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Transcripts For CNNW CNN Newsroom 20110801

the process, for that, i want you to take a look here. i will not try and walk you through it. it s a mess. the bottom line is 917 billion dml spending cuts with a special committee in charge of finding $1.5 trillion cuts by the end of the year, and the debt limit rises by $900 billion now, and $1.5 later. already, there is one potential wrinkle here. the nonpartisan budget congressional office says the plan would cut spending only by 1.5 trillion, not 2.4 trillion. we are following all the claims and repercussions as only cnn can. by colleagues join me, and if you don t believe this is a huge story, look at richard quest, all the way from london. tell us how the deal came to be, and what are the prospects it will bring? first, you explained it as best as anybody could involved in the process. and it is a mess. the democratic plan is rejected in the house, and it looked like a day care here in washington. we did know what the rough pieces of an agreement would look like and

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