spending cuts in ten years. reid would hike the debt by $2.7 trillion now and mandate an equal amount of cuts. but the congressional budget office says the boehner plan would trim spending by $850 billion, and the reid plan by $2.2 trillion. boehner went back to the board and postponed the vote that was supposed to happen today. reid s plan can t pass the house, and not only is boehner s plan doomed in the senate, a great many house republicans don t like it either. so what happens now? well, time marches on. a never-before-seen default on u.s. debt and obligations could be just six days away, but potentially just as bad would be a downgrade of debt, and a downgrade that would say we are not reliable as we used to be. that could up the cost for borrowing for all of us. here is richard quest on cnn international, and the smart money still says default will be averted, but downgrade, is it inevitable, are foreign investors alarmed? no, it s not inevitable. nothing is inevitab
shows the moment of impact. 76 people were killed in the bombing and shooting rampage on an island near oslo. survivors are describing the terror. when the shooter got closer, i was left with only one question. how would i like to die. i mean, let him shoot me or shall i just drown in trying to escape. the violence just won t stop in syria. at least eight more people including an 11-year-old boy were shot and killed by security forces outside damascus today. that is according to a human rights group that is on the ground there. protesters reportedly fought back by throwing rocks at those soldiers. in seoul, a frantic search for survivors of a massive landslide. at least 32 people were killed. 400 homes destroyed. the land gave way after parts of the region got more than a foot of rain. the death toll has been steady rising here in south korea as torrential rain continues to pull he will. we are used to rain here, but not to this extent. he s a 14-year-old american k
impact nationwide on an all fragile recovery. a default and the ripple effect i think would be impactful and representing our consumers, we think that that would be very, very difficult for the american economy to withstand at this point in time in our history. that s here at home. then there are global worries. concerns that a default or even a close call here could rattle international markets and international economies like that domino effect back after the big wall street meltdown a few years ago. the united states is the largest economy in the world, one that matters, one that has spillover effects, not just around the borders, but on a complete basis, globally. so, the stakes, they re obvious. the path to the solution, however, not nearly as clear. is it today, is it tomorrow, is it friday? magic things can happen here in congress in a very short period of time under the right circumstances. now, by right circumstances we assume leader reid means conver
getting the mage? we ve got new polling that says all of that. and this is important. recent polling may also explain why we haven t got an deal yet. we ll tell you what we re talking about. in any case, americans are speaking out today. good morning, speaker boehner s office. how may i help you? a summer avalanche of phone calls hitting the capitol. president obama asked for it in his address to the nation last night. here it is. house switchboard today getting nearly double the volume of normal phone calls, house speaker baine er s office reporting as many as 300 people on hold for as long as an hour. online the same story. site unavailable. server busy. we found better than one in three congressional web sites either slow or down entirely from all the volume. also multiple calls to the white house switchboard by one of our producers also not getting through. that s what s happening. and it s unusual. and there s new polling out there on the debt issue from pew research
getting the mage? we ve got new polling that says all of that. and this is important. recent polling may also explain why we haven t got an deal yet. we ll tell you what we re talking about. in any case, americans are speaking out today. good morning, speaker boehner s office. how may i help you? a summer avalanche of phone calls hitting the capitol. president obama asked for it in his address to the nation last night. here it is. house switchboard today getting nearly double the volume of normal phone calls, house speaker baine er s office reporting as many as 300 people on hold for as long as an hour. online the same story. site unavailable. server busy. we found better than one in three congressional web sites either slow or down entirely from all the volume. also multiple calls to the white house switchboard by one of our producers also not getting through. that s what s happening. and it s unusual. and there s new polling out there on the debt issue from pew research