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tea party demanding more cuts in federal spending, a cap on future budgets, and a balanced budget amendment. but at a republican caucus meeting speaker of the house john boehner told everyone in his party, and i quote, "get your ass in line." and listen to senator john mccain. >> what is really amazing about this is that some members are believing that we can pass a balanced budget amendment to the constitution in this body with its present reputation, and that is foolish. that is worse than foolish. that is not fair. that is not fair to the american people. to hold out and say we wo...

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...

getting the mage? we've got new polling that says all of that. and this is important. recent polling may also explain why we haven't got an deal yet. we'll tell you what we're talking about. in any case, americans are speaking out today. >> good morning, speaker boehner's office. how may i help you? >> a summer avalanche of phone calls hitting the capitol. president obama asked for it in his address to the nation last night. here it is. house switchboard today getting nearly double the volume of normal phone calls, house speaker baine er's office reporting as many as 300 people on ho...

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...

blame. the debt crisis, here you go. the deepening stalemate. president obama reaches out to a new player and the game is you. in norway, breivik's father wish his son would have killed himself rather than slaughter dozens of people. bp has a big turnaround. the company raked in more than $22 billion in profits for the quarter! the debt, minute-by-minute, the nation inches closer to the brink of twault. the countdown less than seven full days before the federal government runs out of money and unable to pay its bills. in washington a stark message is delivered between the pre...