>> ERIC: WE TURN OUR ATTENTION NOW TO THE BIG NATIONAL POLITICAL NEWS OF THE WEEK, THE DEBT CEILING DEAL FORGED BY PRESIDENT BIDEN AND HOUSE SPEAKER KEVIN MCCARTHY.

GETTING A DEAL THAT ENOUGH HOUSE REPUBLICANS AND DEMOCRATS WOULD ACCEPT WAS THE CHALLENGE.

IN THE END, THE BILL EASILY PASSED THE HOUSE WITH BIPARTISAN SUPPORT, AND BIPARTISAN OPPOSITION.

THE SENATE TOOK SWIFT ACTION, PASSING THE BILL ON THURSDAY EVENING TO PREVENT THE GOVERNMENT FROM DEFAULTING ON ITS DEBT IN JUST A COUPLE OF DAYS.

PRESIDENT BIDEN IS EXPECTED TO RECEIVE THE BILL AND SIGN IT ON SATURDAY.

DAVID SCHULTZ TEACHES POLITICS AND LAW AT HAMLINE UNIVERSITY, AND IS ALSO AN ADJUNCT LAW PROFESSOR AT THE U OF M. KIND OFF A WING-WIN FOR THE PRESIDENT AND SPEAKER McCARTHY?

>> THEY BOLT CAME OUT PRETTY GOOD AT THIS POINT.

A LOT OF PEOPLE WERE THINKING THEY WEREN'T GOING TO DO THE DEAL.

BY THE WAY, I WAS ALWAYS CONVINCED THEY WOULD REACH AN AGREEMENT AT SOME POINT.

THEY HAD A SORT -- SORT OF HAD TO PLAY TO THEIR BASIS BUT THEY BOTH LOOKED PRETTY GOOD AT THIS POINT IN TERMS OF THE FACT THEY GET THE WALK-AWAY AND BOTH CLAIM THEY OT SOME VICTORIES, THEY WENT BAKE BACK TO THEIR CONSTITUENTS AND SAID WE DIDN'T GET THE ENTIRE LOAF BUT PART OF IT.

AT THE END OFT DAY, A GOOD WIN FOR AMERICA AND HOW POLITICS OUGHT TO BE WHEN BOTH SIDES GET TO GO BACK AND SAY WE GOT SOME STUFF.

>> Eric: O.

>> Cathy: MORE DEMOCRATS VOTED THAN REPUBLICANS, IS THAT A SURPRISE?

>> NOT A SURPRISE GIVEN THE FACT THAT, I THINK, IT WAS BASICALLY BIDEN'S DEMOCRATS BEHIND HIM AT THIS POINT, AND IF YOU THINK ABOUT IT, THE DEMOCRATS WHO VOTED FOR IT WERE THE MORE CENTRIST MODERATE DEMOCRATS WHICH IS WHERE BIDEN REALLY IS POLITICALLY.

I MEAN, WHAT WE REALLY SAW IN TERMS OF -- WHEN YOU SAID THE BIPARTISAN, LET'S SAY VOTING AGAINST IT, IT WAS REALLY WHAT THE EXTREMES ON THE LEFT AND EXTREMES ON THE RIGHT, YOU KNOW, BOTH SIDES ARE SAYING WE DON'T LIKE LL THE DIFFERENT STUFF, YOU KNOW, THAT'S -- >> Cathy: OMAR VOTED FOR IT AND SO DID MARRIAGELY TAYLOR GREEN, SO -- >> YEAH, WHAT I'M SAYING, THIS DEFIED IN SOME WAYS A LITTLE BIT OF THE IDEOLOGY AND, AGAIN, THIS MAY BE SOMEHOW IT SHOULD BE AT THE END OF THE DAY.

>> FISCHBACH AND FINSTAD VOTED NO FROM THE MINNESOTA DELEGATION, EMMER AND STAUBER VOTED YES.

I WONDER IF THIS HAS ANYTHING GOING FORWARDS FOR THE 2024 ELECTION CAMPAIGN, FOR THE PRESIDENCY AND ALL THAT STUFF.

>> PROBABILITY REFLECTS THE FACT THEY MIGHT HAVE BEEN VOTING WHERE THEY THINK THEIR CONSTITUENTS ARE.

WE SOMETIMES FORGETS AT THE ENDS OFT DAY, GUESS WHAT, ELECTED REPRESENTATIVES ARE SUPPOSED TO, WHAT, VOTE IN MANY WAYS HOW THEIR CONSTITUENTS ARE SUPPOSED TO BE.

WE'RE SO USED TO STRAIGHT PARTY-LINE VOTES AND SO USED TO THE IDEAS OF SAYING WE'RE JUST GOING TO DRIVE STUFF IDEALOGICALLY THAT YOU KIND OF HOPE IN A REPRESENTATIVE DEMOCRACY, AT LEAST THAT'S THE THEORY, FISCHBACH AND PEOPLE LIKE THAT GO BACK TO THEIR CONSTITUENTS AND SAY WE DON'T SUPPORT THIS.

EVEN IN THE REPRESENTATIVES PERSONALLY WANT TO VOTE FOR IT, IF THE CONSTITUENTS ARE SAYING NO, MAYBE THAT'S THE RIGHT ANSWER.

>> Cathy: THERE IS A TWO-YEAR EXTENSION.

WHY IS THAT IMPORTANT?

>> THAT'S IMPORTANT, IT GETS US PAST THE 2024 ELECTIONS AT THIS POINT.

SO THAT WE DON'T HAVE THIS FIGHT AGAIN NEXT YEAR.

NOW, WHAT IS INTERESTING HERE IS THAT NOTICE, IT'S A SUSPENSION OF THE DEBT CEILING LIMIT.

JUST A LITTLE BIT OF HISTORY HERE IS THAT UP UNTIL THE 1930s, WE NEVER HAD ANYTHING CALLED A DEBT CEILING LIMIT U AS CONGRESS SPENT MONEY, IT JUST SORT OF KEPT ACCUMULATING, ET CETERA, ET CETERA.

I COULD EVEN TELL YOU THAT UNTIL THE 19 -- RIGHT AFTER WORLD WAR I, WE DIDN'T REALLY EVER A BUDGET, NOT REALLY A FEDERAL BUDGET IN THE WAY WE THINK OF IT NOW UNTIL THE 1970s.

>> SO IN SOME SENSE, THIS IDEA OF SAYING THERE IS A LIMIT, A STATUTORY LIMIT ON HOW MUCH WE CAN BORROW, IT'S REALLY AN ARTIFICIAL CONSTRUCT.

IF CONGRESS TOMORROW WANTED TO SAY, PERMANENTLY SUSPENDS THE DEBT CEILING LIMIT THEY COULD DO THAT.

>> Eric: GIVEN YOUR BACK E.BACKGROUNDS AN WHAT YOU'RE SAYING, LET'S TRY THE 14th AMENDMENT, TAKE T TO THE SUPREME COURT AND SEE WHAT HAPPENS.

>> YOU COULD MAKE THAT ARGUE.

, YOU COULD TRY THAT, MY SUSPICION IS THE SUPREME -- IF IT HAD GONE TO THE SUPREME COURT, THE SUPREME COURT WOULD PASS ON THIS ONE.

THEY WOULD SAY, TO USE THE LANGUAGE OF LAW, YOU KNOW, THIS IS A POLITICAL QUESTION, THIS IS A MATTER FOR CONGRESS AND THE PRESIDENT TO HAVE TO WORK OUT AND THEY WOULD HAVE WALKED AWAY FROM IT BUT THAT IS A POSSIBILITY.

YOU'VE HEARD OTHER -- NOW I I TAUGHT BUSINESS SCHOOL FOR 15 YEARS, TAUGHT ECONOMICS, TOO, SO I COULD ALSO SAY THAT SOME PEOPLE HAVE SAID MAYBE WHAT THE TREASURY COULD HAVE DONE IS ISSUE A $1 TRILLION COIN TO TRY TO DO IT.

SO THERE IS A WHOLE BUNCH OF OPTIONS OUT THERE.

AGAIN, SOME PEOPLE ARE SAYING THAT THE 14th AMENDMENT THAT SAYS THAT OUR DEBT CAN NEVER BE QUESTIONED IS ONE LEGAL MECHANISM OF DEALING WITH IT.

YEAH.

THAT'S A POSSIBILITY BUT, AGAIN, I THINK AT THE END OF THE DAY, THAT WOULD BE AN ISSUE THAT THE COURT'S NEVER GOING TO TOUCH.

>> Cathy: YOU JUST GOT BACK FROM TEACHING IN LATVIA WITH MY LATVIAN ROOTS, I ALWAYS LOVE WHEN OU GO OVER THERE.

HOW DID IT GO AND GIVE US A SENSE OF WHAT'S HAPPENING OVER THERE?

WHAT ARE THEY THINKING ABOUT?

WHAT'S HAPPENING BETWEEN RUSSIA AND UKRAINE, WHAT'S HAPPENING WITH THE U.S., WHAT KIND OF FEEL DID YOU GET?

>> SURE.

FIRST, UNIVERSITY OF LATVIA -- RIGA, YES, A GORGEOUS CITY.

I SHOULD ALSO MENTION I WAS THERE DURING THE WORLD HOCKEY CHAMPIONSHIPS AND UNFORTUNATELY SAW THE UNITED STATES LOSE TO LATVIA, ALTHOUGH THE LATVIANS WERE THRILLED.

NO QUESTION ABOUT THAT.

BUT THE PEOPLE DON'T KNOW, LAD VIA BORDERS ON RUSSIA.

THERE IS A LARGE RUSH PAN POPULATION IN LATVIA.

THINGS ARE TENSE.

THINGS ARE TENSE AND DAY BY DAY, WHICH ALL KEPT EXPECTING THAT THE SUPPOSED COUNTER -- COUNTER ATTACK, YOU KNOW, BY UKRAINE WAS GOING TO START, OR HAPPEN.

BUT THE LEVEL OF ENGAGEMENT IN TERMS OF PEOPLE TALKING ABOUT WHAT'S HAPPENING THERE IS NOT A SURPRISE AT ALL.

THEY JUST REINSTATED OVER IN LATVIA THE DRAFT OR MILITARY SERVICE.

FOR MANY, MANY YEARS THEY DID NOT HAVE THAT SO THEY'RE REALLY NOW TAKING SERIOUSLY THIS IDEA ABOUT COMBAT READINESS AND I THINK WHAT LATVIAN US AND LIT JUANIN US AND I TEACH THERE A LOT ARE NOW SAYING, LISTEN, WE'VE BEEN TELLING YOU FOR 25 YEARS, RUSSIA IS A THREAT.

YOU HAVEN'T LISTENED TO US AND SOME SENSE LATVIA AND LITHUANIA AREN'T QUITE SAYING WE TOLD YOU SO BUT THEY'RE SAYING WE TOLD YOU SO.

>> Eric: PER PATET PARTICULAR PROFESSOR, DAVID SCHULTZ.

IS THAT A WORD?

>> IT PROBABLY IS.