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Debt Deal Done?

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    CBS’s Anthony Mason discusses whether the government has really reached an accord on the debt ceiling.

  • Duration 7:57
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This transcript is automatically generated

Welcome serious news sensitive -- your mortgage mess in the morning Dunham story after suffering.

-- march.

Sort of railroad deal or -- Well I'm out of Washington.

Ideally I can I can say is -- betting that have a big part of -- what they're expecting here is that the momentum -- the deal and the momentum from the market.

Is to get is gonna basically lean on the rank and file to get in line whether that happens in this congress.

Obviously remains to be seen this is that is the only game down there -- -- Currently or a group of -- last -- is.

-- -- Because I was talking and -- -- Comodo earlier this morning.

And attempt -- a -- or are literally could not bruised.

But are gonna just what are our -- Top of the times a mired hard to and some of them to northern Mexico.

In the mountains were -- to the media's limited.

It's a you know there's a real but He electoral mound of fox business and I have Jews or Israel and -- When I talk to -- a little -- don't evidently got a total -- but I don't I don't understand that part.

Well I mean I think that obviously if if they say they have a deal and -- they don't have a deal it's gonna get really domestic.

I I assume they counted them -- last night that.

That was mired weak point drug -- -- -- You know I I also think.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- You know wouldn't surprise me -- the did.

Line are -- such are not in Washington.

Reduction of economic star for should be a sense.

You know -- we have we have we -- Capitol Hill in Washington guys to.

They get upset -- -- -- on their -- You sure orders -- synergies for about two Tom Petty and heart breakers well let me -- -- it got to W.

-- Volvo alive Rodeo Drive them volunteer drivers -- because.

Generated and also their whining about the president got -- little literally nothing that He wanted.

And capitulated to -- crazies.

-- -- -- Well I think if you look at it that I the only thing the president got that He really -- was more content He got back.

In terms of the basic point it seems to me it's.

The Republicans got most of what they want -- I can see -- the Democratic Party isn't very happy.

But you know it's only that it it the thing you have to remember it that this just.

That this step one in the in what's going to be a very long process.

I mean that there's there's still a whole hashing out that the go on with this committee -- got to look at about another.

One point four trillion dollars in cuts.

And down the road they're gonna have to be even more -- I mean that you know -- as you've already pointed out this morning our credit rating still on the line.

This didn't you know at the least on the on Paper this is not going to satisfied with the credit credit rating agencies that they want that.

And in the middle of all this -- you know we get an economy that's basically flat line.

I'm all the -- tripled or -- some president.

And -- on distort gamblers were not railing against approaching and but He -- -- similar to know what he's doing not sort.

The world.

I have to say I don't think anybody.

Has acquitted themselves well in that debate.

-- that this is not a moment in time.

Based on conversations I've had with people all over the place.

That with the folks are particularly proud to be an American I think the processes have been -- -- method.

And the consequences of of you know failing to get that done are way too big.

You know and here we are at the literally you know right up against the clock.

And you can argue about how much time we really have but I don't think anybody really knows.

And we're still not entirely sure we got -- Don't normally optimism mother now part of -- famous and some business.

Hoosiers and -- -- -- also poses great reports.

All.

On various music.

Ms.

-- for this on a moratorium -- a dozen other minister but primarily.

If -- aspect of -- -- Caribbean -- amount of drugs.

Celeb favorite part of this is suffering slight -- hurt but I know -- be wrong with a balanced budget amendment.

Well the only thing you gotta worry about right now and and this is the big concerns economists have is that if you if you -- in principle nothing.

You've but because you have an economy that -- Barely moving.

You risky if you make -- too quickly.

You risk essentially.

You know sending it into another recession.

Because you know if you if you if you cutting spending all over the place than than your growth this is gonna get cut back and and the economy can get pushed into reverse pretty easily given the situation where.

That that the major concern and obviously economy's been growing your tax revenue shrinks if you tax revenue -- -- -- -- we need you you're like a they'll pick up your -- Figures are shooting yourself in the foot of one and one -- So alone this is gonna -- -- fundamental.

Portions of -- -- bullish don't -- -- were fourteen and a half trillion dollars and I was -- better direct market -- do we ever pay that back.

There slowly.

I mean with what you gotta do to start where it is back.

Well that they did you know that.

That's the problem right here is what we have we have the we have a problem in -- economy is we've we've not been able to to gain any momentum with the economy.

Secondarily we you know we have that we have a problem with jobs.

The bit that that actually goes back well before the recession I mean I think people tend to wanna blame the recession for the fact that we can't create any jobs.

But in fact if you go back all the way through the past decade back to around 2000 we were creating jobs bad I mean.

From 2002007.

In fact we were you know we were in historical low in terms of job creation in.

We were creating eighteen million jobs that decade for the previous three decades for the first seven years of the last decade we've created only about seven million so.

Something wasn't working.

And and so I think we have in addition to a deficit problem we we have some other fundamental problems we've we've got to address and so -- we had to put up on.

-- -- trouble flow final questions.

One do you think it's a reaction do have to deal world.

And the other part of the question is do you think the reserve Revver -- downgrade the credit rating of the country.

I hope we have a deal done I don't know I'm hoping that that people are calling their congressmen today and saying you better path that thing.

-- because we need we need something we get treated.

And if people covered the middle of it that but we can't afford to buy that.

And the second question was at Africa what do let's forgive.

Well -- -- do think to have -- Moody's or whomever -- out -- de cluttering it I think.

We're still at risk for that I don't think that catastrophic by the way because because frankly if you're not -- invest in the United States where are you gonna invest.

Greece Italy Spain you know.

I hate it it's not ideal it embarrassing for secure.

But -- to get catastrophic if -- could happen.

-- there by ruler Charles and launches in.

The late great that's really girl the guy you broadly for a moment -- certainly not just world's horrible -- that's what He thought I'd.

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