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offer the spending and deficit cuts that republicans thought it would. cnn's chief white house correspondent jessica yellin spends the next 18 seconds giving us the big picture. >> reporter: what's happening now is democrats are waiting. they're just waiting to see what happens with the republican's bill before making their own move in the senate. the big picture here is neither the republican's bill in the house nor the democrats' bill in the senate seems to have the votes to get through both houses of congress. so we're back at stalemate. >> and so it's wednesday and there's no dea...

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...

why congress may have breathing room when it comes to raising the debt ceiling on this "american morning." and good morning, everyone. it is wednesday, july 27th. this is "american morning." a lot going on today. let's get to it. >> it does feel like dueling bangoes, doesn't it? when you hear both sides of the debate they're dug in but insist they're right. >> and a growing number of americans want them not to be. >> they all say god bless america. how we get there is the question. >> two maker developments in the debt crisis, following minute by minute here. six days until the dea...

veterans group there at pennsylvania avenue being briefed on what could happen to their ranks if the debt ceiling is not raised. also cnn is learning some states making contingency plans. california specifically taking out a temporary $5 billion loan just to help pay its bills in case congress fails to act and turmoil in the credit market makes it difficult to borrow money after august 2nd. take a walk with me. i want to look at what exactly is proposed here. we have two different plans, two different bills on the table. one from democratic leader, senate majority leader harry reid, ...

on this debate before it's too late. and a disturbing new study revealing a widening gap between minorities and the wealthiest americans in the wake of a devastating recession. i'm wolf blitzer here in the situation room. first to what many say is shaping up to be an economic disaster of nearly unprecedented proportions if congress doesn't break the deadlock and agree on a deal to raise the debt ceiling only six days from now. the white house warning today there's no more wiggle room and beyond that date, quote, we lose our capacity to borrow. if that happens, interest rates could go...