Page 3 - Ceiling Crisis News Today : Breaking News, Live Updates & Top Stories | Vimarsana

$6 a gallon by august. after a pair of hospitalizations in tennessee due to the national shortage of baby formula, the biden administration is invoking the defense production act and ordering the use of commercial defense department aircraft to try to import safe formula from overseas sources. correspondent ashley strohmeyer has details for us tonight. good evening, ashley. >> reporter: hey there, shannon. the baby formula crisis took a very scary turn after two tennessee children were hospitalized due to the shortage. now, according to their doctor in memphis, tennessee, they're young childre...

Of tears of sorrow. >> having the job is not necessarily a joyful event. >> could look at it as a loss. we look at the damage this does to the economy, this process of always kind of going up to the last minute and having these kind of cataclysmic, will it pass, will it crash the market type of votes. one of the bad things about the fiscal cliff deal, it sets up a much bigger, scarier cliff, from an economic standpoint with this fight to raise the debt limit. >> karen as well, your colleague from the "washington post," chris cillizza is joining us as we talk about what happened today and about...

expected to roll out a plan to cut spending by $2.7 trillion while raising the debt by 274 trillion. reid's plan would not include tax increases which republicans refuse to consider nor would it touch entitlements. my colleague, dan lothian is watching it all from his post at the white house. dan, what is the president's position first on raising the debt in installments? >> reporter: he want it is to go through 2012 and there is a sense at the white house and treasury department in particular even if you had some sort of short-term fix that raises the debt ceiling through the rest o...