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 to. here s why it s such a big problem. because of speaker boehner, he said there s one major principle, you ll remember, jessica, as they moved forward to raise the debt ceiling, that the amount of the cuts be greater than the amount they raised the debt ceiling. and in this legislation right now is called for raising the debt ceiling by $900 billion, $850 billion, is less than $900 billion, so know
weekend. markets around the world are falling. this will have a direct effect on your 401(k). i m ali velshi. the norway terror suspect who admits killing 93 on friday is expected to appear in court in the next hour. his lawyers says he ll explain himself. little comfort to a grieving nation trying to make sense of a massacre, on this american morning. good morning. it is monday, july 25th. this is american morning. a lot going on. let s get you right to it. glad you re back. it has been a very, very busy news time. it sure has. while you ve been gone. and they solved the debt crisis while i was away wrong. a new and powerful force is now entering the debt ceiling debate and as christine said it s the financial markets. the most important at this point. that s what it s about. the markets are down overseas in hong kong and japan, they closed down as efforts to reach an agreement in washington over the weekend failed and this morning, with just eight days
expected to roll out a plan to cut spending by $2.7 trillion while raising the debt by 274 trillion. reid s plan would not include tax increases which republicans refuse to consider nor would it touch entitlements. my colleague, dan lothian is watching it all from his post at the white house. dan, what is the president s position first on raising the debt in installments? reporter: he want it is to go through 2012 and there is a sense at the white house and treasury department in particular even if you had some sort of short-term fix that raises the debt ceiling through the rest of this year, that it still may not be enough to cam the jilters of the financial markets, still may not be enough to security aaa credit rating that the u.s. currently has. tt markets, still may not be enough to security aaa credit rating that the u.s. currently has. that is the first concern. secondly, it has been so difficult to get a deal now the white house points out how much more difficult wi
seems like a success story. next up, hanging together. we ll take you deep inside the relationship of this odd couple. why castro and chavez will likely be friends till the end. finally, an opportunity to hear from one of the greatest historians writing today. david mccullough gives us perspective on the nation s current political problems, president obama, and the american mood. first, here is my take. watching the extraordinary polarization in washington today, many people have pointed the finger at the tea party. it s ideologically extreme, refuses to compromise and cares more about purity than problem solving. i happen to agree with much of that critique, but it doesn t really answer the question why has the tea party become so prominent? why is it able to dominate washington? we ve had plenty of ideologically charged movements come to washington before. think about barry goldwater or george mcgovern. but once in washington the system encouraged compromise and gover
the grammy-winning talent found dead. also, another new deadline set for the debt talks. house speaker, john boehner, says it s time to get this done, in a manner of hours before the asian markets open. hello to you all. i am t. j. holmes. today is the day where many can wave the 24-hour standard waiting period so they can get married right away. many are starting to collect at city office around the city. and suzanne candiotti joins me now. what is it like around the clerk s office this morning? reporter: there is no missing the nervous energy and excitement that i think any couple that is about to get married is facing, and beyond that, t. j., this is a day that many gay rights activist have been waiting for for a lifetime. you can see the couples lining up and have been here for a couple hours. some women in wedding gowns as well. a lot of tuxedos. and there are 800 couples getting married here, and more than half here at city hall. i spent some time yesterday helpin