i'm christine romans. but the fact remains, the value of your biggest asset is down some 30% over the past few years. the housing market has changed and so have you. what you need to know if you own a home, want to buy one or rent. plus, is it ever okay to walk away from that mortgage even if you can afford to pay? let's start with the american dream of owning a home. if you're a buyer it's a dream market, only if you can get the loan. with ten of the nation's largest mortgage lenders denying almost 27% of loan applications last year, that's up from 23.5% in 2009. this is according to "wall street journal" analysis. if you're a seller it's a

christine roman, cnn, new york. >> and be sure to join christine romans for your bottom line and aliut 21 minutes past the hour, let's check out some of our top stories. the dealt ceiling crisis is turning into a real cliff hanger, talks stall over the weekend. now, democrats and republicans are work october separate plans. >>> president obama cancelled two fund-raising appearances today to focus on the talks. >>> are you ready for some football? nfl owners and negotiators for the players have aground a new labor deal according to nfl.com. players are expected to give their formal approval today, clearing the way for preseason training to start this week. >>> an autopsy is scheduled today for singer/songwriter amy winehouse, found dead in her london apartment on saturday at the age of 27. the five-time grammy-award-winning artist was acclaimed for her talent but notorious for her erratic public behavior n ten minutes, we will talk much more about drug addiction with jane velez-mitchell and rock star johnny colt. >>> jury selection is under way in the warn jeffs trial, he is the polyg

christine romans with a look at what your money could be doing today. i guess this is one of the biggest issues that investors are worried about right now. >> that's right. the debt ceiling. i hope they have a big door in washington to leave the political rhetoric next to. >> no kidding. a big check room. >> that seems to be taking all the oxygen out of the room, no question. but also watching greece and watching european debt default concerns. you know, we told you yesterday that a poll of 27 economists said that was the number one concern. this morning we have insurance, the cds, the credit default swaps, how to ensure against defaults in europe. those have skyrocketed. costing much more than it has in a very long time to ensure portugal, even belgium, greece, and many other countries. we're watching that today and futures right now. >> another way to say that is that more people are betting there could be serious problems with the european economies. >> that's absolutely right. it costs more to ensure against a bankruptcy of some of these economies.

wake up call," i'm christine romans live from new york. where is ali velshi? he's waiting for the final count down. this time it's real. nasa tells us at this moment space shuttle "atlantis" is fueled up, astronauts getting final medical checks, the final launch for "atlantis," the final launch set for this morning. you this is it, guys. bad weather could turn today into a big tease, we're hoping not but maybe. there's a 70% chance of bad weather so it might have to wait, then velshi waits. >>> the jobs report due out in a few hours. we expect it to be a lot better this time. cnn money predicting 125,000 jobs were added to the economy last month. adp, the private payroll company, yesterday said it counted 157,000 job added in june. both of those numbers blow away the figure for may. only 54,000 jobs created. remember, it takes 150,000 new jobs just to keep up with population growth in this country. we're also expecting the jobless rate to drop maybe a notch from 9.1% to 9%. of course, jobs, the economy, very political these days, right? president obama, congre

i'm christine romans.e been hit hardest by the recession but they're making up ground in this recovery. we'll look at a new gender gap in the race for jobs. investing in schools in a new era of massive government cuts. sky-high college tuition, teacher cheating scandals, bigger class sizes, we're still falling behind the rest of the world. >>> john legend calls education reform the civil rights issue of our time. why reform is needed right now. then i love my boss. that's what they wrote for me to say. if your boss is horrible we tell you how to cope in the office. >>> but first, the great recession took 7.5 million jobs. seven out of the ten jobs were lost by men. that's changing. according to pew research as jobs are slowly coming back, men have been finding their way back into the work force at a substantially higher rate than women since the recession ended. i'm joined by jane bryant quinn, a personal finance writer and author of "making the most of your money now" and rick neuman the chief u.s. busine

where the american team arrived following the shoot out the feeds on monday however captain christine romans says the school should start focusing on next summer's london olympics which will also be her last moments before retiring from the schools. can build up anything you know i think you're always learning there is a positive way from every loss and i think that's what you've done throughout the year of building off of it and learning from experiences learning from your mistakes getting. growing together as a team just think positive you know we had one text right around the corner it's you know enjoying this through it what it's been for has great history again some recovery and some rest and then start you know get ready for qualifying for the olympics. no football and the copa america is also heating up with the first time a final due to be played later on she used a europe wide take on cairo after an emphatic victory over hosts argentina in the course says europe while they thought in time called america champions and favorites to their up coming up on and all sorts of far as his tea

i'm christine romans. but the fact remains, the value of your biggest asset is down some 30% over the past few years. the housing market has changed and so have you. what you need to know if you own a home, want to buy one or rent. plus, is it ever okay to walk away from that mortgage even if you can afford to pay? let's start with the american dream of owning a home. if you're a buyer it's a dream market, only if you can get the loan. with ten of the nation's largest mortgage lenders denying almost 27% of loan applications last year, that's up from 23.5% in 2009. this is according to "wall street journal" analysis. if you're a seller it's a nightmare. home prices rose slightly for the first time in eight months, this according to the most recent s&p case-shiller 20 city index. that's the sign of life this spring i was it telling you about, but don't get too excited. prices are down 32% from their peak, set in 2006. the chart tells the picture there. home ownership also is at the lowest level now since 199

i'm christine romans. we've all splurged on something we shouldn't have, bought a stock high and then sold it low. so why can't we control ourselves? we'll get to that with our panel in a moment. first a look at the complicated relationship between what goes on in here when it comes to this. >> it's megamillions. >> the odds of you standing there with the big check are just north of zero. so, why do we buy a ticket? >> are you ready. >> scott hotel is part of duke university's neuroeconomics team, exploring among other things why smart people make foolish decisions with their money. >> people don't buy a lottery ticket just because they have a chance of winning. they will buy a ticket because over the next couple days it allows them to fantasize what they would do if they won the lottery. in a sense they're paying for that experience rather than a chance for the lottery itself. >> it's not just the lottery. nathan zweig know is firsthand and put his brain to the test with scott's team at duke. >> it's a co

christine romans is off this week. from your credit card debt to your home and car loans your child's education and your retirement, how close are you to reaching your financial limit? we tell you what you can do now to avoid defaulting on your bills. the latest rage on twitter is the rage against washington. can we still trust our politicians to do what's right for the country? and this one i love, meet america's future leaders. they are girls aged 13 through 17, and they have just schooled the boys at the first google science fair. wait until you hear what inventions got them to the top. we begin with the debt ceiling. while washington continues to try to figure out how to pay its bills, you might be as well. john is with smartcredit.com and car men wong ullrich the author of "the real cost of living." carmen, a fantastic opportunity while everybody is talking about the debt limit and people keep using analogies to the american family and credit card limits, a good time to take stock of your life and how it compares

. >> let's go to christine romans live. good morning, christine.w what's weird about the markets this week. they're not just paying attention to the debt ceiling. i think if investors were only paying attention to the debt ceiling, we'd have had worse markets than we've seen so far. think you're right. we've got futures lower this morning because of what's happening in the house, the failure to vote on the deal late yesterday. we've had five days in a row of stocks down. it does tell you the overriding concern continues to be what in god's name is going on in washington. but we're also watching bonds, currencies and the other managements. again, futures are lower this morning and i wanted to quickly tell you about a report from credit suisse that says, ali, that u.s. stocks could fall 30%. 30% over six months to a year if the u.s. were to default. so worst case scenario, according to credit suisse, a 30% decline if the stock market. that means anybody in congress who's holding onto their ideology to try to make a point will be making a point, of co

. >>> christine romans joins us now. good morning. markets back in business today.rday, i asked you for a firm prediction of what markets could do because u.s. markets are closed. >> i'm going to say, my call, my morning market call is really flat. ali, it was huge week last week. stocks were up 5%. jobs report on friday. the action of the first few days of this bookended by last week and them the jobs report on friday. >> okay, debt ceiling, august 2nd, the senate is back in business today. the house comes back tomorrow. i can't say this enough, because people don't seem to taking seriously how missing this deadline could affect plain old americans. >> i'm with you. you missed this deadline. credit ratings agency saying that america can't pay all of its bills. suddenly you got interest rates going up for you need it for, student loan, credit card, car a house. not to mention the fact of insecurity and the unpredictable nature of what global markets would think of the u.s. it's not a good time. i'll give you another deadline, july 22nd or july 23rd. you got to give

. >>> let's go to christine romans this morning. she is standing by. r prediction as to how u.s. stocks are going to do today. >> they're going to open right where they closed on friday and stay that way because markets are closed today this is one of the rare days of the year where you know the markets are going to do. they're going to do nothing because they're closed. >> i tell you you might have thought that the whole last three months, we measure these things in quarters, was lousy. it was a write-off. something happened last week. >> last week was one of -- here's a number for you, ali. 648. that's how much points the dow rallied last week. >> wow. >> yeah, biggest weekly rally for the dow in a couple of years. a couple of things here. the stocks that are dependent on the economy to grow like united technologies, caterpillar, they did very, very well last week. people are talking about back in cyclicals again after a very, very terrible may and june and really july, so the quarter was flat to slightly lower depending on the average or the index. g

. >>> let's get to christine romans live here in new york.of people are saying, if there's no deal tomorrow morning, markets are going to be tank. asian markets closed higher. why? >> well, you know, markets think that's something going to happen. they think that washington is not going to shoot itself in the heart even though they're very concerned about the long-term fiscal health of this country. also when we see markets, what do we mean? stocks? bonds? currencies? all of these markets are acting differently depending on the mood of the moment. we're looking at stocks index futures right now. they're moving up a little bit. that's because, markets watching carefully to see what happens next. a two-tiered deal. or harry reid plan may go through. but still waiting. >> on top of that, we have earnings. report cards for companies in america. >> what they're reporting many of the companies, their profits are going up. their rev news are going up. they held cost down to the bone for a very long time. they're concerned about the economy. we'll be

i'm kiran chetry. >> i'm christine romans. nd there for us covering the morning's shuttle launch. good morning, ali. >> good morning, christine and kiran. i'm a little emotional about it when you showed that archival footage of some of the moments in the shuttle program. it's been 30 years. we're live here at kennedy space center in florida. counting down the hours and minutes until the final launch ever of the space shuttle "atlantis" and the shuttle program. it is scheduled for 11:26 eastern time today. let me show you a few really great pictures of a -- live pictures, a view from the top. few guys in orange suits looking for ice, checking to make sure none of the condensation has turned into ice. they have to check everything. something called a firing room, the place where you think of it as a control room, they're going to determine -- they're going to launch it from there. everybody is there, they're ready to go when it happens. and we've got various other pictures we can show you about them getting ready. this is called

i'm christine romans. new developments in another high-profile case attorneys for dominique strauss-kahn preparing to meet with prosecutors today. we're live with new details. >> 27 days until "d" day, "d" stands for default. president obama is taking new steps to try to broker a deal. we're live at the white house on this "american morning." >>> welcome, glad you're with us this morning. it is wednesday, july 6th. i'm sure like you all, like the rest of the country, we were riveted yesterday, 2:15 was the time that verdict came in, not guilty in the casey anthony trial. >> i heard that there were people in the streets who don't even follow the stuff and stopped and went to the first place for tv. >> i was at the dentist and the place stopped business. a liar but not a murderer. the verdict few people expected, casey anthony acquitted of capital murder, manslaughter and child abuse in the death of her 2-year-old daughter caylee. a florida jury deliberating for just under 11 hours, convicted her only on fou

christine romans back for us, live here in new york. ristine, we're looking very carefully at this. how are u.s. markets shaping up this morning? >> futures down in the u.s., watching asian markets. it closed all lower as you reported so far. we're be watching how european markets continue, the greece downgrade, but it's all about a debt stalemate in the u.s. and what that's going to mean for international investors and u.s. investors here. this is something that has been a crisis in the making for months, if not years, and now the markets will have to weigh in because the united states is deadlocked on this and we still don't know how markets will react, but the betting is it won't be good, ali. >> all right. the credit worthiness of the united states is at stake. since the united states had its credit rated in 1917, it has never been anything but the highest, the absolute highest. how big a deal is this? >> we pay our bills on time all the time every time. when someone wants to invest in something that's the safest thing they can inves

catch christine romans saturday mornings at 9:30 a.m. eastern. stay connected to us 24/7 on facebook and twitter. my handle is @alivelshi. for the show, it i is @cnnyourmoney. the coverage continues on "cnn newsroom" right now. >>> you're in the "cnn newsroom" where the news unfolds live this saturday, july 30th. i'm fredricka whitfield. we're keeping an eye on the u.s. senate and house chambers where lawmakers are in session this afternoon, trying to end a tense political standoff over the debt ceiling. so far, we have only been hearing more contentious remarks from both sides. we'll take you there live in a moment. >>> many of you are expressing frustration with the debt impasse in washington. and with members of congress who have yet to reach a deficit reduction deal. vernon hill says he wants lawmakers to get the u.s. out of debt or resign. >> the united states of america is about to go broke. we're about to lose our credit ratings. the people of the world are looking at us and wondering what the hell is going on with the greatest nation in t

christine romans takes a look. >> reporter: brand new analysis shows the recession widened the racial wealth gap, so much so that it created the largest differences in wealth between racial groups that we have seen in the past 25 years. take a look at this. this is 2005. the median household net worth for white, hispanic and black families before the economic downturn, you can see a disparity already. what does that mean? household net worth means how much you own like your house, your car, minus how much you owe, your debts for things like mortgages and auto loans. this was 2005, then bam, 2009, there's that disparity. the housing bubble burst in 2006, the recession hit in 2007, continued into 2009, and this is the toll it took. let's check out 2005, 2009 side by side. minorities were much harder hit than white americans by the economic downturn and the financial crisis and that wealth gap is almost twice what it used to be. that's really interesting here, also, that hispanic households lost a whopping 66% of their household net worth over those few years. why? the study says it's be

cnn's christine romans joins us, live from new york.what are we to make of all of this. >> one economist described it, a big bucket of very cold water frankly. it shows that the government is still shedding jobs, because of state and local budget cuts. losing government jobs and the private sector is not robustly creating jobs. so overall disappointing report altogether. i asked austan goolsbee, i asked him, you know, what this means what we can do to start creating jobs in this country. >> i view this number as a call to action, that we should, in washington, be doing everything we can on a bipartisan basis to get the growth rate back and to help facilitate the private sector standing up and leading the recovery. that's what has to happen. and there are a number of things that we can do right now that are teed up on the table in a bipartisan way but i view it as that call to action. >> so in the meantime, while we wait for that bipartisan action, a 9.2% unemployment rate. austan goolsbee and the president today pointing out that we hav

christine romans is looking at how your money is looking this morning.w revenue stream. >> that's right. and we're not talking about the fee they keep slapping on. i think they found as many new fees as they possibly can find. this is selling your information to retailers and then they target for you discounting and special deals. if you act on those discounts, the bank gets paid. so does a middle man, too. so this is banks finding a new way because they know you better than anybody else, right? they know what kind of bills you're paying, what you're not paying, selling that info to retailers in a new way. i know you like this in some ways. >> i was going to say, i'm not nearly -- i like the idea that retailers know what i like and then target me for what i like. so i'm not nearly as troubled. but it does fall into that somebody taking your information category. >> and they're not doing to be nice and convenient. they're doing it to make money off of you. so in a country where we still have too much consumer debt, people need to be careful that the banks

christine romans is here.joining me, pete dominick. 50,000 people from around the world are randomly selected in this lottery every year, no special skill or education required. what do you think of this system? is it a good system, a bad system? >> that's a different story altogether. 50,000 people randomly selected in a sea of -- it's just luck. what's the point? >> i don't know if this is common around the world. are we the only country that does it? >> it's rare. most country try to match skills with what the economy needs, this is meant to broaden out -- most of the people who come to this country are sponsored by somebody else. a lot of people are coming from mexico, central america, canada, from other countries. this is a way to diversify that pool. it's a way for some people to get in. but 22,000 people? come on. they should just give these people their green cards. >> depicted from a small subset -- >> the first people who applied -- this is way worse than winning the actual lottery. you won $30 milli

i'm christine romans. ali velshi is off this week. so what could change for you in an eventual debt ceiling deal? three huge issues to watch will be tax increases paired with possible cuts to social security and medicare as part of what could be $4 trillion in proposed debt reduction? jeanne sahadi joins us. >> they say we have to raise taxes on the wealthy and close corporate tax loopholes. the republicans say, no. we're not going to be raising taxes in the wake of the jobs report. democrats say, we're not going to be on board with any cuts to social security or medicare. we want those to be dealt with separately in the same way that republicans want to deal with taxes separately. democrats say, we're not cutting social security and medicare. and this week, they got very upset when they heard reports that president obama may be considering a change in the way inflation is calculated which would affect the cost of living adjustments for social security benefits. >> they sure were upset. and even nancy pelosi stood up and said, this ne

christine, i'll see you on "american morning," christine romans. >>> trip adviser is out with its dirtiestere are the top five. grand resort hotel and convention center in pigeon forge, tennessee. 88% of reviewers didn't recommend this hotel. the jack london inn in oakland, california, got a thumbs down 79d% of the time. desert inresort in daytona beach, 891% said they wouldn't recommend this hotel. hotel carter in new york city. rounding out the top five was polynesian beach and golf resort in myrtle beach, south carolina. >>> first here is today's get smart question in honor of the debt ceiling debate, how many checks does the u.s. government send out every second according to the president? six, 18 or 27? the answer after this quick break. it is 36 minutes after the hour. excuse me? my grandfather was born in this village. [ automated voice speaks foreign language ] [ male announcer ] in here, everyone speaks the same language. ♪ in here, forklifts drive themselves. no, he doesn't have it. yeah, we'll look on that. [ male announcer ] in here, friends leave you messages written in the ai

here is christine romans with a look at what you can expect. >> hi, susan.r bottom line," first the heat session now the heat recovery. men may have been hit by the hardest by the recession but they're making up. a new gender gap in the race for jobs. investing in schools in this new era of massive government cuts. sky high college tuition, teacher cheating scandals, bigger class sizes, we're falling behind the rest of the world. john legend, he calls education reform the civil rights issue of our time. why he says education reform is needed right now. then, we love our bosses, don't we? at least that's what we're supposed to say, right? if your boss is horrible we're going to tell you how to cope in the office. that's coming up at 9:30 a.m. eastern. >> we love our bosses, i second that. thank you. >>> in business news, companies will release their latest earnings reports next week. poppy harlow tells us about that. alison kosik has the details on the latest job numbers. >> hi, susan. the june jobs report stunned wall street this past week. a mere 18,000 job

christine romans has the morning off. >> i was waiting for christine to talk. >> you found out?here. >>> the countdown to any type of economic meltdown could be days away now. president obama making it clear that with 23 days left to go before america defaults on its debt, congress needs to agree on a plan to raise the debt ceiling in the next nine days. the president met with top congressional leaders yesterday at the white house. they say no progress was reported, but they'll go back at it again today. dan lothian is live at the white house this morning. what are the biggest sticking points? what's holding up this deal, dan? >> it's really about taxes. republicans saying that they don't want to see any tax increases even on the wealthiest americans, because of this economic environment. as we've pointed out, there's a lot of optimism going into that meeting over last few days, and then house speaker john boehner essentially backing out, abandoning those plans for that bigger deal which the president wants to do, up to $4 trillion in cuts and also tax hikes. the president not b

christine romans is off this morning. it's not just the social security checks but veterans benefits, other -- >> right. >> that's a scary process. >> starts to get mathematical. we have to figure out what gets paid and what doesn't get paid. another big story right now, a massive and dangerous heat wave is gripping much of the nation. here's how it looks and feels across the country. take a look at the red quarter. temperatures expected to reach 104 degrees in parts of texas today, in the southeast, temperatures are expected to reach the upper 90s and more than just uncomfortable, it's dangerous. heat has already claimed the life of at least one person in illinois and adding to that, the heat is causing drought conditions in the deep south to intensify. also this morning, hundreds of thousands still without power in the chicago area after strong thunderstorms rolled through. officials warn the power there might not be back on until saturday. let's go live to rob marciano outdoors this morning, silly rob, in atlanta's pie

this time in france. >>> i'm christine romans.s spending the day on the campaign trail in iowa and new hampshire. rick santorum will join us live on this "american morning." >>> good morning! it is tuesday, july 5th. kiran chetry has the day off. >> good morning. >>> as dominique strauss-kahn was beginning his newfound freedom, the former head. international monetary fund is about to be hit with attempted rape eight years ago in france. >> our jim bittermann is live in paris. jim, what is the latest? >> reporter: good morning. we are basically, waiting for the complaint to be filed. the lawyer for someone named christine beman says he will file that sometime in the prosecutor's office in paris. after that the prosecutor has to take a look at the complaint and see if it is justifiable to bring charges against dominique strauss-kahn here. we are hours away from that. after all, this incident that took place eight years ago is kind of a he said/she said incident as far as we know. we know nothing about any kind of evidence that might

hello, i'm christine romans! so we sent her home.>> nothing worse than a summer cold. >> it's okay she is not here because kind of the same news as yesterday. >> hey, there are updates this morning. please. >> here is one of them. >>> house speaker john boehner cracking the whip against members of his own party during a closed door meeting yesterday. he ordered his colleagues to get behind his plan. a plan that gets put to a vote today. >> at least two people weren't listening. we spoke earlier to republican congressman phil gingrich, as well as congresswoman michele bachmann. here is the congressman. >> this takes guts. this is a tough goat. i love my speaker and have deep respect if tour leadership but i feel strongly about this and i'm trying to do what is right for the american people, not so much what is right for our party or the political careers of our speaker or even yours truly. i'm going to stand strong on this. i'm going to vote no because i truly want us to have the opportunity to take cut, cap, and balance off the table

i'm christine romans. let's get you caught up on what's happening. today could be get out of jail day for casey anthony. one of the there jurors who acquitted anthony of murder is breaking her styilence about th verdict. >>> a chilling warning about u.s. security officials that terrorists could try surgically implanting explosives inside of human attackers to try to take down commercial airlines. the al qaeda member that could be masterminding that plan ahead. >> i'm ali velshi. president obama hoping to narrow the partisan divide over raising the debt ceiling. today he will host a high-stakes summit just as new details emerge of what could be a come prom nice the battle over cutting the nation's debt on this "american morning." >>> good morning. welcome to "american morning." it is thursday, july 7. another bombshell in the aftermath of the casey anthony verdict this morning. she will be sentenced today. in just three hours we could see her walk out of that courtroom. she could be sentenced for lying to p

i'm christine romans. no deal. efforts to reach an agreement on the debt crisis failed over the weekend. markets around the world are falling. this will have a direct effect on your 401(k). >> i'm ali velshi. the norway terror suspect who admits killing 93 on friday is expected to appear in court in the next hour. his lawyers says he'll explain himself. little comfort to a grieving nation trying to make sense of a massacre, on this "american morning." >>> good morning. it is monday, july 25th. this is "american morning." a lot going on. let's get you right to it. >> glad you're back. it has been a very, very busy news time. >> it sure has. >> while you've been gone. and they solved the debt crisis while i was away -- wrong. >> a new and powerful force is now entering the debt ceiling debate and as christine said it's the financial markets. >> the most important at this point. >> that's what it's about. the markets are down overseas in hong kong and japan, they closed down as efforts to reach an agreement in washing

call or click today. >>> i'm christine romans.e week now from the deadline that could wreck america's economy and reputation. president obama makes his case for a deal and house speaker john boehner answers. we are live at the white house with the latest. >> i'm kiran chetry. what, if anything, did the back and forth accomplish and are the two sides any closer to a promise? we will be speaking with senior political analyst david gergen. >>> i'm ali velshi. a new sturdy is showing the wealth gap is growing even wider on this "american morning." ♪ ♪ >>> it is tuesday, july 6th. the headlines -- no deal. the clock ticks toward the debt ceiling. >> as it gets closer and closer a lot more frayed nerves and questions about our future economic health. the debt crisis is looming. the president and house speaker john boehner try to take their cases directly to the nation last night. first, it was the president. he gave a prime time speech as the nation is now a week away from this august 2nd deadline. the president made it clear he will re

i'm christine romans. as the u.s. economy lurches closer to a financial crisis, the political crisis continues. house speaker john boehner calls off a vote, unable to convince hardline conservatives in his party to sign on to his plan. >> i'm kiran chetry. more than 90% of texas is now in extreme drought. the state could sure use a lot of rain and now tropical storm don is expected to make landfall along the southern coast today. >> and it's happened again, a muslim-american soldier in police custody for allegedly plotting to kill fellow soldiers at ft. hood. a live report from texas on this "american morning." >>> good morning. it is friday, july 29th. this is "american morning." a lot going on to get you caught up today. it's interesting there's a report from credit suisse that says if the u.s. were to default, u.s. stocks would fall 30% over six months to a year showing you just how serious this is for your investments. we're already seeing signs of strain in the financial markets in terms of companies pulling mone

i'm christine romans.k because it doesn't offer the spending cuts republicans thought. we are live in washington what edge means for the deadline six days away. >>> it's debt d-day. i'm kted. from america's aaa credit rating to the overall economy and your finances. we break down what will happen if congress fails to raise the debt ceiling in just six days. >> i'm ali velshi. a 9/11 health plan won't cover cancer. we will speak to first responders and advocates who call it an insult on this "american morning." ♪ >>> good morning, everyone. it's wednesday, july 27th. the debt stalemate continues. >> time is running out. house speaker john boehner has a plan considered a live plan and put it up for a vote -- actually he ended up pulling it because it's under fire from members of his own party. >> the problem is the numbers do not add up. today's vote has been postpone. in a few hours, house republicans will meet again. >> joe johns is live in washington. how big of a setback is this for the speaker on this?

. >>> want to bring in christine romans of our money team from new york. country's credit rating already been hurt by all of this because we've come so close to this deadline? >> many folks are saying that even if there were a miraculous deal right now to raise the credit limit, our credit card limit or the debt ceiling, you still have the united states in political disarray in the eyes of the world, you still have long term unsustainable structural deficits that have to be fixed and you clearly have washington who is not on the same page and many investors are saying it looks as though washington is unable, unwilling or simply doesn't understand well enough to understand how to get this fixed. so that is and ongoing problem for the united states. now, the irony here of course is that with all this uncertainty, the safest and most liquid investment in the world happens to be the united states treasuries. so that seems to be an ironry is that you still have people talking about that as the safest places to put your money. but merrill lynch coming out and say

christine romans, cnn, new york. >>> just about 20 minutes past the hour. here is a look at the top stories this hour. police are using a mini submarine and specially equipped votes off the island. suspect anders behring breivik is in custody and confessed to carrying out the attacks. >>> in libya, the convicted lockerbie bomber attended a progadhafi rally. he is here in the wheelchair wearing a surgical mask. he was released from prison on the claim that he was dying of cancer. >>> and dunkin' donuts is franchised owned. the company opened 200 new franchise stores last year and have plans to open just as many this year. >>> and then a suicide bomber kills leaders in afghanistan. there is a string of killings that are targeting high-ranking officials. to keep in balance after 50, i switched to a complete multivitamin with more. only one a day women's 50+ advantage has ginkgo for memory and concentration, plus support for bone and breast health. a great addition to my routine. [ female announcer ] one a day women's. -why? -why? -why? [ female announcer ] we

executives from major rating agencies are testifying right now on capitol hill and christine romans of our money team explains how these agencies work and why they matter. >> before you can get a credit card or borrow money, banks run a credit check on you. the ratings agency runs credit checks on companies and even countries. standard & poor's, fitch, moody's, they analyze how risky is country is, it reflects the borrower's act to pay back hones. the safest bets like u.s. government debt are stamped aaa, the safest rating this is. and it's been that way since 1917 when moody's first assigned a rating. but that could change soon. let's take a look at other countries. the united states and these other 18 countries have aaa ratings. the u.s. is the big safe haven in the world. so why do these credit agencies matter? who listens to them? investors around the world listen to them. they look at the credit rating agencies and the credit rating of companies and countries to decide where they'll invest the money. for governments, they have a lot of power over the interest rates on the bonds th

. >> be sure and join christine romans each saturday morning at 9:30 eastern, and "your money "with alielshi on sundays at 3:00. >>> the drawdown of 10,000 american troops in afghanistan by year's end, now under way. military officials say this is the first group of soldiers whose redeployment will not be replaced by a fresh rotation of troops. >>> five years after the idea was initially vetoed the state of california will now require public school history books to feature contributions by gay, lesbian and transgender people. brown calls the legislation, quote, an important step forward for our state. >>> one of california's most important commuter highways will slow to a crawl this weekend, and some are calling the gridlock karcakarmcarmageddon. the end goal of the project is to widen the road to ease c conjustion. >>> we'll talk with l.a. mayor about the road closure and how his city is preparing for carmageddon. >>> after hinting around it for months, some of you be able to ease through airport security. but be ready to give up some of your privacy. i will explain. let me tell you ab

more on this and the latest financial news, you can watch "your $$$$$" sundays at 3:00 and join christine romansr "your bottom line" each saturday morning. >>> first, the nfl season was in jeopardy and now, the full nba season is on the brink. we'll talk about the likelihood of having any major professional sports in the fall at all after the break. now no one will want to steal the deliciousness. with a variety of tastes and textures, only chex mix is a bag of interesting. an accident doesn't have to slow you down. introducing better car replacement, available only from liberty mutual insurance. if your car is totaled, we give you the money to buy a car that's one model year newer, with 15,000 fewer miles on it. there's no other auto insurance product like it. better car replacement, available only from liberty mutual. it's a better policy that gets you a better car. call... or visit one of our local offices today, and we'll provide the coverage you need at the right price. liberty mutual auto insurance. responsibility. what's your policy? >>> today is day 112 of the nfl lockout and day one of

christine romans breaks it down. >> reporter: let's begin with senator reid's blueprint.n over the next decade. a big piece of that is what senator reid calls the winding down of the wars in iraq and afghanistan. that will save a trillion dollars. now republicans have called that a gimmick, a savings from wars that are winding down, even though, by the way, the same savings were counted in some republican budgets. reid's plan would not reform or cut medicare, medicaid, social security. also no changes to taxes. it would raise the debt ceiling by 2.4 trillion dollars. that would be enough to fund the government through next year's election. the boehner plan is considered more short term. it would raise the debt ceiling in two different steps. the first step would happen immediately raising the ceiling by a trillion dollars and spending cuts of 1.2 trillion over ten years. and get us to next year, right some we need a second vote to raise the debt ceiling again by another $1.6 trillion. that second increase would be contingent on more cuts. another $1.8 trillion in spending

our christine romans, once again, back with us there in new york. let's talk about is this really as bad as it sounds? >> reporter: look. as one economist said, ian sheped heardson said a big bucket of cold water. 18,000 jobs created overall. the estimates ranged from 80,000 to 125,000. market and economists expected more jobs creation than that. when you dig within the numbers you can see government jobs were shed. wow. thousands. 57,000 private sector jobs created but 39,000 government jobs lost. unemployment rate went up. so this tells you, kyra, bottom line, that private companies are not confident to hire in big numbers at all and the government, local and state government, because of budget cuts, continue to slash jobs. this is what the trajectory looks like. we have come from massive job losses there over about a year ago 192,000 four months of bad jobs and then you saw job created and it petered out. another thing when we dig into the numbers. you look at the revisions and what prior months were changed either higher or lower and we found an