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Detailed text transcripts for TV channel - CNN - 20110411:10:06:00

what you need to know is that the last couple weeks of april, congress is on recess, so this is really something that they re going to have a couple weeks in may to deal with. you have conservative republicans, michelle balkmchma not going to vote to raise the debt ceiling, because it gives congress the license to spend. but congress has obligations to make some payments and they re going to hit the debt ceiling no matter what. if the debt ceiling was not to be raised you re looking at the u.s. defaulting on loans, something that would affect all of us, increase interest rates, it would be, really, a bit of a financial disaster. it s a batter that has to battle that has to pull through congress but not going to be pretty. brianna keilar, in washington, thank you. moammar gadhafi reportedly ready for a cease-fire. the libyan government and the african union saying they have a deal on a road map to peace, their words, that ends fighting, allows humanitarian aid to be delivered and

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