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Transcripts for CNN EarlyStart 20131016 08:07:00

Crisis is not resolved. analysts say they believe it will be over soon. the potential over this debt increase could increase the risk of default. you mentioned, standard downgraded it to aa, plus in 2011, fitch still has the u.s. in aaa right now. let s remember the economy is in a fragile state. we re not looking at a full housing recovery. we still have unemployment high. and the housing market just trying to come around the bend. the scary part is these interest rates that could go up. think about banks. not being able to loan to banks. they re not going to loan to another bank. what does that mean to you and i? if a bank won t loan to another bank, they won t loan to you and i right? what are the markets saying? you mentioned they re really scared by november 1st. we re not there yet. investors around the world, ....

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Transcripts for CNN EarlyStart 20131016 09:01:00

the big question at 5:00 in the morning, will they finish in time. we re just hours away from hitting this debt ceiling, and there s no deal yet despite a day of feverish discussions and now the attention is back on the senate leadership who are trying to reach a compromise. cnn s senior correspondent jim acosta has the very latest. reporter: time is running out, the debt ceiling is in sight and the last best hope avenue voiding a potential default once again rests with senate leaders harry reid and mitch mcconnell. we re back to working on a last-minute deal. john boehner will likely be in a situation where he will have to pass the bill between house leaders reid and mccall. reporter: the president called for quick action. we don t have a whole lot of time so what i m suggesting to the congressional leaders let s not do any posturing. let s not try to save face. reporter: the president appeared to put the blame on john bane s inability to corral ....

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Transcripts for CNN EarlyStart 20131016 08:05:00

Let s bring in mary belle aber to find out. october 17th, though, is the day that treasury secretary jack lew has said that the u.s. will run out of money to pay all its debts until the borrowing limit is raised. it s estimated that the u.s. will have $30 billion on hand plus the money coming in from tax receipts. the 17th isn t that drop said date, zoraida as far as the default goes. whatever the case is read of the default has been unsettling investors and driving rates on the shortest direction of the u.s. treasure tore just in case there s disruption on the treasury s ability to the pay out on the bonds. let s walk through the dates. october 17th, coming up. the plan runs out of shore-term funding moves. and then october 22nd, the cbo ....

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Transcripts for CNN EarlyStart 20131016 08:47:00

Why you have to raise the debt ceiling. that s the real issue here. the president has no proposal, he doesn t want to reduce spending so we re at logger heads. you re saying you ll vote for a bill that extends a couple weeks but that s all it came down to? in exchange for significant changes and spendinging. the c.r. with obama care, i s a huge hole that s going to create massive debts. it s about $50 billion spent in the next year alone. $800 billion over the next decade, and you can t balance the budget, mr. president, until you deal with your brand new entitlement that is unfunded. and on anderson cooper, the consequences of a default. he spoke with former deputy secretary robert wright. the doomsday, the actual hour of the day, when we don t pay our creditors, what you do then, it may be a few days after tomorrow, it may be next week, ....

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Transcripts for CNN EarlyStart 20131016 08:02:00

Begins to run out of money to pay its bills. this morning, all eyes were on the leaders of the senate to work out an additional deal. we pretty much know the parameters of this plan. the plan to fund the government and until february. this cups after an absolutely wild day on capitol hill when house speaker john boehner tried to seize control of this debate only to have it blow up in his face thanks to opposition from inside his own caulk cause. this morning, even if a deal can be reached it might not be in time to avert some serious prepare cushions. in fact, some of those repercussions have hit already. our cnn correspondent jim acosta begins our coverage. reporter: time is running out. the debt ceiling is in sight and the last best hope of avoiding a potential default once again rests with senate leaders harry reid and mitch mcconnell. ....

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