10:50 a.m. E.T.
From “Morning Joe,” the Democrats’ House Budget Committee big gun on the key variable:
MARK HALPERIN: Congressman Van Hollen, is that your understanding, in other words that the President simply won’t entertain a talk about [the debt limit] being part of the discussion?
CHRIS VAN HOLLEN: Well, that’s right because it would be like you or me getting up in the morning and saying we’re not going to pay our mortgage or running up a bill on our credit card and saying we’re not going to pay for it.
MARK HALPERIN: Okay, but that happens every day in America.
CHRIS VAN HOLLEN: Actually, if the United States of America just says we’re not going to pay our bills, you know that’s an economic catastrophe. So, threatening an economic catastrophe is not something that’s going to be credible at the end of the day. We saw what happened just about two years ago, a little less, and Republicans in the House tried this the last time. I mean, there was a huge backlash. Now, what the President has said is, and I agree with him, is he wants to continue a conversation to reduce our long-term deficit but it has to be a continuing, balanced approach. In other words, additional cuts but also addition revenue. So, he originally had the proposal for $1.2 trillion in revenue, $1.2 trillion in cuts. We did $640 billion in revenue. If you want a larger deal, Republicans are going to have to do more revenue through tax reform, now eliminating some of the tax breaks for higher income individuals, coupled with targeted cuts.
Watch the video above.