American Morning

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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 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
July 27th, 2011
11:47 AM ET

What would a U.S. credit downgrade mean for the economy and the average American?

As fears continue to rise about the U.S. defaulting if lawmakers fail to hash out a plan to raise the U.S. debt ceiling, concerns are also escalating about a potential downgrade of the U.S. credit rating.

Rating agencies - Standard & Poor's, Moody's and Fitch - analyze risk and give debt a "grade" that reflects the borrower's ability to pay the underlying loans.

The U.S. has had the highest credit rating, AAA, since Moody's began assigning ratings in 1917. However, this may change in the near future.

Paul La Monica, assistant managing editor for CNN Money, joins Ali Velshi today on American Morning to weigh in on what a downgrade would mean in terms of U.S. Treasuries, the U.S. consumer and the overall economy.

Filed under: Budget • Debt • Debt ceiling • Deficit • Economy
July 27th, 2011
11:33 AM ET

Rep. Flake: 'We ought to at least have a bill that doesn't get us further down the road'

House Republican leaders were forced to delay a vote on Speaker John Boehner's plan to raise the nation's debt ceiling last night after conservative lawmakers expressed skepticism about the bill and the Congressional Budget Office estimated that the the plan would reduce deficits by only $851 billion over 10 years.

Speaker Boehner announced today that he will rewrite his  legislation to ensure that it meets his oft-stated pledge to cut spending more than Congress increases the federal borrowing limit.

Jeff Flake from Arizona, member of the Appropriations Committee, is one of the House Republicans who has come out against the Speaker's bill.

Today on American Morning, Flake joins Kiran Chetry to weigh in on why he is not supporting the bill and to discuss what compromises are necessary in order to secure his vote on a debt-ceiling bill.

Filed under: Budget • Debt • Debt ceiling • Deficit
July 27th, 2011
10:48 AM ET

Governor Rick Scott: 'We cannot continue to borrow money'

The ongoing debate in Washington over whether to raise the federal debt ceiling has many governors from both parties worrying about how the negotiations will affect state finances.

However, Republican Governor Rick Scott of Florida seems less concerned then others about a potential default, telling reporters yesterday that failing to raise the debt-ceiling would have a "minimal" effect on state governments and financial markets.

Scott joins Christine Romans on American Morning today to describe why he would not raise the federal debt ceiling and to discuss why he thinks that the government must prioritize spending and stop borrowing money.

Filed under: Budget • Debt • Debt ceiling • Deficit
July 26th, 2011
10:56 AM ET

David Gergen: Debt talk fallout 'is a self-inflicted wound'

Early on Monday, Democratic and Republican congressional leaders unveiled separate debt proposals that the other side quickly rejected, demonstrating the deep partisan divide that exists despite months of negotiation.

Both plans provide a path to raise the debt ceiling through the end of 2012, but they differ in scope and over key components involving requirements for future congressional action.

Both President Obama and House Speaker John Boehner addressed the country last night about the impasse in the debt talks.

Today on American Morning, David Gergen spoke with Kiran Chetry about his reaction to the speeches and the likelihood that a deal will be reached, stressing the importance of maintaining the U.S. credit rating.

Filed under: Budget • Debt • Debt ceiling • Deficit
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