Shutdown Showdown Going Well Into Next Week: Gregg

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Oct. 3 (Bloomberg) -- Former Senator Judd Gregg, a New Hampshire Republican, comments on the U.S. government shutdown. He speaks on Bloomberg Television's "Street Smart." (Source: Bloomberg)

You should be able to set that up.

There are two issues that are not debatable.

One is killing obamacare.

They will never do that with a democratic senate.

The other is raising taxes.

Between those two issues, there's a lot of room for agreement.

It can be done if the two sides sit down and work on it.

Unfortunately, neither side has moved to the position where they are capable of making such an agreement.

I think as we get closer to the debt dealing, the momentum for doing that kind of larger agreements is actually very good.

You have a lot of folks in the congress who are responsible, who are talking about it, including the speaker of the house, by the way, so i think opportunities are starting to develop in that area.

Senator gregg, we only have a minute left.

If i am reading between the lines, it seems to me you are saying republicans need to let go of obamacare?

Not so you really let go of the issue.

Repealing the whole thing, that is a nonstarter.

That is not going to happen.

The president is not going to give up his signature action.

But there's a lot of action short of that that could occur.

For example, the house's proposal to cover members of congress, the proposal to repeal the device tax, changing the way you are reimbursed under medicare where you are rewarded for outcomes and quality as opposed to utilization, and tax reform.

I think those things are doable.

If the parties can stay in a room and talk, we can make some progress here.

Senator, how long is this going to go on?

You think we will come up right against the debt ceiling deadline?

Yeah, i'm afraid we are.

It looks that way to me.

I think we are well into next week before the parties can get together on a mini grand bargain or something that they feel gives them enough to pass it.

I think we are well into next week.

And of course you do start talking seriously about people -- secretary luce says -- secretary lew says it's a question of how much cash is in the cash drawer.

If there is not enough, you default.

Thank you, senator gregg.

This text has been automatically generated. It may not be 100% accurate.

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