and some democrats are concerned that this is a, happening too late, and b, that it s possible the white house is agreeing to a deal stall essentially jam democrats into agreeing to something that does not go far enough on the issues that they care about, an they ll ultimately be in a position of either voting to agree with their president and raise the debt ceiling or risk default and untenable position in their view. untenable in their view. let s dig into the detail. what do we know about the framework that s being discussed and especially the parts that democrats don t like? reporter: well, based on our reporting today, this broad outline which again has in the been agreed to would include roughly $3 trillion deal that would have about $1 trillion in spending cuts, some of which would kick in immediately, some would be spread out over time. and then there would be a tax component and an entitlement component that would happen after the debt ceiling is raised. but othe
no one is speaking publicly about it, but i have been in touch with some democrats on the hill who are still very upset this evening after that meeting. the bottom line is they have heard these outlines of a possible framework of a deal. and some democrats are concerned that this is a, happening too late, and b, that it s possible the white house is agreeing to a deal that will essentially jam the democrats into agreeing to something that does not go far enough on the issues that they care about, and they ll ultimately be in a position of either voting to agree with their president and raise the debt ceiling or risk default and untenable position in their view. untenable in their view. let s dig into the detail. what do we know about the framework that s being discussed and especially the parts that democrats don t like? reporter: well, based on our reporting today, this broad outline which again has in the been agreed to would include roughly $3 trillion deal that would
self-imposed deadline for a deal and still there is no deal. some on capitol hill, some of even the president s allies are saying this is now in their view time to cut bait and stop going for this big deficit reductions package they ve been talking about and just find the easiest path forward to get the debt ceiling raised and worry about deficit reductions at another time. you know, it seemed like there was some enthusiasm and some progress yesterday. but if the two sides are even further dug in, even further apart so to speak, why is the president still pushing for something big? reporter: well, there s the overt politics of it. he seems to be nominally winning. the republicans in public polls are doing less well and are getting more blame than the president, in part because he s going for something big. but there s also just the simple fact that they have to figure out a way to get votes in the house of representatives to raise the debt ceiling. and they can t get thos
becoming an abnormal crisis. what happened today? reporter: well, there was a lot of process, sanjay. and a lot of discussion and still no break through is the bottom line. we are less than two days away from the president s self-imposed july 22nd deadline for a deal. and still there is no deal. and now some on capitol hill, some of even the president s allies are saying this is now in their view time to cut bait and stop going for the big deficit reductions package they ve been talk about and find the easiest path forward to get the debt ceiling raised and worry about deficit reductions at another time. it seem like there was some enthusiasm and progress yesterday. but if the two sides are even further dug in, even further apart so to speak, why is the president still pushing for something big? reporter: well, there s the overt politics of it. he seems to be nominally winning. the republicans and public polls are doing less well and are getting more blame than the pres
that s the house tonight passing h.r. 2560, better known as cut, cap and balance. now it s a republican and tea party sponsored measure calling for massive spending cuts, a spending cap, and congress passing a balanced budget amendment. only then would the debt limit be allowed to go up, ending the current crisis. the measure was passed with just five democratic votes. senate democrats say they ll defeat it. if somehow they fail, president obama says he ll veto it. in other words, it s doa which is why a lot of democrats are calling it a stunt and a waste of time. earlier today a bipartisan group of senators called the gang of six came out with a proposal of their own that is being taken seriously, including at the white house. and so for us today, democratic fors acknowledge that we ve got to deal with our long-term debt problems that arise out of our various entitlement programs. and for republican senators to acknowledge that, revenues will have to be part of a balance