Detailed text transcripts for TV channel - CNN - 20110516:17

Detailed text transcripts for TV channel - CNN - 20110516:17:19:00

today is the day the u.s. government reached its debt ceiling, the amount it is legally allowed to borrow. debt ceiling has been raised 74 times since march 1962, and while both republicans and democrats agree, failing to raise the debt ceiling is not an option, both sides are still far from a deal. treasury secretary timothy geithner said he can move money around to keep the u.s. out of default until august 2nd, but urged congress once again today to raise the country's legal borrowing limit soon to "protect the full faith and credit of the united states and avoid catastrophic economic consequences for citizens." ali velshi spoke about what needs to be done in washington with cnn contributor roland martin and cnn money's jeannine sahadi. >> we wanted to keep our level at the level that it is at right

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