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we re talking about on wealthy americans. some of the taxes we have talked about before, limiting those itemized deductions that the wealthy take. closing loopholes on hedge fund managers, oil and gas companies, corporate jet owners and also letting the bush era tax cuts for the wealthiest americans expire when they are set to. also a little more than $1 trillion in war savings. of course, we do know that the wars in afghanistan and iraq are already going to be winding down. and that s something that republicans are hitting on. and frequently both sides have used this when they do their math. and then also interest savings, kiera. $430 billion there the white house says, and that s because if you don t owe the money, you don t have to pay interest on it so the money would be saved there. all right. bre brianna keilar at the white house watching that for us. christine romans, let s break it down and talk specifically about which americans will pay for these cuts. wel ....
do not feel like the unemployment situation is working well enough for them and their families and this coming together as we have a big deadline coming up for the super community to figure out how to get our debts and deficits in order. the rest of the world looking at us and worried how serious the u.s. is about political harmony. a lot of different fronts all moving at once. you add in europe and the sense of confidence, this lack of confidence around the world and that is what we are dealing with still this morning on a friday morning. kyra? . we are sitting back wondering where the heck are futures headed? alison kosik at the new york stock exchange. what do you think? reporter: we are 30 minutes from the opening bell and the thing their worse levels of the morning but we are still seeing another triple digit drop on the dow. all major averages right now down more than 1%. this is just more of the same. continuation of yesterday s sell-off. we have seen circ ....
official that he will be unveiling his job plan when congress returns in september. they return early september after labor day. a senior administration official billing this as a major speech and telling us that this is likely to be a mix of tax cuts, of infrastructure spending, and something to address those that are the long-term unemployed. the thing to consider, kyra, all of those things laid out there are items republicans are flatly opposed to or opposed to the way in which the white house and democrats so far have said they want to execute those issues. in the meantime, we are three hours away from the president coming here to this hybrid corn seed warehouse in atkinson, illinois, where he is going to be draefg a croaddressing a cro already lining up to get inside to ask him questions in this town hall meeting. this will be his first it would have today in what we are expecting to be probably a largely friendly crowd here today. kyra? well, our wolf blitzer al ....
9:00 am on the east coast, 6:00 am out west. marathon talks lead to a new debt deal. at least in theory. the president backs it. so do leaders of both parties. still, no reason to celebrate just yet. in syria, a violent crackdown on anti-government protests. more than 7 0 people killed and counting. and new this morning, a big change to health coverage. the federal government will require insurers who provide birth control without co-payments. now, in just a few hours, we could see the beginning of the end of the debt crisis. it s been the issue in washington for weeks. and you re probably tired of the finger pointing and doomsday predictions. today, that could all come to an end if the house and senate approve a compromised plan. the deal identifies about $1 trillion in spending cuts over ten years and raises the debt ceiling by about the same amount. bipartisan committee must find ways to trim another trillion a, a so-called deficit posse. the president and hous ....
blame. the debt crisis, here you go. the deepening stalemate. president obama reaches out to a new player and the game is you. in norway, breivik s father wish his son would have killed himself rather than slaughter dozens of people. bp has a big turnaround. the company raked in more than $22 billion in profits for the quarter! the debt, minute-by-minute, the nation inches closer to the brink of twault. the countdown less than seven full days before the federal government runs out of money and unable to pay its bills. in washington a stark message is delivered between the president and the speaker of the house. their parties are desperately divided and you and i are about to pay the price. we are covering all of the angles from wall street to the white house. ali velshi getting really creative and looking at the cost americans could face even before time officially runs out. of course, dan lothian with the politics and the posturing. ali, let s start with you. t ....