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CNNW The Situation Room With Wolf Blitzer July 20, 2011

right here in the united states. and a war of words between two florida lawmakers. democratic party chairwoman debbie wasserman-shultz joins me to respond to a congressman s rant calling her vile, unprofessional and despicable. i m wolf blitzer. you re in the situation room. right now, six u.s. senators are giving new momentum to talks aiming at avoiding a national catastrophe in the united states. their bipartisan compromise to slash the deficit. only 12 dpas left, president obama is due to meet this hour with house speaker john boehner and majority leader eric cantor. this just a short while after he met with top congressional democrats over at the white house. ours who correspondent dan lothian is standing by. kate baldwin has the latest. kate? polling show that americans are looking for compromise to get through this debt crisis. senators in the gang of six say that s exactly what they re offering here with their plan, but there are real questions if they can ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110719:08:04:00

Looking in to how to cut trillions more. mcconnell continues pressing for bolder change but is losing hope. the republicans are trying to persuade the president of the need for a course correction. but weeks of negotiations have shown his commitment to big government is simply too great to lead to the kind of long-term reforms we need. reporter: reid says lawmakers must find a solution. we ll stay in session every day, saturday and sunday until congress passes legislation to prevent the united states from defaulting on negotiation. reporter: in chicago, key ally expressed support for the mcconnell-reid plan. more work to be done. joint committee can tackle it but it s responsible way out of the crisis. reporter: lindsey graham favors constitutional amendment but there isn t enough support in the senate. we have the people behind us. 72% of the american people want balanced budget. reporter: the president called for shared sacrifice. i am still pushing for to us achiev ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110718:15:03:00

Putting $1.5 trillion worth of spending cuts. it doesn t do it. it doesn t fix the problem. i think the mcconnell plan is more of washington not taking responsibility for it s a great political plan, is takes the pressure off all the politicians, but allows us to pass a debt limit without making the hard choices that this country has to make. reporter: so senator coburn is not sold, but the question remains, where are the votes in the united states senate to get a bigger, boulder plan through to the president s desk for his signature, jon? jon: it so happens we swr a senator joining us that might be able to answer that question. thank you. jenna: lindsey graham serves on the judiciary committee. are you behind the mcconnell-reid plan. i can t imagine any plan passing through the senate and ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110718:15:02:00

i think the minimum the debt will be extended. notwithstanding the voices of a flew that are able to play with armageddon, responsible leaders in washington are not. reporter: jack lei used karpa tkpwed done various times. the clock is ticking. we will get a better view of where things stand when we ask jay carney questions. jon: what is happening in congress specifically with that plan from senator mcconnell? reporter: it s interesting, he introduced that as a back up, last-ditch effort type of a plan and it s taken on strength as we ve seen different constituencies battle for plans that may not have the support to get through both houses. in terms of the mcconnell plan there has been criticism on the republican side. here is senator tom coburn. harry reid and mitch mcconnell are planning on ....

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Detailed text transcripts for TV channel - FOXNEWS - 20110718:15:04:00

House that doesn t cut the debt. between now and next november you need to barrow or 10 trillion. i don t see any republican voting for a plan that doesn t cut the government at least equal to what you raise the debt ceiling by. jenna: they are calling this the last resort plan. the last resort is to do the right thing. let s have a balanced budget in the constitution. how can you get this far in debt without having a structural problem? jenna: a balanced budget amendment would amend the constitution. we ve done that 27 times the last time ironically in 1992 it had too do with congressional pay. why now after all the decades this government has been operating, why now do we need a change? because after all the decades we have got even 14.4 or $5 trillion in debt. i see no hope without discipline. the balanced budget amendment to the constitution will give us discipline we can t muster among ourselves. after 40 years how much more ....

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