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magician to keep the government from defaulting on its loans. the house is scheduled to vote on it today, but senate democrats and the white house have already said it is dead in the water. danielle knottingham is in washington with the latest. is there any hope in sight? good morning, betty. it s hard to tell at this point. things have been back and forth all week on capitol hill. house week isser john boehner s measure will face an uphill battle today but he s pressing on despite threats from the white house and from democrats. speaker john boehner s debt ceiling plan is just hours away from its first key test. later today the house is expected to vote on the measure. it increases the nation s borrowing limit by up to $900 billion while slashing more than $900 billion in spending. we re in a volatile situation. it s an important vote and every member needs to be confident the vote they place. reporter: momentum gains wednesday after boehner sharply urged fellow ....
government from defaulting on its loans. republican leaders are fighting to get their members behind their budget bill. the house is scheduled to vote on it today, but senate democrats and the white house have already said it is dead in the water. danielle knottingham is in washington with the latest. good morning, danielle. is there any hope in sight? good morning, betty. it s hard to tell at this point. things have been back and forth all week on capitol hill. house speaker john boehner s measure will face an uphill battle today but he s pressing on despite threats from the white house and from democrats. speaker john boehner s debt ceiling plan is just hours away from its first key test. later today the house is expected to vote on the measure. it increases the nation s borrowing limit by up to $900 billion while slashing more than $900 billion in spending. we re in a very volatile situation. it s an important vote and every member needs to be confident the vote ....
captioning sponsored by cbs this is the cbs evening news with scott pelley. schieffer: exwfg. scott s off tonight. i m bob schieffer. the fallout from washington s inability to find a solution to the budget crisis and raise the debt limit has, apparently, begun. on wall street, the stock market was down for the third day in a row. the dow fell more than 198 point today. for the week, it s down nearly 400 point, and it has lost close to $105 billion in value. some of the bond rating services are now saying that even if congress does reach an agreement on a budget plan, it may be too hate to avoid lowering the rating on some american securities. we have three reports tonight on that and what it means for small business and your credit card. and we start with anthony mason. anthony. reporter: bob, america s credit rating has never fallen below triple a., but with washington looking increasingly disfunctional, economists now see the threat of a downgrade as high and r ....
growth rate of the debt. reporter: now at more than $14 trillion and rising, u.s. debt as a percentage of g.d.p. reasonings fifth highest in the world. even if a deal emerged to raise the debt ceiling, it pay not be enough for the ratings agencys. is there still a risk the u.s. credit may get downgraded anyway? well, it looks like that. reporter: but larry kantor, chief of research at barclay s capital, believes the world will still want to invest in the u.s. > even if they downgraded, people still believe the u.s. will pay its debts. reporter: but a cut in the credit rating could still have expensive consequences, says economist dared. the risk will be that a downgrade would push up interest rates. reporter: that could add as much as $100 billion to the nation s annual borrowing costs. it could also raise the cost of mortgages and other consumer loans. countries with triple a. ratings, on average, play just below 3% to borrow. countryies with doubly a. rati ....
this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt susie: good evening everyone. the senate passed the tax cut bill today. now it s up to the house of reesentatives to vote on it. tom: they could vote as early as tomorrow. the legislation would extend bush era tax cuts for two years for all americans. it would also cut the employee s share of payroll taxes for one year. the idea is to kick start the economy. susie: president obama also called on top american business leaders for help. meeting in washington today with 20 c.e.o.s, including american express, general electric and google. the president asked them to hire more, and to spend some of the trillions of dollars they have stashed away in corporate coffers. we focused on jobs and investment, and they feel optimistic that by working together we can get some of that money off the sidelines. susie: so what did the c.e.o.s think? the c.e.o. o ....