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impact nationwide on an all fragile recovery. >> a default and the ripple effect i think would be impactful and representing our consumers, we think that that would be very, very difficult for the american economy to withstand at this point in time in our history. >> that's here at home. then there are global worries. concerns that a default or even a close call here could rattle international markets and international economies like that domino effect back after the big wall street meltdown a few years ago. >> the united states is the largest economy in the world, one that matters...

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...

That comes from a "time" magazine article written by a guy named crowley. the question he asked was not why are you running? he said when did you start to see yourself as president? pawlenty said i don't have a good answer for that. >> sean: very deceptive. >> even the writer of the story from which the quote was taken said, you disforred -- i didn't ask the question you claim i asked. his answer was he didn't know when he started to think about running for president. it is hard to win point that date for anybody. >> sean: can we infer that they are afraid of pawlenty? afraid christie might ju...

That. that comes from a "time" magazine article written by a guy named crowley. the question he asked was not why are you running? he said when did you start to see yourself as president? pawlenty said i don't have a good answer for that. >> sean: very deceptive. >> even the writer of the story from which the quote was taken said, you disforred -- i didn't ask the question you claim i asked. his answer was he didn't know when he started to think about running for president. it is hard to win point that date for anybody. >> sean: can we infer that they are afraid of pawlenty? afraid christie mi...

Claims the majority leader harry reid's plan will save three times for than the house plan. reid seems confident the house will work its way through this. >> magic things can happen in congress in a short piece of time. that's a flaws piece of legislation. no one believes that. the chamber of commerce put out a letter saying vote for it. they know it doesn't solve the problems. nobody believes the boehner problem is anything more than a wet kiss to the trite wing. alisyn: reid's plan would cut $2.7 trillion over 10 years and that counts the savings from ending the wars in iraq and afghanistan....