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spending cuts in ten years. reid would hike the debt by $2.7 trillion now and mandate an equal amount of cuts. but the congressional budget office says the boehner plan would trim spending by $850 billion, and the reid plan by $2.2 trillion. boehner went back to the board and postponed the vote that was supposed to happen today. reid s plan can t pass the house, and not only is boehner s plan doomed in the senate, a great many house republicans don t like it either. so what happens now? well, time marches on. a never-before-seen default on u.s. debt and obligations could be just six days away, but potentially just as bad would be a downgrade of debt, and a downgrade that would say we are not reliable as we used to be. that could up the cost for borrowing for all of us. here is richard quest on cnn international, and the smart money still says default will be averted, but downgrade, is it inevitable, are foreign investors alarmed? no, it s not inevitable. nothing is inevitab
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, one that has spillover effects, not just around the borders, but on a complete basis, globally. so, the stakes, they re obvious. the path to the solution, however, not nearly as clear. is it today, is it tomorrow, is it friday? magic things can happen here in congress in a very short period of time under the right circumstances. now, by right circumstances we assume leader reid means conver
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, mortgages, car loan, student loans could become more expensive. meanwhile, the country could lose its prized aaa credit rating for the first time in recent history, a move many analysts think could plunge the u.s. into global economic distaster. our congressional skorz kate baldwin is up on capitol hill. the political battle there is brewing not only between democrats and republicans, but among