and there s that clock that we speak of. just under two days away from a time when we re told by the treasury, this country will not be able to pay all of its bills. so let me give you the rundown of what s happening today. the house gets to work around noontime today. that s just about two hours from now. after some debate, they ll vote on a proposal from senate majority leader, harry reid. that proposal is expected to fail. then on the senate side, they open debate on that same reid bill at 1:00 eastern time this afternoon. the debate there could go on for some 12 hours. now, it may not be until a lot of us are asleep that the senate gets to vote on that reid bill. the senate has moved on to the reid bill after deciding not to vote on the bill from house speaker john boehner. the nays are 210, the bill is passed. without objection to motion to reconsider is laid upon the table. what you re seeing there is that speaker boehner s bill actually passed. it finally passed th
marketsite. american morning starts right now. no vote on the debt plan again. i m christine romans. as the u.s. economy lurches closer to a financial crisis, the political crisis continues. house speaker john boehner calls off a vote, unable to convince hardline conservatives in his party to sign on to his plan. i m kiran chetry. more than 90% of texas is now in extreme drought. the state could sure use a lot of rain and now tropical storm don is expected to make landfall along the southern coast today. and it s happened again, a muslim-american soldier in police custody for allegedly plotting to kill fellow soldiers at ft. hood. a live report from texas on this american morning. good morning. it is friday, july 29th. this is american morning. a lot going on to get you caught up today. it s interesting there s a report from credit suisse that says if the u.s. were to default, u.s. stocks would fall 30% over six months to a year showing you just how serious this
hell, even talking to the president is a form of republican failure in this republican party. having used all this leverage to get this amazing deal for themselves by terrifying the country over the prospect of economic armageddon on purpose, this year, republicans have to give that up and surrender. throw that away. throw away a democratic offer to cut social security and medicare because a deal where they get 83% of what they want in their own party s eyes is a failure. any deal with a democrat is a failure. instead of that, they must surrender and have no deal at all. mitch mcconnell announcing a plan today to give president obama what he and the democrats wanted all along, debt ceiling gets raised, no binding conditions. we now resume our regularly scheduled economic catastrophe. so in the end, unless this falls a part too because republicans eat each other alive, still a possibility, this would be the 75th time that since j.f.k. the congress has voted to raise the debt ceiling.
75th time that since j.f.k. the congress has voted to raise the debt ceiling. it will not be tied to a binding agreement about spending cuts or about anything else. the republicans will get nothing from the democrats or the white house in exchange for the debt ceiling going up. it will be handled essentially as a matter of housekeeping, and the only thing new under the sun is the unemployment problem in this country might be about to get worse by two. the leadership jobs in the house and senate count as jobs? who do you think the republicans are going to have to replace john boehnor? who are they going to swap in for mitch mcconnell? joining us now, raul grijalva of arizona, congressman grijalva, thank you for your time tonight, sir, i appreciate it. thank you very much. what do you make of senator mcconnell s proposal today, and what do you think happens from here on out? major concession to the reality that the american people
so if they want the five votes in south carolina they will have to give us something that is closely approximates cap, cut and balance as they can. i have to have something i can go back to my state and say the 75th time we did this is the last time we did it. bill: the south carolina delegation have been holdouts. thank you for your time. martha: it s fascinating. they are saying south carolina against the world is the feeling in the house of representatives. it is remarkable. that s the group that went in and prayed together over this decision. one group of house gop freshmen say they are supporting the boehner plan fun it gives them a bit of quote heartburn. the tea party house members say they are disafoinltsd with the bill but they will not go