Page 19 - Debt Load News Today

folks, its july 27th. welcome to groundhog day. the only movement is closer to the august 2nd deadline. less than six days the federal government could run out of money and default on its bills. next hour on capitol hill, the dooms day scenario is laid out. executives from credit rating agencies will warn lawmakers of the far-reaching impact of a u.s. downgrade. one debt plan, backed by house speaker john boehner, is yanked from a scheduled vote. the congressional budget office says it...

>> now, the plan does not address the debt ceiling. you see the debt clock there. it ticks down to august 2nd. thats when the u.s. could start defaulting on some of its bills. it could be a jumping-off point for a bigger deal. here are some of the highlights of the plan according to cnn senate forces, it shaves about $4 trillion off the debt load. rejiggers the tax load, cuts short-term spending by about $500 billion. it changes the entire budgeting process and it reforms social securi...

out a plan palatable to both sides, and theres a separate push for the balanced budget amendment. the president suggested this morning that the u.s. doesnt have time have for any proposals. >> we dont need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and to make sure that the government is living within its means and making responsible choices. so it this notion that were going to go through a multi-year process instead of seizing the mome...

Already been down that path. go ahead, mika. >> all right. president obama -- >> im sorry. i wanted you to go to mark halperin. lets look at these papers. s&p sounds the alarm on u.s. debt. also "the wall street journal" talking about the same thing the u.s. warned on debt load. "the wall street journal" has a story, "s&p lowers the u.s. debt outlook. "the new york times" and wall street. a serious story. >> okay. so last hour we were talking about how the white house is handling this. mark halp...

However, we have the debt ceiling coming up and the nation is close to maxing out our credit card and the bill is coming due and there are folks in washington who say wait two years and well be able to do something, but looking at the debt load and crisis and unless we change the path. that is what the path of prossperity is. it might be too late that. is the urgeency we need and american people and they balance the budget every month and washington havent balanced the budget since the late 90s....

And that is a start. however, we have the debt ceiling coming up and the nation is close to maxing out our credit card and the bill is coming due and there are folks in washington who say wait two years and well be able to do something, but looking at the debt load and crisis and unless we change the path. that is what the path of prossperity is. it might be too late that. is the urgeency we need and american people and they balance the budget every month and washington havent balanced the budge...

Remainder of the fiscal year and that is a start. however, we have the debt ceiling coming up and the nation is close to maxing out our credit card and the bill is coming due and there are folks in washington who say wait two years and well be able to do something, but looking at the debt load and crisis and unless we change the path. that is what the path of prossperity is. it might be too late that. is the urgeency we need and american people and they balance the budget every month and washing...

Reducing their debt load. some people, of course, are stretched and so its a combination of people who are making decisions on their own and some who are just realizing they dont have the income, theyre really in a difficult situation. so its a combination of both. >> i was going to say, i think mortgage default experts are still getting a lot of business, right/. >> absolutely they are because we still see the housing market in some difficult shape right now. and until we really see some strong...

Sign, given the turmoil globally between japan and the middle east and europe. were seeing american households tiptoeing out of this crisis, seeing finances improve. its really a combination of saving money, building up the rainy day fund, realizing there could be a crisis around the corner and also defaulting on debt. thats really an effect of the recession. people are giving up on their credit card bills, sometimes on their mortgages, and thats reducing their debt load to really the lowest its...

Airport thats in very good shape with planes getting ready to take off. the earthquake certainly couldnt have come at a worse time for japans economy. etc. government is carrying a huge, huge debt load. the nation has been in and out of recession. just like the united states, its reeling from the spike in oil prices. cnns mary snow has been taking a closer look at the quakes economic aftershocks. mary, what are you finding out? >> reporter: with so much uncertainty now surrounding one of the nuc...