good evening everyone. breaking news, president obama s primetime call for a deal to end the debt crisis and house speaker john boehner s response. the speech is coming with two competing proposals on the table. one from senate democrats and the other from house republicans, neither of which is looking very likely to pass. meantime, seven days until the government runs out of money and rating agencies are threatening to downgrade the nation s credit even if a deal is reached. even if a deal is reached they may downgrade the credit. it s triple-a, that s nearly as good as cash or gold and has been almost from the beginning. losing that status would raise interest rates for all of us and make mortgages cost more, stifle the economy and possibly trigger a run on the dollar. tonight president obama restated his desire for a deal that includes tax increases on wealthier americans as well as spending cuts. in doing so he cited statistics talking about bipartisan and invoked the wor
cnn congressional correspondent kate bolduan joins us now from capitol hill, what is the latest? reporter: you know the cbo numbers, the congressional budget office, jessica, this office that scores, gives a cost estimate, for legislation, it s very critical, and this evening it came out the cbo brought out gave out its estimate, and it says that the speaker boehner s bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than the more than a trillion dollars than the legislation said it was going to said it was going to. here s why it s such a big problem. because of speaker boehner, he said there s one major principle, you ll remember, jessica, as they moved forward to raise the debt ceiling, that the amount of the cuts be greater than the amount they raised the debt ceiling. and in this legislation right now is called for raising the debt ceiling by $900 billion, $850 billion, is less than $900 billion, so know
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