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deal with the deficit? that's not coming from the markets. the bond market is saying here's the money you want and we're kind of creating these things out of nowhere to force us to deal with the long-term deficit problem but the short term markets aren't doing it. >> neil, talk about these markets you speak of. i want to play a clip of maria the other day. >> the markets right now are expecting a deal. the markets have been trading fine. if we don't gate deal, we are going to see a sizable decline in stocks. we are going to get a big disappointment. >> markets will be disappointed. the markets have expectations. who is this mr. markets that is endowed with the personality anç expectations and is this monolithic creature that will respond to, you know, what's going on in washington? are we giving the markets a little bit too much personality here? >> well, yeah. i mean, obviously the market is millions of people and institutions all over the world deciding whether to buy stocks or bonds or whatever but more broadly, you know, it is true that markets aren't, you know, they're not alway

during the campaign, which is a balanced, responsible approach to deficit reduction and unfortunately the speaker's proposal right now is still out of balance. >> nbc's luke russert begins the coverage live on capitol hill. luke, first read this morning put a rather positive spin on duelling deals arguing there's a silver lining if you split the difference. unpack that for us. >> reporter: s.e., you saw that the republicans' offer was immediately dismissed by the white house. president obama, his team of communications advisers saying it's more of the same and won't work. the speaker was not offering to raise taxes on those making 250 or above. that's a big sticking point. if you look at both plans and split the difference and run the math, if you take the 800 billion in revenue that speaker boehner has offered, the 1.6 trillion the white house wants, you split the difference 1.2. if you split the difference on the cuts, you get to 450, 500 billion. numbers that folks on both sides think is feasible in the realm of a large deal. i spoke to a senior republican senator earlier today, an

for drilling, produce more of our own oil, those kinds of things bring down the trade deficit a lot and create the ability to deal with our deficit more reasonably and still provide for people in a more reasonable way. >> so, jared, another area of concern is republicans are now threatening to use the debt ceiling again to basically take the country hostage again. yesterday i compared the debt ceiling -- >> when you talk about the debt ceiling you get very loud. >> i get very emotional. i don't know about that. i do get very emotional. i compared it it to physicianle c fiscal syphilis yesterday. >> i heard your rant. i linked to it on my blog. >> thank you. last time they took the country hostage, it was very damaging, i think, for confidence in our political system, the u.s. credit rating was actually downgraded. it didn't seem to have that much of an impact on the economy. what can we expect if republicans do decide to use that same tactic again? >> oh, i think we can expect a real economic chaos. the reason why things worked out okay last night was because we actually increased the debt cei

be seducer. members of congress got together and gorged themselves at the table of deficit spending ordering up porterhouse sized tax cuts for their riff friends and a heaping helping of extended unemployment benefits for their out of work neighbors, something i support, by the way. now the bill comes due, and when it's time to whip out the national credit card, you whisper your sweet notion into the tea party's here and the gop threatens to dash as a matter of principle. who wants to put $16 trillion on the national credit card? who is pro-debt? no one. gop extremists get to pretend they're the adults in the room railing about spending that has already happened that they agreed to, and the best part you naughty, naughty, debt ceiling you, you offer them up a chance to get more goodies in the form of more tax cuts or the righteous thrill of cutting medicaid assistance from those obama-loving takers. for nearly 100 years now you were just this boring, nondescript wallflower, never drawing attention to yourself. when congress through spending and tax cuts came up against your limits, you were

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