American Morning
Rep. Trey Gowdy on debt plan: 'I predict it will be done today'
House Speaker John Boehner was unable to muster sufficient support from the hardline fiscal conservatives in his caucus to pass his debt-ceiling plan in the House yesterday, causing the expected vote on the bill to be delayed.
Representative Trey Gowdy, a Republican from South Carolina and a Tea Party freshman, is one of the members of Congress who Boehner failed to win over last evening.
Gowdy joins Christine Romans today on American Morning to discuss whether progress was made in last night's meeting with the GOP caucus and to weigh in on what it will take for him to support the debt-ceiling bill.
"I view my job as the Congressman for the Fourth Congressional District in South Carolina is to vote the collective conscience of my constituents which is this: We have a $14 trillion problem. The notion of giving the President a clean debt increase was never going to happen," Gowdy says in the interview.
He adds, "What we'll do today, I predict will be done today, is for the third time, send a plan that raises the debt ceiling in a responsible way."
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.
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.
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.
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.
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.
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