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Transcripts For CNNW CNN Newsroom 20110718

allow the president to raise a debt ceiling and avert crisis. a vote on that could happen this week. the fallback plan would likely pass the democrat-controlled senate but face a bigger challenge in the house where republicans hold the majority. let s get the latest with brianna keilar. are we any closer to a deal? on a deficit reduction plan, kyra, it doesn t appear so. no announced meetings between the white house and congressional leaders over the weekend, there were staff-level meetings and a lot of focus has to do with this fallback plan you mentioned. it s sort of the brainchild of the center republican leader, mitch mcconnell, working out some details with the senate majority leader harry reid. essentially, it would give the president for all practical purposes the ability to increase the debt ceiling with really just a minority of support from congress. it would allow congress to voice its disapproval and this is something that the president would have to do in thre

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