Reid: Extremist Republicans Torpedo Progress

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Oct. 15 (Bloomberg) -- Peter Cook updates the latest news on the U.S. government shutdown and debt-ceiling negotiations on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

I am peter cook on capitol hill with this update to the budget battle.

The effort to draft a compromise between the house and senate that would reopen the federal government and avoid the first threat of the government default in real trouble.

House republicans voting a new proposal today that would reopen the government and turn off the debt ceiling threat until at least the beginning of next year but they're adding conditions that are unacceptable to democrats including a two-year delay of the medical device tax as a ban on subsidies for members of congress and the administration to get help with their own health insurance.

Harry reid rejecting the republican proposal.

Extremist republicans in the house are attempting to torpedo the senate by party can -- a bipartisan process that will not and cannot pass the senate.

It is not even clear that john boehner has a support within his own conference to pass the legislation.

At a news conference he talked about trying to work on a bipartisan compromise.

He did not commit to bring this new proposal to the floor.

Right now it looks like we're back to square one.

Both sides blaming the other as the clock ticks down to the threat of a government default with the debt ceiling deadline approaching on october 17. with more "lunch money" adam johnson is back in new york.

This is "lunch money" on

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