Debt Ceiling Hits News Today : Breaking News, Live Updates & Top Stories | Vimarsana

china watcher gorden chang warning we must prepare for war because of it. he means what he says. it's all coming up. welcome, everybody. glad to have you. i'm neil cavuto. let's get to it with jacqui at the white house. jacqui? >> "the washington post" has been reporting that the chinese spy balloon's path over the u.s. may have been driven by the wind and that analysts are examining the possibility that the chinese did not intend to penetrate the american heartland with their surveillance equipment. i'm told that that is not the full story. we're learning a lot more right now. offic...

It will average more than two trillion each year over the next decade. treasury estimates the debt ceiling hits in june. senate majority leader chuck schumer views treasury's date as the real date. neil? >> neil: thanks for that, chad. chad pergram. so what do we do? what constitutes our running against a wall and defaulting? douglas joins us, the former cbo director himself. doug, what would do it? what would define a default? >> a failure to make timely payments on interest or principal on u.s. treasuries. that's something that we've never done at a large scale. the concern here is that if t...

A vote as to whether to keep the government open or not. i believe that vote is going to support what's called a continuing resolution. basically, a budget patch that keeps the government moving. leadership wants that and even some of the renegades -- >> what do you see it, three months? >> yes, something like that. just keep the government funded at current levels. then that's when the debt ceiling hits. that's a much tougher debate. >> as leaders of both parties here want to get this done, and now there's even less time to devote to this as we look forward to it, a week from now, something h...

mark zandi, and also dana bash. >> if we are going to succeed, we have to face the problems squarely. >> and bill bradley on how to fix a broken washington and what we can all do better. i'm candy crowley and this is "state of the union." not the best of weeks for the romney campaign. it was under fire for sources as not ready for prime time when a senior adviser said that obama care is fine for when buying insurance is not a penalty and a tax. a big oops in the republican world world because the republicans have used the supreme court decision to say it is a tax. reset. >> the sup...

Of may. bill: a lot of numbers, isn't it? stew varney, fox business network. good morning. what is the news there? >> the news is we shell out 305 billion. bring in 180. that means we have a huge chunk of red ink. if you project forward that means we run out of authority to borrow money roughly the end of november. that means congress has to be asked if we can borrow more money. we hit the debt ceiling. the president has to go to congress to say can we raise the debt ceiling above the current ceiling of $16.3 trillion. that is a big political event. bill: we have a election first week in novem...