Page 31 - August 2 News Today

Were going to stand good for it. >> sure were going to default, but were going to stand good for it, whatever that means. everybody should feel better. all of the beltway gang of six excitement today about this plan in the senate is proceeding as if congress all understands that theres a reason to act and act quickly, that the country will start to default on its debt and shut down on august 2, that the deadline is real and baring down on us. theres the assumption today, but you cannot take it f...

Look at it and vote on it. i think its highly unlikely that this is going to come to any conclusion between now and when we face that august 2 deadline. >> if they dont bring the cuts back to the spending line of 2008, will you be voting for it? is that a deal breaker? >> i think its a deal breaker because have you to demonstrate that you got the message, that the 24% increase in spending in the last 2 years is unacceptable. its unacceptable to the american people at a time when inflation was 2%...

The house floor for a vote tomorrow. its call td same-day procedure, theyre going to make it possible for john boehner to tweak this bill once more. its been tweaked a little bit before and bring it to the house floor tomorrow. at 10:00 a.m. tomorrow eastern time, house republicans will meet in the capitol basement and there, speaker boehner will face a job of selling the retweaked bill to his conference. greta. >> greta: how do we get here? those who might just be tuning in, what happened? >> w...

Tomorrow. its call td same-day procedure, theyre going to make it possible for john boehner to tweak this bill once more. its been tweaked a little bit before and bring it to the house floor tomorrow. at 10:00 a.m. tomorrow eastern time, house republicans will meet in the capitol basement and there, speaker boehner will face a job of selling the retweaked bill to his conference. greta. >> greta: how do we get here? those who might just be tuning in, what happened? >> well, our boroughing authori...

An hour from now. part of a push to come to an agreement before the looming august 2 deadline, two days from right now. im shannon bream live from the nations capital and we begin with chief congressional correspondent mike emanuel live on capitol hill. mike, certainly one of the key figures here is the senates top republican. what does he got to say today? >> reporter: fascinating change in tone, once senator mitch mcconnell and speaker john boehner started speaking directly with the president ...

Thats hard target of august 2 has in fact become a soft target. its more like august 10 because a great deal of extra tax money came in which gives us more money to spread around and spread out that target date a little longer. so its a soft target date of august 2. bill: some people say sit could be late august or september or october. >> reporter: we are assuming that ben bernanke would allow the treasury to bounce a check, that would do nothing. he would stand by, the treasury bounces a check...

Something this big done before the august 2 deadline. it literally cannot be passed through the senate in time even if everybody likes it. the other rainbow/sunshine problem here is the president and the senate agreeing on this or anything doesnt get you further towards raising the debt ceiling, its not just the president and the senate, its crazy town down the hallway too, its john boehners republican house, that likes the idea of the nation defaulting, that thinks the explosion of the economy ...

General? >> it is. i mean, they have handed out a three-page outline. but it has not been put into legislative text. there is no draft yet of it. and so its really hard to make an evaluation. we have gotten conflicting reports about whats in it. like i said, i think they are trying. they are putting forward a proposal. but we are going to vote on a cut, cap and balance proposal, which i think is the best opportunity to really address in a meaningful way, the need to address spending, reform spen...

End of the timeline because this is what people are saying. if we miss that august 2nd deadline, whether a fake deadline or not, at some point in the month of august, one government check will not go out. dont know which one but somebody does not get a check. at that moment we are downgrading. america losses financial reputation. and that will happen and you say to what? >>guest: it will happen. we dont know what and when it will happen. what we know is, our credit will be downgraded if we do tw...

Putt it up on the screen. the bipartisan policy center. he was a treasury official, jay powell, did an analysis of what the government would have to cut. 44% in other spending. even if you pay social security and medicare benefits you have to choose among military salaries. veterans benefits. unemployment insurance. the fbi. the faa. and the biggest bond company the bond fund which already sold, they have already spoken with their wallet, already sold most of their treasury securities. he says t...