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Glenn: Notion of Default Completely Overstated

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    Guggenheim Advisors SVP Dylan Glenn argues there will be a deal on the debt ceiling.

  • Duration 3:21
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And -- and senior vice president at Guggenheim.

Advisors former advisor to president George W.

Bush so rich said -- that the Republicans have reasons for not having this meeting today that's it does seem like.

Where's the president stand back and Saddam not negotiating the -- the Republicans are all over the map on this what's going on.

-- culprit this meeting was a big deal this is a normal weekly caucus meeting that that that the house people -- congress has its allowed I don't see that as a big issue I think there's.

What's coming out of this weekend's -- is more important like do you fly on the wall that there's gonna be a lot of -- -- -- -- -- -- -- -- -- but I think also what's important -- remember how -- -- -- -- this -- -- president.

With all due respect and has run trillion dollar deficits for the past four years in this administration.

A million dollars or trillion dollars every year.

They've yet the possibility of the United States senate.

You know the president relate we hear -- and sitting doing his sort of constitution do your -- giving a budget up to the it to the congress and so -- illnesses.

A challenge and I think -- -- of adults on both sides -- responsibility almost doesn't have to have a clear eyed look at how we can reduce spending in this country.

Because otherwise you go to the debt ceiling.

Whenever the limit is actually reached the so called ex date that people call it.

And that it it is it -- right and then do you start to play the political blame gaming in their and their actual.

Top consequences of that by the way need the government would essentially have to pick winners and losers pay some bills not others which is an ugly situation to be -- don't the Republicans risk.

Taking a lot of the blame for the swapping there'd there'd look I think that we all.

As Americans should be concerned about the full faith and credit of the golf course -- so.

Having us default on treasuries -- something that I think people.

Hopefully don't wanna see what we're not gonna default on our debt what we might but I available most of like -- not the ones -- -- -- there's there's default on government payments and the default on -- exactly so we most likely won't default on those bonds but there will be certain payments that are not able to be made.

Who knows how the markets react because we don't have a precedent for this we always -- -- to these cliffs.

And then at the last minute we pass -- we might do that this time.

But then again we might not all the odds higher than they've ever been do you think I don't think so I mean I hope not.

My sense of it is is that you know first and foremost the treasury has extraordinary means that they are able to take a little push this off to a date.

Certain in in February at some point.

But my sense of it is is that both parties both the ends of Pennsylvania Avenue will come together on this issue Republicans rightly see this is a leverage point but.

And historically it has been I mean night I note that the president of the United States six years ago voted against raising doubts he'll insurer itself senate the.

Are they ate together on -- the Republicans -- the narrative that comes out of there is that.

Post speaker Boehner would cut a deal but he doesn't have the votes to do with that type of thing we've been hearing and all of these battles to get the sense the Republicans -- Really is fractured it's been reported or are they more to give them all together than we think.

I've been around for a number of these retreats in the past that in -- bring -- caucus around made you know.

Around -- the central focus obviously the debt ceiling is important and I think you'll see.

Some real coalition around the Boehner who thought that we should have a you know trillion dollars in cuts for every trillion dollar new space we create in the debt.

A ceiling so you know hopefully that's something.

That is salable and then reasonable to the White House we said -- as -- called pay as you go -- congestion on the we don't seem to do that anymore thinks it's times have changed and a lot of -- Dylan Glenn thanks a lot -- -- stuff they get so.

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