Debt Ceiling Will Be Pushed to Feb 7: Holtz-Eakin

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Oct. 16 (Bloomberg) -- Douglas Holtz-Eakin, president at American Action Forum, discusses how Congress can come to an agreement today to avoid breaching the debt ceiling and what comes next in preparing a full spending agreement. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

We lost this battle he says.

Do the republicans have to cave right now?

Yes, they lost in a predictable fashion and they have no leverage.

In the senate, mitch mcconnell will cut the best deal the canon harry reid will largely dictated and they will go to the house and the house will pass it.

We will get this thing solved.

How does this play out in the next 48 hours?

I expect the senate today to cobble together a deal.

I don't expect ted cruz to object.

I think that would be a big mistake for him.

He would defray any political capital he has accumulated and speaker john boehner will put it on the floor and they will get democratic votes for the first time.

We will see a short-term funding bill and the debt limit raised for february 7. why does anybody think that from that point on, we make any progress in any kind of budget conference?

I don't think we will see any progress.

Our picture -- our big-budget problems will remain unresolved.

They don't have the center of the coalition on the blue dog democrats or the centrist republicans to hold us together.

The parties are to divided and republicans are divided.

It is refreshing to go to the congressional budget office website and actually see research.

How did cbo interpret this if we go out to december?

I would suggest that's two cups of coffee away.

If we go to december, that's the next deadline.

They will bargain until february.

No one should view this as anymore than kicking the can down the road.

This is not solving problems.

This is avoiding the apocalypse.

That's it.

Does the president have a role to play at this stage of the game?

He has had a role to play for a long time and has been missing in action.

We have seen nancy pelosi pelosi and the democrats sit on their votes.

How can you blame the liberal democrats in the house?

I believe they are the minority.

How can you blame them for what is clearly a fractious majority party?

I learned this in the movie " lincoln." when families fight in public it's embarrassing but the democrats are very far left of the house and the centrist democrats are gone.

That's a bridge too far to build.

Thank you.

There is other news besides washington -- we start with apple cutting

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


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