Transcripts for CNN The Situation Room 20131015 21:01:00 : v

CNN The Situation Room October 15, 2013 21:01:00

we begin with breaking news right now. the credit rating agency fitch, fitch has placed the united states aaa long-term foreign and local currency default ratings right now in what they call rating watch negative. the ratings of all outstanding u.s. sovereign debt securities have also been placed on that status along with u.s. short-term foreign currency rating procedures. this is a serious development right now. in 31 hours from now, this country could actually start defaulting on its debt, sending shock waves around the world. a senate deal to reopen the government temporarily and raise the debt ceiling is on hold. the house speaker john boehner is warning against a default but he may not have the votes to pass a tougher counter proposal so are both sides digging in right now? the stakes clearly enormous. republican conservatives met in a mexican restaurant here in washington last night to plot strategy. house democrats have just met

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