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country s coveted aaa credit rating could be compromised. the unpresence dented consequences for all of us. and why some lawmakers argue the looming august 2 deadline isn t the armageddon the president says it is. i m wolf blitzer. you re in the situation room. we re only five days away from what could lead to unprecedented default in the united states if the political sparring between our elected officials here in washington doesn t stop. and we can t emphasize enough how devastating the repercussions could be, not only here, but indeed around the world. interest rates could go up, mortgages, car loan, student loans could become more expensive. meanwhile, the country could lose its prized aaa credit rating for the first time in recent history, a move many analysts think could plunge the u.s. into global economic distaster. our congressional skorz kate baldwin is up on capitol hill. the political battle there is brewing not only between democrats and republicans, but ....

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