Page 37 - Debt Load News Today : Breaking News, Live Updates & Top Stories | Vimarsana

folks, it's july 27th. welcome to groundhog day. the only movement is closer to the august 2nd deadline. less than six days the federal government could run out of money and default on its bills. next hour on capitol hill, the doom's day scenario is laid out. executives from credit rating agencies will warn lawmakers of the far-reaching impact of a u.s. downgrade. one debt plan, backed by house speaker john boehner, is yanked from a scheduled vote. the congressional budget office says its savings were overstated and the numbers need to be crunched again. and senate majority leader mi...

>> now, the plan does not address the debt ceiling. you see the debt clock there. it ticks down to august 2nd. that's when the u.s. could start defaulting on some of its bills. it could be a jumping-off point for a bigger deal. here are some of the highlights of the plan according to cnn senate forces, it shaves about $4 trillion off the debt load. rejiggers the tax load, cuts short-term spending by about $500 billion. it changes the entire budgeting process and it reforms social security. now, this plan is not to be confused with something you heard about yet, cut, cap and balance. ...

out a plan palatable to both sides, and there's a separate push for the balanced budget amendment. the president suggested this morning that the u.s. doesn't have time have for any proposals. >> we don't need a constitutional amendment to do our jobs. the constitution already tells us to do our jobs and to make sure that the government is living within its means and making responsible choices. so it this notion that we're going to go through a multi-year process instead of seizing the moment now and taking care of our problems is a typical washington response. we don't need more stud...

Already been down that path. go ahead, mika. >> all right. president obama -- >> i'm sorry. i wanted you to go to mark halperin. let's look at these papers. s&p sounds the alarm on u.s. debt. also "the wall street journal" talking about the same thing the u.s. warned on debt load. "the wall street journal" has a story, "s&p lowers the u.s. debt outlook. "the new york times" and wall street. a serious story. >> okay. so last hour we were talking about how the white house is handling this. mark halperin, do you thing that they have their heads in the sand? >> no. i think that they recognize that...

However, we have the debt ceiling coming up and the nation is close to maxing out our credit card and the bill is coming due and there are folks in washington who say wait two years and we'll be able to do something, but looking at the debt load and crisis and unless we change the path. that is what the path of prossperity is. it might be too late that. is the urgeency we need and american people and they balance the budget every month and washington haven't balanced the budget since the late '90s. but the hole is deep and will take a long time to work its way out. >> the president came out wi...