Page 29 - August 2 News Today

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>> what happens when america says where were you in the war, daddy? >> at 12:30 eastern today, august 2, the senate passed the largest deficit reduction bill in history. the only reason the bill could pass the senate is that it happened to include one sentence that raises the nations debt ceiling. shortly after, president obama signed the bill into law, thus avoiding a debt default that would have been catastrophic for an already fragile economy. with an immediate disaster averted, the president...

Its -- it is important for us to act on both fronts. >> the presidents advisors suggest an agreement needed by the end of the week to give congress time to pass the legislation before the august 2 deadline on the debt creteing. now the august date emergeed as the deadline for an agreement and senate majority leader reid is angry that the house plans to be off this coming weekend. >> i think it is just untoward, that is the kindest word i can say to the house of representatives out this weekend. ...

Came out and they said if they passed their plan, the president will never veto it. that whats necessit -- thats y said. here is what sarah palin said with gretta last night. >> president obama does not know what he is doing when we ask him to lead us out of this situation that we are facing with bankruptcy. hes exacerbating the problem. hes making it worse by wanting to incur more debt, grow government and not presenting any kind of plan to the american people to show us what he really believes...

House members to look at it and vote on it. i think it is highly unlikely that this thing is going to come to any sort of conclusion between now and when we face the august 2 deadline. >> greta: if they dont bring the spending cuts back to the numbers of 2008, will you be voting for it? is that adale breaker to you? >> it is adal a deal breaker. you have to demonstrate that we got the message. the spending in the last few years is unacceptable. when they were tightening their belts, congress is ...

Us. today, just literally a tweet from the white house press secretary announcing this meeting. the tweet was update, the president will meet with speaker boehnor and majority leader today at 5:00 p.m. as in you guys get over here now. one of the things president obama has been pointing out lately is the deadline thats upon us to raise the nations debt ceiling is not really august 2. he has been trying to say that theres no reason to expect that the markets, the bond markets, stock market, etc.,...

Majority leader harry reid and majority leader -- minority leader mitch mcconnell to allow him to raise the debt ceiling vetoes the congressional attempt from preventing him to do so. it sounds complicated but the effect is put blame for raising the debt ceiling on the president and force three votes over the next year, three different times of debate in doing that. chris? >> chris: now, we have already gotten, we have just gotten while you were speaking, wendell, the two-minute warning. so folk...

Measure over ten years. officials here, i believe, would tell you that the issue is the tax revenue that the president says has to be a part of the package to keep it from being unfair to to make deficit reduction too big a burden on social security and medicare and other government programs. the president will come out here, i presume, and tell lawmakers he wants them to get a deal. because of course, what we are looking at is the august 2 deadline for raising the nations debt ceiling. and ther...

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