Page 7 - Fallback Plan News Today

the six democrats and six republicans on the committee have announced this -- they cant reach a deal. to cut at least $1.2 trillion from the budget. for legislative reasons they had to announce a deal by today. but theres no deal after negotiating for two and a half months. they dont even have the guts to explain why on camera and take questions from reporters. after the markets closed, democratic senator patty murray and republican congressman jeff hensarling released this statement. ...

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, its very critical, and this evening it came out the cbo brought out -- gave out its estimate, and it says that the speaker boehners bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than...

Came and went and its got to be tense for them tonight? >> absolutely, harris, it feels like pressure is certainly ratcheting up. as you mentioned top two democrats in the congress have been meeting with the president and vice-president in the oval office for just over an hour at this point. we know senator harry reid has come up with his own fallback plan which we understand would cut two and a half trillion dollars and run the government until early 2013, it would not increase taxes, today the...

do. nobody can get the support to get one of those through. do we have to look for just the possible? >> i think mission number one is to raise the debt ceiling. they cannot get away without doing that. saying theyre going to downgrade you. but they left a bit of an out. if you raise the ceiling but give indication youre on the road to getting a deal, well keep you on credit watch negative but take you off and affirm your aaa rating if you get it done within a couple of months if we se...

time, right now what they are calling an emergency meeting. the president is demanding an explanation from lawmakers as to why republicans walk wied away m talks yesterday. well take you there live in just a moment. and also still developing this morning, the death toll from two terror attacks in norway continues to live. a suspect is under arrest. more information is emerging as well about who exactly he is and what his intelligences may have been. also, this triple-digit heat in ...

with only youth and killing them and they have no way to escape, thats a cowardless act. >> live to norway in a moment. and from britain, word that pop singer amy winehouse according to published reports there, was found dead in her apartment in london. no word yet on the cause of her death. her struggles with drug and alcohol abuse and mental health issues often made headlines and were the premise of her hit song "rehab." the grammy award-winning singer was just 27. back in this c...

jeanne, first question, is it time to simply say, lets go for the possible in washington? everybody has grand ideas about what they want to do. nobody, nobody can get the support to get one of those through. do we have to look for just the possible? >> i think the mission of everyone in congress is to absolutely raise the debt ceiling. they cannot get away without doing that. the s&p has been the strongest credit rating agency. they said, were going to downgrade you if you dont come up...

>> a little presidential irony. meantime two other options are doa, the house cut, cap and balance act. it was pretty senseless. they wont take up the mcconnell fallback plan because harry reid wants to see what comes out of the white house. mike viqueira is live outside the white house where he says the heat feels like youre standing on the surface of the sun. whats the latest from there? >> reporter: ill tell you, its hard to say who is more upset, democrats with the president for putting enti...

overhaul of the entire tax system. heres the catch, though. other sources are shooting down the idea that this is even happening as fast and hard as they can. listen to boehner himself earlier today on rush limbaughs radio show. >> rush, there is no deal. no deal publicly, no deal privately. there is absolutely no deal. >> no deal, no deal, no deal. now, heres the white house spokesman jay carney. >> there is no deal. we are not close to a deal. we are -- obviously, the president is in...

nfl season after four-month labor lockout between players and owners, well, a key vote could break the stalemate. and were also learning this. tiger woods fires his long time caddie steve williams and guess what? he speaks out about the abrupt move. we will hear from the caddie in just five minutes. millions of pro football fans are hoping today, well, that it will be the day the nfls labor lockout will end. players and owners expected to vote on a deal that will hopefully say the 20...