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the most recent cnn o.r.c. polling says 51% of americans would hold republicans responsible if the debt ceiling is not raised. just 30% would find president obama more responsible. peter moresi joins us. i have to ask you this, you are an economist, you're a well-respected economist and we have spoken together for years. do you have any evidence of what so many conservatives are saying that if we were to increase taxes at all, at all at this point in an economic cycle, that it would actually hurt our economic recovery? >> well, increasing taxes wouldn't hurt anymore than, say, cuttin...

ridiculist tonight. breaking news everyone. tonight right now in that building over on the senate side according to democrat harry reid who spoke last hour, nothing is going on. the senate is now adjourned. but the clock is still ticking and the government is running out of money to pay the bills at this moment because the debt limit was not raised back in may, the united states treasury has less cash on hand than apple computer. on wednesday the government will have $23 billion in social security checks to send out and not enough cash to cover them unless it doesn't send out a who...

hands. >> keep in mind, this is not a situation where the two parties are miles apart. we're in rough agreement about how much spending can be cut responsibly as a first step towards reducing our deficit. we agree on a process where the next step is a debate in the coming months on tax reform and entitlement reform, and i am willing and ready to have that debate. if we need to put in place an enforcement mechanism to hold us accountable for making the reforms, i will support that too if it's done in a smart and balanced way. so there are plenty of ways out of this mess. but we are al...

already for so many people. so it's unbelievable. we just don't know. we're at a point where there is a lot of concern because it is so uncertain. and people are following it, they're talking about it. >> and they'll be doing that for the next two hours. hope fly we'll have something by the beginning of next week. live from studio 7, want to get you up to speed for this friday, july 29th. we're will thalmost out of time. those words from president obama. the deadline for raising the country's debt limit now just four days away. and congress and the white house still gridlocked over...

generation of republicans in line. and president obama warns, and i'm quoting him now, we are almost out of time, urging all americans to keep the pressure on washington and bring this devastating crisis to an end. i'm wolf blitzer, you're in "the situation room." you're looking at a live picture right now of the house floor, where just a short time from now, we expect to see that critical vote on the gop debt plan. the vote was supposed to happen yesterday around this time, but was abruptly postponed when the house speaker john boehner failed to get the 216 votes it needs for pa...