARLY POSSIBLY INTO THE EARLY MORNING. MORNING. THERE ARE AMENDMENTS THAT THERE ARE AMENDMENTS THAT THEY WILL HAVE TO VOTE ON FIRST THEY WILL HAVE TO VOTE ON FIRST BETWEEN 10 TO 12 . BETWEEN 10 TO 12 . MY COLLEAGUES, CHRIS TURNER MY COLLEAGUES, CHRIS TURNER AND ALI POPCORN IN THE SENATE AND ALI POPCORN IN THE SENATE ARE TOLD, BUT ON TRACK FOR ARE TOLD, BUT ON TRACK FOR THE POSSIBILE OF A VOTE THE POSSIBILE OF A VOTE AS EARLY AS TONIGHT, IF NOT AS EARLY AS TONIGHT, IF NOT TOMORROW, AND AGAIN, THE DATE TOMORROW, AND AGAIN, THE DATE IS MONDAY. IS MONDAY. >> WELL, ELIZABETH JUST POINTED >> WELL, ELIZABETH JUST POINTED OUT THE SENATE WILL MOST LIKELY OUT THE SENATE WILL MOST LIKELY HAVE SOME CHANGES HERE RIGHT HAVE SOME CHANGES HERE RIGHT BEFORE THE BILLS PASS . BEFORE THE BILLS PASS . SO WHAT COULD SOME OF THOSE SO WHAT COULD SOME OF THOSE CONCESSIONS BE ? CONCESSIONS BE ? WELL, IN THE MESSAGE WE'VE WELL, IN THE MESSAGE WE'VE HEARD SINCE THIS AGREEMENT WAS HEARD SINCE THIS AGREEMENT WAS FINALIZED THAT BOTH SIDES FEEL FINALIZED THAT BOTH SIDES FEEL LIKE THEY DIDN'T GET WHAT LIKE THEY DIDN'T GET WHAT THEY WANT. THEY WANT. AND AS WE HEAD INTO THE SENATE, AND AS WE HEAD INTO THE SENATE, THE POSSIBILITY THAT SENATORS THE POSSIBILITY THAT SENATORS WILL PUT AMENDMENTS FORWARD WILL PUT AMENDMENTS FORWARD TO MAKE SOME OF THE CHANGES TO MAKE SOME OF THE CHANGES TO WHAT THEY DON'T LIKE. TO WHAT THEY DON'T LIKE. SO, FOR EXAMPLE, SENATOR TIM SO, FOR EXAMPLE, SENATOR TIM KAINE HAS SAID THAT HE WANTS KAINE HAS SAID THAT HE WANTS TO REMOVE A PROVISION IN TO REMOVE A PROVISION IN THE BILL THAT WOULD EXPEDITE THE BILL THAT WOULD EXPEDITE THIS NATURAL GAS PIPELINE THAT THIS NATURAL GAS PIPELINE THAT SENATOR JOE MANCHIN HAS BEEN SENATOR JOE MANCHIN HAS BEEN PUSHING FOR. PUSHING FOR. WE'VE ALSO HEARD FROM WE'VE ALSO HEARD FROM THE BERNIE SANDERS OF THE WORLD THE BERNIE SANDERS OF THE WORLD SAYING THEY DON'T LIKE THE WORK SAYING THEY DON'T LIKE THE WORK REQUIREMENT PROVISIONS IN THIS. REQUIREMENT PROVISIONS IN THIS. THE SENATOR, MIKE LEES OF THE SENATOR, MIKE LEES OF THE WORLD BASICALLY SAYING THAT THE WORLD BASICALLY SAYING THAT THEY THINK THIS DOESN'T CUT THEY THINK THIS DOESN'T CUT ENOUGH SPENDING. ENOUGH SPENDING. SO REALLY, THE QUESTION SO REALLY, THE QUESTION IS GOING TO COME DOWN TO HOW IS GOING TO COME DOWN TO HOW MUCH WILL THAT AMENDMENT MUCH WILL THAT AMENDMENT PROCESS HOLD UP THE VOTE? PROCESS HOLD UP THE VOTE? WILL THAT GO KIND OF DRAG ON ? WILL THAT GO KIND OF DRAG ON ? AS JAY WAS TALKING ABOUT AS JAY WAS TALKING ABOUT THE PROCESS HERE, OR WILL SOME THE PROCESS HERE, OR WILL SOME BE FILED AND THEN THEY GET BE FILED AND THEN THEY GET THROUGH WITH THIS, RECOGNIZING THROUGH WITH THIS, RECOGNIZING HOW TIGHT THIS TIMELINE IS ? HOW TIGHT THIS TIMELINE IS ? WE DO KNOW THAT THE PRESIDENT WE DO KNOW THAT THE PRESIDENT TALKED WITH SENATE MAJORITY TALKED WITH SENATE MAJORITY LEADER CHUCK SCHUMER LAST NIGHT LEADER CHUCK SCHUMER LAST NIGHT SAYING THAT THERE IS A REAL SAYING THAT THERE IS A REAL URGENCY TO GET THIS DONE. URGENCY TO GET THIS DONE. >> HE WANTS TO GET THIS BILL TO >> HE WANTS TO GET THIS BILL TO HIS DESK AS SOON AS POSSIBLE. HIS DESK AS SOON AS POSSIBLE. GUYS, AND JAY, YOU KNOW, WE'VE GUYS, AND JAY, YOU KNOW, WE'VE SEEN THAT DRAMA IN THE HOUSE SEEN THAT DRAMA IN THE HOUSE THAT WAS RESOLVED BY A THAT WAS RESOLVED BY A BIPARTISAN COMPROMISE AMONG BIPARTISAN COMPROMISE AMONG THE MOST DESPISED CONSTITUENCY THE MOST DESPISED CONSTITUENCY IN AMERICA. IN AMERICA. >> THE MODERATES. >> THE MODERATES. ALL RIGHT. ALL RIGHT. SO ALL OF A SUDDEN, I'M HASHING SO ALL OF A SUDDEN, I'M HASHING OUT ALREADY, RIGHT. OUT ALREADY, RIGHT. WHO ARE YOU KNOW, SO IS THAT WHO ARE YOU KNOW, SO IS THAT WE'RE GOING TO SEE SOMETHING WE'RE GOING TO SEE SOMETHING SIMILAR IN THE SENATE THAT THAT SIMILAR IN THE SENATE THAT THAT ALMOST ALL OF A SUDDEN ALMOST ALL OF A SUDDEN ADULTHOOD HAS BROKEN OUT IN ADULTHOOD HAS BROKEN OUT IN THE UNITED STATES CONGRESS? THE UNITED STATES CONGRESS? >> WELL, I DON'T KNOW ABOUT >> WELL, I DON'T KNOW ABOUT THAT. THAT. BUT I CAN TELL YOU THAT BUT I CAN TELL YOU THAT TWO THINGS THERE. TWO THINGS THERE. FIRSTLY, WE HAVE NOT SEEN FIRSTLY, WE HAVE NOT SEEN THE WHITE HOUSE AND THE SPEAKER THE WHITE HOUSE AND THE SPEAKER WORK IN THIS KIND OF TANDEM WORK IN THIS KIND OF TANDEM AND THEN SENATE AND THEN SENATE REPUBLICAN LEADERSHIP AS WELL. REPUBLICAN LEADERSHIP AS WELL. BEFORE ON ANYTHING ELSE, BOTH BEFORE ON ANYTHING ELSE, BOTH TRYING TO SELL THIS DEAL TO TRYING TO SELL THIS DEAL TO THEIR PARTIES SIMULTANEOUSLY. THEIR PARTIES SIMULTANEOUSLY. AND YOU SAW THE PRODUCT OF THAT AND YOU SAW THE PRODUCT OF THAT IN THE HOUSE LAST NIGHT. IN THE HOUSE LAST NIGHT. THE OTHER THING I CAN TELL THE OTHER THING I CAN TELL YOU IS SPEAKING WITH THOSE IN YOU IS SPEAKING WITH THOSE IN THE SENATE IS THAT THERE IS AN THE SENATE IS THAT THERE IS AN ABSOLUTE CERTAINTY AMONG THOSE ABSOLUTE CERTAINTY AMONG THOSE IN THE SENATE THAT THEY HAVE IN THE SENATE THAT THEY HAVE THE VOTES TO PASS THIS. THE VOTES TO PASS THIS. AND AS WE'VE BEEN DISCUSSING, AND AS WE'VE BEEN DISCUSSING, THE ONLY OPEN QUESTION IS WHEN THE ONLY OPEN QUESTION IS WHEN DOES THIS VOTE TAKE PLACE? DOES THIS VOTE TAKE PLACE? DOES ANYONE WANT TO PUSH THIS DOES ANYONE WANT TO PUSH THIS TOO FAR INTO THE WEEKEND OR DO TOO FAR INTO THE WEEKEND OR DO WE GET A VOTE AS EARLY WE GET A VOTE AS EARLY AS TONIGHT? AS TONIGHT? >> SO, ELIZABETH , WE'VE BEEN >> SO, ELIZABETH , WE'VE BEEN TALKING SO MUCH ABOUT TALKING SO MUCH ABOUT A DEFAULT, RIGHT? A DEFAULT, RIGHT? WE'RE MOVING IN THE RIGHT WE'RE MOVING IN THE RIGHT DIRECTION. DIRECTION. IT LOOKS LIKE. IT LOOKS LIKE. BUT STILL, THIS HAS HAD AN BUT STILL, THIS HAS HAD AN IMPACT ON THE ECONOMY. IMPACT ON THE ECONOMY. WE'VE WATCHED IT. WE'VE WATCHED IT. WE'VE WATCHED THE MARKETS GO UP WE'VE WATCHED THE MARKETS GO UP AND DOWN DEPENDING ON WHAT'S AND DOWN DEPENDING ON WHAT'S GOING ON WITH NEGOTIATIONS. GOING ON WITH NEGOTIATIONS. >> RIGHT. >> RIGHT. AND THE BIG WORD THERE AND THE BIG WORD THERE IS UNCERTAINTY AND THE FACT IS UNCERTAINTY AND THE FACT IS STILL THAT UNTIL THIS IS STILL THAT UNTIL THIS BILL IS ON THE PRESIDENT'S DESK BILL IS ON THE PRESIDENT'S DESK AND SIGNED, THERE IS A RISK AND SIGNED, THERE IS A RISK THAT THE GOVERNMENT WOULD RUN THAT THE GOVERNMENT WOULD RUN OUT OF MONEY TO PAY ITS BILLS. OUT OF MONEY TO PAY ITS BILLS. SO THAT WOULD MEAN THOSE SO THAT WOULD MEAN THOSE PAYMENTS TO AMERICANS FOR PAYMENTS TO AMERICANS FOR SOCIAL SECURITY, FOR MEDICAID, SOCIAL SECURITY, FOR MEDICAID, ULTIMATELY, THE FACT THAT ULTIMATELY, THE FACT THAT BONDHOLDERS, PEOPLE WHO OWN BONDHOLDERS, PEOPLE WHO OWN GOVERNMENT DEBT MIGHT NOT GOVERNMENT DEBT MIGHT NOT GET PAID OUT UNTIL THIS IS A GET PAID OUT UNTIL THIS IS A DONE DEAL . DONE DEAL . BUT THERE IS SOMETHING BUT THERE IS SOMETHING TO REMEMBER THAT'S REALLY TO REMEMBER THAT'S REALLY IMPORTANT HERE IS THAT BACK IN IMPORTANT HERE IS THAT BACK IN 2011, WHEN WE WERE UP AGAINST 2011, WHEN WE WERE UP AGAINST THE CLOCK LIKE THIS, EVEN AFTER THE CLOCK LIKE THIS, EVEN AFTER THAT BILL WAS SIGNED IN, THAT BILL WAS SIGNED IN, THE DEAL WAS DONE. THE DEAL WAS DONE. THAT'S WHEN THE U.S. THAT'S WHEN THE U.S. CREDIT RATING WAS DOWNGRADED. CREDIT RATING WAS DOWNGRADED. AND THAT WAS BECAUSE OF AND THAT WAS BECAUSE OF THE POLITICAL BRINKSMANSHIP. THE POLITICAL BRINKSMANSHIP. THIS BACK AND FORTH THAT WE SAW THIS BACK AND FORTH THAT WE SAW THIS NEGOTIATING OVER SOMETHING THIS NEGOTIATING OVER SOMETHING THAT REALLY DOES AFFECT SO MANY THAT REALLY DOES AFFECT SO MANY AMERICAN HOUSEHOLDS AND THEIR AMERICAN HOUSEHOLDS AND THEIR FINANCES, THAT AFFECTS NOT JUST FINANCES, THAT AFFECTS NOT JUST THE SAFETY OF THE AMERICAN THE SAFETY OF THE AMERICAN ECONOMY, BUT REALLY THE GLOBAL ECONOMY, BUT REALLY THE GLOBAL FINANCIAL SYSTEM. FINANCIAL SYSTEM. SO THAT IS STILL A RISK THAT SO THAT IS STILL A RISK THAT COULD FACE THE ECONOMY AS WE COULD FACE THE ECONOMY AS WE MOVE FORWARD, ESPECIALLY