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downgrade the nation's credit even if a deal is reached. even if a deal is reached. it's a aaa, nearly as good as cash or gold and has been almost from the begin. losing that status would raise interest rates for all of us, make mortgages cost more, stifle the economy, possibly trigger a run on the dollar. tonight, president obama restated his desire for a deal that includes tax increases on wealthier americans as well as spending cuts. he cited statistics appealing to bipartisanship and invoked the words of ronald reagan and also acknowledged how sharply divided washington is while ...

good evening everyone. breaking news, president obama's primetime call for a deal to end the debt crisis and house speaker john boehner's response. the speech is coming with two competing proposals on the table. one from senate democrats and the other from house republicans, neither of which is looking very likely to pass. meantime, seven days until the government runs out of money and rating agencies are threatening to downgrade the nation's credit even if a deal is reached. even if a deal is reached they may downgrade the credit. it's triple-a, that's nearly as good as cash or gold...

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...

he cited statistics appealing to bipartisanship and invoked the words of ronald reagan and also acknowledged how sharply divided washington is while trying to channel a bipartisan frustration among americans for what goes on in washington. take a look. >> i realize that a lot of the new members of congress and i don't see eye to eye on many issues. but we were each elected by some of the same americans for some of the same reasons. yes, many want government to start living within its means, and many are fed up with a system in which the debt seems stacked against middle class america...

Latest updates on this topic from reliable sources.