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CNNW The Situation Room With Wolf Blitzer July 26, 2011

on this debate before it s too late. and a disturbing new study revealing a widening gap between minorities and the wealthiest americans in the wake of a devastating recession. i m wolf blitzer here in the situation room. first to what many say is shaping up to be an economic disaster of nearly unprecedented proportions if congress doesn t break the deadlock and agree on a deal to raise the debt ceiling only six days from now. the white house warning today there s no more wiggle room and beyond that date, quote, we lose our capacity to borrow. if that happens, interest rates could go up, the value of the dollar could go down. individual mortgages, car loans, student loans, and a lot more could likely suffer significantly, becoming more significant. some financial analysts are even warning of a potential stock market crash. all of that could push the united states into another great recession. let s go straight to capitol hill. our congressional correspondent kate baldwi ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110724:14:04:00

One witness says the shooter was the father of the 11-year-old birthday boy. and party-goers were terrified and spilled out of the rink in panic and, many with the skates still strapped to their feet. i was informed it was a private birthday party and people were here to celebrate and there was an argument that began, and, then, during the course of that argument, the person who did the shooting had a weapon and pulled it out and started shooting. eric: police say none of the victims were the children at the birthday party and the gunman apparently shot himself. chris: and this fox news alert this morning, crunch time in washington over the debt limit talks. congressional leaders are set to hold meetings this morning, and are racing to strike a deal, before the overseas stock markets open 7 hours from now. house speaker john boehner stepping up the pressure, saying he wants at least an outline of an agreement, in place, one hour ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110724:16:50:00

Hill. thanks for coming in today. shannon, thanks for having me. shannon: what do you find to be the most positive about the gang of six plan. it s bipartisan. republicans and democrats coming together. both acknowledging we need to deal with our spending issue and it does, i think, do a good job in terms of laying out some of the parameters. also, it has tax reform in it, which is important not just to deal with the revenue issues but mostly to get our economy going. so, the devil is in the details. i have not endorsed the plan. it does have some elements that i m a little concerned about. including i think on the revenue side it raises revenue on the economy relative to where we are today. but i m encouraged by it i have tried to encourage the process. i also think some of the gang of six proposals for the longer term because they also have a two step process which i know have you been talking about today a lot. some of those longer term proposals could fit into what s being di ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110724:16:50:00

Republicans and democrats coming together. both acknowledging we need to deal with our spending issue and it does, i think, do a good job in terms of laying out some of the parameters. also, it has tax reform in it, which is important not just to deal with the revenue issues but mostly to get our economy going. so, the devil is in the details. i have not endorsed the plan. it does have some elements that i m a little concerned about. including i think on the revenue side it raises revenue on the economy relative to where we are today. but i m encouraged by it i have tried to encourage the process. i also think some of the gang of six proposals for the longer term because they also have a two step process which i know have you been talking about today a lot. some of those longer term proposals could fit into what s being discussed right now debt limit talks. they have come up with bipartisan approach here. there are plenty of spending cuts out here that some democrat republican groups h ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110724:14:04:00

And six people were killed in concluding the gunmen, 4 others were wounded and, police say it stemmed from a family argument. one witness says the shooter was the father of the 11-year-old birthday boy. and party-goers were terrified and spilled out of the rink in panic and, many with the skates still strapped to their feet. i was informed it was a private birthday party and people were here to celebrate and there was an argument that began, and, then, during the course of that argument, the person who did the shooting had a weapon and pulled it out and started shooting. eric: police say none of the victims were the children at the birthday party and the gunman apparently shot himself. chris: and this fox news alert this morning, crunch time in washington over the debt limit talks. congressional leaders are set to hold meetings this morning, and are racing to strike a deal, before the overseas stock markets open 7 hours from now. ....

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