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CNNW AM Wake Up Call July 29, 2011

here is the current u.s. debt ceiling. it 14i$14.3 trillion. we hit it in may. if they don t comeup with a dee. they have a scheduled meeting in about five hours. listen to how far republicans, other republicans and democrats are. this is from anderson cooper 360 late last night. first majority whip steny hoyer. even within their own party, it is deeply divided party, divided against their leadership, angry at their leadership, and a party that has divided itself, has difficulty working with the president and with us and that s unfortunate and the country is the poorer for it. i don t buy this notion of e default. to me that s a false choice. default means you can t service your debt, you can t pay off your debt, anderson, and there s plenty of government revenues to do that. one of the things that s been harmful in this debate is there s been this obsession with august 2nd, august 2nd. we need to get this right. we need a balanced budget amendment. if it takes us ....

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CNNW CNN Newsroom July 29, 2011

delayed. police in texas say a muslim american soldier confessed to plotting an attack on ft. hood just two years after a muslim officer shot to death 13 people on that same base. tropical storm don could hit the south texas coast tonight and drought-stricken farmers are welcoming the prospect of up to 7 inches of rain. we begin with that sobering reality check on the debt crisis and just how daunting the challenge has become. in less than four days, the federal government could run out of money and default on its bills. but on capitol hill, the process has taken a huge step back. house speaker john boehner abruptly delayed a vote on his debt plan because of a revolt within his own party. joe johns is in washington with more on the political battle and ali velshi in new york waiting to see how the markets will react. ali, let s start with you. the new gdp number that just came out moments ago. reporter: this is going to add a whole new wrinkle. we have seen future ....

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CNNW CNN Newsroom July 28, 2011

could make or break the debt crisis and i know you re saying i ve heard this before. but here is the deal today. lawmakers are not mincing words. less than five days to raise the debt ceiling or risk defaulting on government bills. today the house is due to vote on speaker john boehner s plan. as his own party holds the majority of votes he is really getting frustrated with the divisions that threaten its passage. in a closed door meeting, boehner actually told the feuding republicans, quote, get your ass in line. then veteran senator john mccain who blasted republicans quoting an article owe tea party hobbits. joe, let s begin with you. boehner not too happy obviously. first you have the president that storms out of a meeting weeks ago. now you got boehner using a harsh word, shall shall we say, to try to get the votes to win the house. reporter: yeah. you know, this is a very high-stakes game. and it s, obviously, the most important point. in speaker boehner s spea ....

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CNNW AM Wake Up Call July 28, 2011

it either. kate baldwin looks ahead. reporter: if it does pass in the house, it has the potential of hitting a huge road block as soon as it gets to the senate. at the same time, that house speaker john boehner s office was putting out this release, the good news about the cost estimate, senate democrats released a letter at almost the same time with 53 signatures on it saying they don t support the plan in the senate and really essentially making clear that it cannot pass. so while all eyes are still on the house to see what happens with john boehner s plan in the house, it has serious problems in the senate if it gets there. you figure the democrats wouldn t be friends, that s just politics but this bill is make something republicans cannibalize each other. we re seeing the difference between republicans who play the game and the new tea party favorites who say the game helped us get into this mess. listen to these two republicans, old school and new school. that. ....

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CNNW AM Wake Up Call July 27, 2011

offer the spending and deficit cuts that republicans thought it would. cnn s chief white house correspondent jessica yellin spends the next 18 seconds giving us the big picture. reporter: what s happening now is democrats are waiting. they re just waiting to see what happens with the republican s bill before making their own move in the senate. the big picture here is neither the republican s bill in the house nor the democrats bill in the senate seems to have the votes to get through both houses of congress. so we re back at stalemate. and so it s wednesday and there s no deal. the ted line is tuesday of next week. if congress can t get it done by then, you could start to see higher interest rates, a declining dollar and other problems. the white house website has put up a chart that breaks down the u.s. debt by administration over the last ten years. i was just looking at it. more than $3.5 trillion because of changes to the economy, not policy changes, but less ....

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