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Transcripts For CNNW AM Wake Up Call 20110722

no deal on the debt ceiling, but it is a new day. our sources say president obama is trying to koex members of his own party, while cutting as much as $3 trillion in spending. that is going to mean changes in health and retirement programs, also puts off tax reform, something a lot of people felt is very important, until later. the details are very fluid. no agreements yet. congressional democrats are very nervous. the president trying to figure out a way to work it out. he s holding a two-hour meeting at the white house. he did that last night. writing about compromise in this morning s usa today. some of the cuts would target worthwhile programs that do a lot of good for our country. there are cuts some people in my own party aren t too happy about and frankly, i wouldn t make them if we didn t have so much debt. this is a sales pitch to the american people, many who want less finger pointing and more action. i blame both parties for the stalemate. all the people re

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