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the six democrats and six republicans on the committee have announced this -- they can't reach a deal. to cut at least $1.2 trillion from the budget. for legislative reasons they had to announce a deal by today. but there's no deal after negotiating for two and a half months. they don't even have the guts to explain why on camera and take questions from reporters. after the markets closed, democratic senator patty murray and republican congressman jeff hensarling released this statement. after months of hard work and intense deliberations, we have come to the conclusion today that it...

cnn congressional correspondent kate bolduan joins us now from capitol hill, what is the latest? >> reporter: you know the cbo numbers, the congressional budget office, jessica, this office that scores, gives a cost estimate, for legislation, it's very critical, and this evening it came out the cbo brought out -- gave out its estimate, and it says that the speaker boehner's bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than the more than a trillion dollars than the legislation said it was going to -- said it was going t...

Came and went and it's got to be tense for them tonight? >> absolutely, harris, it feels like pressure is certainly ratcheting up. as you mentioned top two democrats in the congress have been meeting with the president and vice-president in the oval office for just over an hour at this point. we know senator harry reid has come up with his own fallback plan which we understand would cut two and a half trillion dollars and run the government until early 2013, it would not increase taxes, today the white house chief of staff put more pressure on congress to get something done. >> the congress mu...

do. nobody can get the support to get one of those through. do we have to look for just the possible? >> i think mission number one is to raise the debt ceiling. they cannot get away without doing that. saying they're going to downgrade you. but they left a bit of an out. if you raise the ceiling but give indication you're on the road to getting a deal, we'll keep you on credit watch negative but take you off and affirm your aaa rating if you get it done within a couple of months if we see that possibility. so that's -- that seems to me to be the fallback plan for congress. weather t...

time, right now what they are calling an emergency meeting. the president is demanding an explanation from lawmakers as to why republicans walk wied away m talks yesterday. we'll take you there live in just a moment. and also still developing this morning, the death toll from two terror attacks in norway continues to live. a suspect is under arrest. more information is emerging as well about who exactly he is and what his intelligences may have been. also, this triple-digit heat in the u.s. millions of people are trying to deal with this deadly heat wave. we'll tell you which sta...