American Morning

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July 28th, 2011
02:55 PM ET

What you can do protect your personal finances if the U.S. defaults on its debt?

Politicians in Washington seemed no closer to reaching a deal on raising the debt ceiling and trimming the budget deficit yesterday, sparking a recent sell-off in the market and causing stocks to drop as worries continue to increase that a solution will not be reached by August 2nd.

For average Americans worried about their investments and their 401k, this situation is bringing back frightening reminders of 2008.

Today on American Morning, Leigh Gallagher, assistant managing editor for Fortune Magazine, joins Ali Velshi to break down what you can do protect your personal finances if the U.S. defaults on its debt.


Filed under: Budget • Debt • Debt ceiling • Deficit • Money & Main Street • Wall Street
July 28th, 2011
01:59 PM ET

Rep. Phil Gingrey: 'I'm not on board'

Washington (CNN) - The GOP-controlled House of Representatives is set to vote Thursday on Speaker John Boehner's plan to raise the nation's debt ceiling while enacting sweeping cuts in government spending - the latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe.

Some Republicans have said this will be their last, best proposal. Senate Democrats warn the plan is dead on arrival on their side of Capitol Hill even if it passes the House.

This morning on American Morning, CNN's Kiran Chetry speaks with Rep. Phil Gingrey about his opposition to Speaker Boehner's plan and why he still supports a balanced-budget amendment.


Filed under: Budget • Debt • Debt ceiling • Deficit • GOP
July 28th, 2011
09:53 AM ET

Will Speaker Boehner be able to get enough votes to pass bill?

Members of the House of Representatives are scheduled to cast a pivotal vote on House Speaker John Boehner's debt plan today, as divisive infighting over raising the debt ceiling continues amongst House Republicans.

The House vote will be a major test for whether the GOP caucus can push through the Boehner measure in the face of an expected unified Democratic opposition.

Jonathan Allen, senior congressional reporter for Politico, joins American Morning today to discuss the latest in the debt-ceiling negotiations and to weigh in on whether or not Boehner's plan will be able to get enough votes to pass.


Filed under: Budget • Debt • Debt ceiling • Deficit • GOP
July 28th, 2011
07:45 AM ET

AM Exclusive: Bachmann a 'no' on Boehner debt plan

In an exclusive interview with American Morning's Kiran Chetry, Republican Presidential candidate Rep. Michele Bachmann says she won't vote for House Speaker John Boehner's debt plan and opposes any plan that increases the debt ceiling.

"All of the plans out there start with the wrong premise...raise the debt ceiling," Bachmann says. "Out on the trail, people are saying 'Government, get your act together and cut spending.' Washington has their fingers in their ears right now. They're not listening to the American people. That's why I'm adamant – I will vote "no" on the increase on the debt ceiling. We need sanity back in Washington."

She went on to say that President Obama has failed to properly understand the issues. "On every measure, this President has failed," she says. "He has a big "F" on his economic report card. He has to take responsibility for the economy because he's the one who has made these decisions. That's not to say President Bush didn't overspend."

Kiran sat down with Bachmann yesterday to talk about her decision to run and how she would fix the nation's debt problems. The full interview will be uploaded throughout the morning. Stay tuned to American Morning for more.


Filed under: 2012 • Debt • Debt ceiling • GOP
July 28th, 2011
07:06 AM ET

AM Exclusive: Bachmann: Obama 'effectively a dictator' if 14th Amendment is invoked

If President Obama invokes the 14th Amendment to raise the debt ceiling, he would "effectively be a dictator," Republican Presidential candidate Rep. Michele Bachmann says in an exclusive interview with American Morning's Kiran Chetry.

“Congress has the power to lay and collect taxes," Bachmann says. "It's Congress that does the spending. The President is prohibited to do that. If he had the power to do that he would effectively be a dictator. There would be no reason for congress to even come into Washington DC. He would be making the spending decisions. He would be making the tax decisions. Clearly that's unconstitutional.”

With five days until the Aug 2nd deadline, the House is expected to vote on Speaker John Boehner's plan to cut government spending and raise the nation's debt ceiling. And Bachmann, along with a growing number of House Republicans, is saying she doesn't support the Speaker's plan.

Kiran sat down with Bachmann yesterday to talk about her decision to run and how she would fix the nation's debt problems. The full interview will be uploaded throughout the morning. Stay tuned to American Morning for more.


Filed under: 2012 • Debt • Debt ceiling • GOP
July 27th, 2011
12:01 PM ET

Senator Pat Toomey: 'We ought to have a plan B'

Pennsylvania Senator Pat Toomey unveiled legislation yesterday that would require the government to promise to pay its interest on its debt, send out Social Security checks and pay active duty military if Congress cannot reach a deal on raising the debt-ceiling by August 2nd.

The bill, called Ensuring the Full Faith and Credit of the U.S., has 31 cosponsors in the Senate and comes at a time when lawmakers are becoming increasingly concerned that a deal will not be reached by next week's deadline.

Today on American Morning, Senator Toomey tells Ali Velshi how he would prioritize spending, offering his take on Speaker Boehner's plan to increase the federal debt-ceiling.


Filed under: Budget • Debt • Debt ceiling • Deficit
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