a source in the speaker's office says mr. boehner felt that president obama wasn't serious about what is being called "the big deficit reduction deal." the three, to $3.5 trillion measure over ten years. officials here, i believe, would tell you that the issue is the tax revenue that the president says has to be a part of the package to keep it from being unfair to to make deficit reduction too big a burden on social security and medicare and other government programs. the president will come out here, i presume, and tell lawmakers he wants them to get a deal. because of course, what we are looking at is the august 2 deadline for raising the nation's debt ceiling. and there is no deficit reduction deal by then, we could presumably have a default, unless lawmakers agree to raise the debt ceiling without a deficit reduction agreement. something that republicans are reluctant to do. >> chris: we have been getting reporting from the house producer chad pegram, wendell, and he indicates one of the hold-up apparently is the gang of six, th

i think that's primarily between speaker boehner, majority leader reid, and the other two leaders in the congress. the key here is boehner's formulation, which i think is quite good, that we should extend the debt ceiling for as long as we reduce spending-- a dollar per dollar. if we can reduce spending by a trillion dollars, then we extend the debt ceiling a trillion dollars worth. that would take it at least through the end of this year. >> schieffer: what if that won't pass the senate? mr. reid says they won't pass the senate. what do you do then some. >> the president would have to answer a tough question. "is my re-election more important to me than the potential for default for the united states?" as leader of the united states he has to be first and foremost concerned with our credit worthiness. i can't imagine that he would sacrifice the credit worthiness of the united states just because he doesn't want to deal with this during his election campaign. >> schieffer: let me ask you this, senator. do you think that republicans, particularly those in the freshman class over in the

i am told that by democrats that the president put in a call to speaker boehner this morning and was told that the speaker was not available to speak to him. sometime this evening reporters were told by speaker boehner's office that a deal was off, and after reporters were briefed, that's when the speaker called the president to tell him the deal was off. so, no doubt that has fed into probably the president's frustration this evening, and we will hear further details about just what broke this deal down. but i'm told it is essentially over tax revenue and just how both sides would be forced to the table to deal with taxes in the future, john. >> and so, kate, a big test for the speaker just moments away. the president has the bully pulpit, the president at the moment at least seems to have public opinion, the polls on his side, the american people nationally. a lot of the house members run in their districts, they don't care about the national polls. but nationally the poll says people want some taxes and spending cuts. what will we hear from the speaker when he comes back? i assume

stht speaker from speaker boehner. of course moderators of meet the press, i was taken back by the first thing that john boehner said when coming out is he is looking forward to working with colleagues in congress. didn't didn't announce the white house at this moment. >> well, we skr v a new set of negotiations after these negotiations are broke why down. after the space of an hour and a half, this day began with everyone talking about the prospect after grand bargain, big deal spending cuts and revenue increases back on the table. now we end the day with no deal being a real possibility. and let's just ignore politics which are huge right now. and look at the substance here. you've got ratings agencies warning about gown downgrading america's credit rating. look what is going on in europe with countries defaulting. >> take a look at the united states as we face this potential default. >> it comes down to taxes if you spear the speaker come down about it. and that the back and forth negotiations have to do with this a

. >>> at this hour, the house has begun work on speaker boehner's new plan to deal with the nation's looming debt ceiling catastrophe. it is a plan that the speaker feels will pass both the house and the senate and a plan that he appears to be daring the president to veto. but will it get that far? already we see cracks in the speaker's anticipation of success, and congressman jim jordan like the speaker a conservative from ohio threw a monkey wrench into the speaker's plans. and representative jordan says this. i am con fi denlt as fident as morning that there were not 218 republicans in support of this plan. mr. jordan should know, because he chairs a republican committee with 178 members. great. today's table of course set by a prime time back and forth between the president and speaker boehner. first, the president addressing an increasingly weary and even angry nation repeating his message of a compromise that both sides must make to right the american economy. >> how can we ask a student to pay more for college before we ask hedge fund managers to stop paying taxes at a lower ra

, speaker boehner. >> loud mouth?ker boehner in a light moment with whom he called luke loud mouth russert a few moments ago. but we will see if he has wrangled the freshmen to vote for the house bill. it will lower the debt by $2.5 trillion in exchange for $917 billion in spending caps. luke russert is covering this for us at the capitol hill, and luke, any interesting questions or comments today from the floor? >> there have been a few interesting things, martin, and that is mainly hearing a lot of of the republicans urging their colleagues to vote yes on this bill. essentially going on the house floor, basically saying for all intents and purposes that if you do not support this legislation, you are handing the democrats a golden opportunity, and also, this is the only serious proposal out there, and also using words that we have not heard a lot of republicans lately, martin, and that is compromise. speaker boehner used the word compromise and eric cantor used it earlier saying it is a bipartisan bill saying that i

speaker boehner's approach has two steps. again, the question is, if the special committee does not perform, how do you shore the debt limit, that it's extended? those are the challenges that we have. so we've worked all day yesterday trying to find a fail-safe mechanism in case the special committee of congress would fail to provide the additional savings. >> right. >> and we came up with some very good ideas for doing that, and one involves the group of six plan if congress fails to come up with the additional savings. >> i know in this "gang of six," three democrats, three republicans, but i have not heard assurances the three republicans are onboard of essentially changing the trig jer t ger here? taking this from this joint committee. do you have chambliss, and senate coburn onboard? >> i can't speak for them. i've learned around here, you don't speak for other senators. they speak for themselves. we have been meeting regularly. there's a desire on all of our parts that the "gang of six" work be part of the package. fran

boehner, the house speaker, but the minute or soon after the word leaked that these talks were going on and just what was on the table, each party, mr. boehner and mr. obama, were getting flak from their parties and yesterday we were sort of focused on the congressional democrats blowback to mr. obama because of concessions he was reportedly making on the entitlement programs, medicare, medicaid and social security, but today was speaker boehner's walkout from the talks. it's clear that he has gotten plenty of blowback from his side yet again like earlier in the month when he left the talks. his side is just not willing to raise revenues as part of the deal. >> now, you vote wrote yesterday that theres was a deal that was close and then everyone denied it. it seems to have fallen apart by tonight. were they ever close? the president says no and boehner says no. >> well, you know, the truism here, you heard it yourself, nothing is agreed to until everything is agreed to. it was always clear that both men were going to have to take this deal out and sell it. the thing is both men and sp

all day we have been waiting on speaker of the house john boehner's bill. as debate was wrapping up a few hours ago the speaker delayed the vote and moved on to the important business of renaming a post office in peoria. i'm serious. with five days to go until all americans could pay the price for the d.c. dead lock but at least peoria has a name for the post office. another live look in our live feed from the house floor, which is now in the outside with that slate. where out producers tell us they have run out of other bills to bring up for a vote. earlier, speaker boehner was personally meeting with the republican lawmakers. apparently to rally support for his plan. there are no gimmicks no, smoke screens. cuts government spending by a larger amount than the increase in the debt ceiling. >> so that's the majority leader. but the minority leader nancy pelosi says she is confident not a single democrat will vote for speaker boehner's bill. she says it will kill jobs and medicare appeared in dramatic fashion, she washed the stakes in the financial standoff a

one other thing that is interesting is that he made the point that called speaker boehner, didn't get a call until he heard from him to say this deal was going to in fact fall apart. we did get reaction from boehner's office saying a deal was never reached and never really close. again there is a lot of back and forge on both sides one of the major stick points as you know. you heard the president just say that we had identified about 1.2 trillion in savings through changes to the tax code. apparently the republicans weren't buying that. all along they said they would not get behind anything that resum bl a tachbl hike tp it seems molt iply that would have been an ending point. >> you hear the pred say clearly that he was offering $1.2 trillion -- he was putting in entitlements and discretionary funds on the table. but he was not willing to do it all on the backs of one side. and i think in the most aggressive language i've heard the president talking about, he talked about the airplanes and those that have to choose between their meals at the end of the month. he talked about lettuce

i think it has proven difficult for speaker boehner to do that. i've been left at the altar now for a couple of times. >> dealing with the white house is like dealing with a bowl of jell-o. let me just say that the white house moved the goalpost. they refused to get serious about cutting spending and making the tough choices that are facing our country on entitlement reform. so that's the bottom line. >> all right. our white house correspondent, breanna keeler, with me again on this cnn saturday morning. good again to see you. i just mentioned at the top there, didn't expect these necessarily to be negotiations taking place in an hour. how would you describe what's supposed to take place? >> i think this is being described as an emergency meeting. expect a stern message from president obama. he said yesterday, t.j., that he was going to demand an explanation from congressional leaders on how they're going to increase the debt ceiling after the talks fell apart between the white house and house republicans. republicans, house speaker john boehner,

tonight when speaker boehner announced that he was walking away -- well, here is speaker boehner. he will explain what happened and give his side of the story. let's listen in. >> good evening. i want to be entirely clear. no one wants to default on the full faith and credit of the united states government. and i'm convinced that we will not. starting tonight, i will be working with colleagues here in the capitol. both the house and the senate to find a responsible path forward and i have confidence in the bipartisan leaders of the congress that can come together and to ensure that we have an agreement that will allow the country to avoid default and meets the principles that we have outlined. spending cuts that must be greater than the increase in the debt limit and no tax increases. discussions we have had with the white house have broken down for two reasons. first, they insisted on raising taxes. we had an agreement on a revenue number. a revenue number that we thought we could reach based on a flatter tax code, with lower rates and a broader base. that would produce more econ

i encourage speaker boehner, i think it's this close to passing. >> greta: have you ever had conversation was the speaker about this? when is the last time? >> last week,' agreed to bring this up. there was a conference in small groups. i think he's bending over backyards -- backwards to do everything. >> greta: so will you vote for the deal? >> i couldn't. >> greta: you said he bent over backwards. >> i do think he's trying but i want to solve the problem. i worry some of the aspects of what he's proposing here in this effort don't solve the long-term problem. i don't support a commission. we have a bipartisan commission and should be doing our job. it doesn't work. >> greta: that is the conversation i had with concongressman andrews. i think the problem is that american people see a lot of failed efforts and ideas. a lot of people who are now holding feet to fire are doing it because there hasn't been a strong example of handling this. >> i want senator reid to actually have a debate and i want the president, and the press to go to the president and ask why are you opposed to a balanced

because speaker boehner said that. speaker boehner's proposal is not going to pass in the senate.ooking over the who arely n -- horizon to thursday or friday. and all of these people are going to be back at the table by weekend. >> greta: the thing is that i always have issue with the president in the proposal. the democrats talk about this speech. but they have the cvo saying we don't score seats. and they don't. >> greta: i understand that. i'm saying the president has not looked like he was in charge and sort of, bringing the sides together and being a leader. >> either side could go ate lone and look what happened to it, all right? i'm not defending this, just explaining it. this is what they say. they decided to do health care reform on their own them tried to drag their party along and did it with all democratic votes. look what happened. they lost seats in the house, now, the presidency, there is so much political capital. it's smart politics. he doesn't want to jump in without holding hands. >> greta: it's hard to believe this is an option. >> which is why i think we've he

i encourage speaker boehner, i think it's this close to passing. >> greta: have you ever had conversation was the speaker about this? when is the last time? >> last week,' agreed to bring this up. there was a conference in small groups. i think he's bending over backyards -- backwards to do everything. >> greta: so will you vote for the deal? >> i couldn't. >> greta: you said he bent over backwards. >> i do think he's trying but i want to solve the problem. i worry some of the aspects of what he's proposing here in this effort don't solve the long-term problem. i don't support a commission. we have a bipartisan commission and should be doing our job. it doesn't work. >> greta: that is the conversation i had with concongressman andrews. i think the problem is that american people see a lot of failed efforts and ideas. a lot of people who are now holding feet to fire are doing it because there hasn't been a strong example of handling this. >> i want senator reid to actually have a debate and i want the president, and the press to go to the president and ask why are you opposed to a balanced

talks broke down earlier this week when speaker boehner walked out of the meetings and last night thingsse speaker, john boehner, calling each other out on the debt ceiling. listen to this back and forth. >> that's what the american people are looking for is some compromise. >> they refused to get serious about cutting spending and making the tough choices that are facing our country on entitlement reform. so that's the bottom line. >> the only bottom line that i have is that we have to extend this debt ceiling through the next election. into 2013. >> i just want to tell you what i said several weeks ago. dealing with the white house is like dealing with a bowl of jello. >> it's hard to understand why speaker boehner would walk away from this kind of a deal. >> when you get into these negotiations, sometimes it's good to back away from the tree and take a look at the forest. >> i think that one of the questions that the republican party will have to ask itself is, can they say yes to anything? >> i think we can work together here on capitol hill to forge an agreement. i'm hopeful that th

affect the president, but we begin with mike emanuel on the debt ceiling vote. >> moments ago speaker john boehner passionately rallied his republican members on the floor of the house. it's been a challenging week for the speaker as the debt plan has been delayed several times and adjusted. after the vote, in a matter of minutes, the pressure will shift to the senate, and the search for compromise. after fine-tuning his debt plan again to include a balanced budget amendment to secure enough republican votes to pass, speaker john boehner made his final pitch. >> i stuck my neck out a mile to try to get an agreement with the president of the united states -- i stuck my neck out a mile -- and it is time for the administration and time for our colleagues across the aisle, put something on the table! tell us where you are! [applause] >> house democrats were angered by the addition of the balanced budget provision and expressed their frustration. >> in the last 24 hours, we've confirmed what many people suspected, which is that the tea party republicans may be a noisy and effective protest movement, bu

the house of representatives is supposed to vote tomorrow on speaker john boehner's short-term plan to raise the debt limit and cut about a trillion dollars in spending. but just a few minutes ago the speaker announced he plans to rewrite the bill because it does not cut enough spending. cnn congressional correspondent kate bolduan joins us now from capitol hill, what is the latest? >> reporter: you know the cbo numbers, the congressional budget office, jessica, this office that scores, gives a cost estimate, for legislation, it's very critical, and this evening it came out the cbo brought out -- gave out its estimate, and it says that the speaker boehner's bill falls short of what its target was. it says that it would only reduce the deficit by $850 billion, rather than the more than a trillion dollars than the legislation said it was going to -- said it was going to. here's why it's such a big problem. because of speaker boehner, he said there's one major principle, you'll remember, jessica, as they moved forward to raise the debt ceiling, that the amount of the cuts be greater than

speaker boehner may have an amended bill that may pass the house again. when answered if he had the votes, he answered i'm smieming. votes, he answered i'm smieming. we'rese me? my grandfather was born in this village. [ automated voice speaks fo back right after s 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 air. that's it right there. [ male announcer ] it's the at&t network. and what's possible in here is almost impossible to say. ♪ let me make you smile ♪ let me do a few tricks ♪ some old and then some new tricks ♪ ♪ i'm very versatile ♪ so let me entertain you ♪ and we'll have a real good time ♪ [ male announcer ] with beats audio and flash, you can experience richer music and download movies straight to the new hp touchpad with webos. >>> i don't think that's what the american people sent us to do. i don't think they said to democrats, come to washington, but don't speak to republicans or to republicans come to washing

>> i don't think speaker boehner lost any of his power, and i'll commend the speaker going toe to toe with the president during this issue, especially earlier this week when he did a rebuttal speech after the president's speech, i believe monday night. he has trul stepped up to the plate. the speech tonight was a very strong speech and laid out his vision as far as the purpose of this bill and his way ahead. >> the american public are watching, thinking you guys wasted another whole day with posturing, political gains and in the end, nothing has happened. you ended up putting a bill in the house that was never going to get through the senate. everybody knew that. complete waste of time. meanwhile, the clock is ticking on the american economy, and every second that goes by, is more damage being done. who is taking responsibility for this? >> i'll tell you this, piers. you need to look over at the senate, you're talking about a group of individuals that under the leadership of harry reid have not passed a budget which is a constitutional responsibility, in 820 days. we have sent them ov

is it possible that speaker boehner will finally pull the plug on this? that he'll decide he doesn't have enough votes, that after all, one of the reasons that these constituents put these representatives in office was the idea that they did buck the trends, they didn't follow the rules, that they weren't in line? i mean, that is precisely the basis on which so many of them ran. so it is potentially in their interest in terms of the election they face not to ever sort of fall in line here. is there a point when it simply too late to bring a bill to a vote tonight? >> it's never too late. in 2003, they actually kept the vote open for hours, up until 3:00 a.m. so it can be done. there is a lot on the line. not only for john boehner but for eric cantor tonight. if they can't deliver this vote, they not only lose all leverage negotiating with harry reid and the united states senate, but it sends a message they do not have control over their conference. and that is something they won't allow to happen. there is a thing we call on capitol hill called the dracul

-- sorry, we're still waiting for leader mcconnell and speaker boehner to move even a little bit in our direction. >> so that was harry reid explaining why the senate has rejected john boehner's bill which went through the house earlier. we'll get straight back to wolf blitzer. a couple of things struck me from what the democratic senator was saying. one was it's not politics as usual. the other is it's time to behave like adults which seemed ironic given it's exactly politics as usual and none are behaving much like adults. >> they don't have a lot of time. it's got to be done by tuesday. looks like they're going stretch it out until the bitter end. it's going to go saturday, sunday, the asian markets again will open sunday night east coast time here in the united states. monday in asia. already the u.s. markets will reopen monday morning. so this clock is ticking. as you know, for six days, the markets in the u.s. have gone down, wall street down the worst week in more than a year in the united states. that could be the tip of the iceberg if they don't get something r

what is next for speaker john boehner? when will there be a vote on the speaker's debt ceiling plan? stay tuned. >> greta: and the united states is in an economic sess pool right now. we're out of money, and tuesday out of credit. money does more than just give us government services and help people, it protects us, national security does have a big price tag. what about our friends and our promises to them. if we promise money, can we put can you tell it? and is this at risk? israeli defense minister is visiting the united states and went on the record. >> nice to see you, sir, welcome to the united states. >> thank you for everything. >> so you've had a busy dance card so to speak seeing secretary of state hillary clinton, vice president biden and secretary of defense pinetta. >> yes. >> greta: why did you come to the united states? >> i came here to meet with palestine new jobs for the make sure that we are on the same page for the whole volcanic eruption in the middle east around us. >> greta: you came in the middle of

you spent most of the day with speaker boehner. thanks for joining me. it's been an awful day for the speaker, hasn't it? >> the salespeopler says he's made tremendous progress. we are narrowing in on the votes. the majority of republicans support the plan. he's getting the final votes. we are confident we are going to get the votes. we will get it to the senate and on to the president's desk. i urge my colleagues to give serious consideration to the plan. this is the second plan from last week. it's clear. it's been tough to get the votes for this plan. i think they need to look at this being the best option as we approach the final days leading up to august 2nd. >> let's be honest here. this plan has two hopes of getting through. one, no hope and bob hope. >> i'm not sure. this is a plan that was largely negotiated over the weekend. then the president raised concerns with the plan. it's one that was negotiated in a bipartisan fashion. speaker boehner has been at the table negotiating in good faith. it's important the administration recognize the new maj

he does once speaker boehner's bill moves through the house. no one right now, including the white house, seems to know how this is going to be resolved and that is why there is a lot of concern. of course, all eyes also on the markets right now. we saw the dow dip yesterday. of course, opened a little bit lower, and there is a lot of concern as we head into the weekend, thomas. >> it is a volatile day, and red arrows across. the only one with green has been the nasdaq and the dow jones fluctuating from 100 points down to now roughly 66. we will continue to watch. kristen welker, always great to see you. thank you. >> thank you, thomas. >>> and joining me now is editor of "time" magazine and he writes about the top red herrings of the debt ceiling debate to reflect political realities. thank you, michael, for joining us, because i believe there are a lot of red herrings going on in washington, d.c. when we get to thisthis. number one that goes back to president obama, and you explain? >> well, paul ryan put through a budget earlier in the sprin

what is next for speaker john boehner? when will there be a vote on the speaker's debt ceiling plan? stay tuned. >> greta: and the united states is in an economic sess pool right now. we're out of money, and tuesday out of credit. money does more than just give us government services and help people, it protects us, national security does have a big price tag. what about our friends and our promises to them. if we promise money, can we put can you tell it? and is this at risk? israeli defense minister is visiting the united states and went on the record. >> nice to see you, sir, welcome to the united states. >> thank you for everything. >> so you've had a busy dance card so to speak seeing secretary of state hillary clinton, vice president biden and secretary of defense pinetta. >> yes. >> greta: why did you come to the united states? >> i came here to meet with palestine new jobs for the make sure that we are on the same page for the whole volcanic eruption in the middle east around us. >> greta: you came in the middle of

then late today speaker boehner left the table with a tuerse message. he will seek a deal with senate leaders, not the white house. it drove the president to the press room podium and listen to a tiny bit of what he had to say. >> it is hard to understand why speaker boehner would walk away from this kind of deal and, frankly, if you look at the commentary out there, there are a lot of republicans that are puzzled as to why it couldn't get done. in the interest of being serious about deficit reduction, i was willing to take a lot of heat from my party up until sometime early today when i couldn't get a phone call returned. my expectation was that speaker boehner was going to be willing to go to his caucus and ask them to do the tough thing but the right thing. i told speaker boehner, i've told democratic leader nancy pelosi, i've told harry reid and i've told mitch mcconnell i want them here at 11:00 tomorrow. >> these are body blows in d.c. terms and speaker boehner struck back himself about 45 minutes ago. listen to what he said. >> think refuse to ge

speaker boehner says, here is a plan. end it to the president and we're done. >> well, the speaker knows that is not the way it's going to work. the house knows it's not the way it's going to work. because his plan is fundamentally flawed. he was put on notice yesterday with a letter with 53 senators signing it saying, we are not signing it. but they took a whole day, to make a political posturing position. now, the reason it's noft going to pass is because it's not in the interest of the country. it has a short term debt ceiling. and that could result in a downgrading of our credit and it doesn't provide the serenity to the marketplace that republicans have been saying we need to give the marketplace. for that and other reasons, it requires the passage of a constitutional amendment. it's not going to pass. and we will be in a forced grid lock. >> let me stop on that. reid's plan would raise the debt ceiling through the presidential election mvb and jeff flake just standing here, six-term republican said that he would take

speaker? >>juan: not quite yet but it looked like that last night. john boehner'snding and stature as speaker of the house was challenged not by difficulties in dealing with democrats, the minority in the house, but by his own troops. he put himself open the line by trying to schedule that vote with the anticipation he could get fellow republicans to stand with him on his terms and then embarrass the democrats and president obama but he was unable to do so and the damage as you suggested, the damage as john mccain suggested could be long lasting. the difficulty going forward is that those tea party freshmen do not appear loyal to john boehner. they appear loyal to their tea party base back at home which is telling them no need for compromise, don't go along with what john boehner is offering which is to ignore any calls for tax hikes, to look for anything that would approach any kind of grand bargain. remember john boehner was engaged in those talks with president obama. but the tea party freshman are just indifferent to those appeals and it has left john barne in

that's not true. >> congressman louie gohmert of texas who went into a meeting with speaker boehner's office saying he'd been called to the principal's office. when he came out he still said he was voting no. >> congressman, you're not willing to support the boehner bill at this point. why? >> well, it raises the debt limit. i've made too many promises i wouldn't raise the debt limit. i've never voted for the appropriation bill and i've been worried about our spending for many, many years if not decades. so i think that would only encourage people to spend more money. if debt is the problem, raising the debt limit by $2.4 billion, i don't see how it can be a solution. >> you talk about obviously the principles behind your not supporting it. is part of your thinking though also politics of what happens to the bill in the senate and what happens after that? >> no. i think that's sort of not much of my concern. that's what most of what's going on here is all the politics. i've heard that they already know what they'll finally come out of this, but they have to go up to the last minute to

everybody who's a no, potential persuadable no to get these two votes. >> what's the pitch that speaker boehnerthese tea party conservatives, to conservatives who have a real problem with this bill? >> well, first of all, the vote is not being delayed until tomorrow because the speaker feels it won't bow get better tomorrow. this is a now or never moment. the pitch he's making is, if we provide a bill to extend the debt ceiling, that deeply cuts spending and provides for steps to also cut entitlements, we're going to have sent -- we've made two efforts -- the house will have made two efforts to -- >> cut, cap and balance. >> this would be the second one. if this vote goes down, he's telling them, we won't have the leverage we need for any final compromise. he continues to tell them, i have no idea what's going to happen in the next three or four days. none of us know. we have to do our part to divert default. we have to do what we have to do for the country, on our own terms. goes down, it's out of our hands. the last 24 hours is whencÑk@ really says, i need you. this is what whipping is. i nee

so i think it's been happening at the level of leader reid, speaker boehner and now speaker boehner is planning to move it through the house with the support of his conference. >> ifill: we have heard today that the phones were jammed at the capitol with people in your constituents calling in. is that what you're hearing from your members as well? >> i think's a high level of expectation on the part of the american public that their leaders come together and solve two things: one is make sure the obligations are met and that we don't go into any sort of tail spin as a result of this. but as importantly, make sure that the debt ceiling isn't raised just willy-nilly with no pro-conditions. and i think if there's a thoughtful way forward-- and that, i would submit, is the boehner plan-- that accomplishes those two things i think most americans can get their heads around that and feel a high level of confidence. which is why i think it's interesting when you were interviewing the white house representative, he very carefully didn't they the president would veto the bill. and i think they o

that is not speaker john boehner's style. have had the luxury of saying if you vote for it we can do a pet project in your district. they are not doing that now. essentially he had to do arm twisting without a whole lot to offer. bottom line he got the balanced budget amendment into the latest incarnation of the bill. got the 218 votes. so, for now, his stock is up now with a lot in washington. you guys have the stock market. here we measure power based on political victories day in and day out,. >> harris: hairs i heard you talk about that optimism come out of the white house. don't they have to have that now? we are looking at the worst month since 2010. the white house has to react to that. >> they do. you raised a great point, harris. the white house, what we are going to see this weekend is a very tricky balancing act. on one hand they have to warn the country, as the president did earlier today, that the stakes here are enormous and that we could have a stock market crash on monday into tuesday. all kinds of bad things

we have been standing by all night for the house to vote on speaker john boehner's debt plan. aders trying to round up enough votes to pass it and send it to the senate to avoid the august 2 debt ceiling deadline tuesday. but moments ago we got the word there will be no vote tonight. so now what? joining uss augusta breing us t of special report. now, what? >> speaker boehner did not get the votes so they called off the vote tonight. in about 8 minutes the rules committee is going meet in the house and they are going to come up with a rule that makes t okay for them to do a same day bill so they will pass this rule. it is believe it or not called marshall law and the next day they will come back tomorrow and they will pass a rule for this bill. they will debate the rule. they will pass the rule and then start the process over again and we will have another debate on a new bill. now, the difference is between these bills we don't know yet. we don't know what has been taken out. we don't know what has been added. rumor that theyyhmer that they will vote on a balanced budget amend

and following the white house address, speaker boehner offered a response. saying the president has failed to lead on cutting government spending. boehner said the president wants a quote blank check six months ago, and that he still wants one today. >> this debate isn't about president obama and house republicans. it isn't about congress and the white house, it's about what's standing between the american people and the future we seek for ourself and our families. you know i've always believed the bigger the government, the smaller the people. and right now, we've got a government so big and so expensive it's sapping the drive out of our people. and keeping our economy from running at full capacity. the solution to this crisis is not complicated. if you're spending more money than you're taking in, you need to spend less of it. >> the speaker also accused president obama of standing in the way of a bipartisan agreement. reiterating his claim that the house plan is the best option to cut the deficit. >> before we even pass the bill in the house, the president

speaker boehner said the same thing of course in the next breath, speaker boehner said he wasn't willing to close any of his corporate tax loopholes which have been an obstacle to get the deal done. again, i think there's a growing consensus that something will be pulled together, but i think there's a whole lot of -- there are a lot of hurdles along the way to go. >> president in the press conference finally put some detail os the speculation on what it is exactly he put on the table when it comes to entitlements. here's what he said about medicare means testing. >> we've said that we are willing to look at all those approaches. i've laid out some criteria in terms of what would be acceptable. so, for example, i've said very clearly that we should make sure that current beneficiaries as much as possible are not affected. but we should look at what can we do in the out years so that over time some of these programs are more sustainable. i've said that means testing on medicare meaning people like myself if, i'm going to be turning 50 in a week, so i'm starting to think a little bit more

. >> speaker boehner put his bill on the table. house republicans pass it. >> i stuck my neck out a while. >> the senate has killed the boehner bill. tonight, the latest with massachusetts congressman barney frank and ohio senator brown. senator reid's plan may be the last hope to avoid default. >> last train leaving the station. >> republicans are signaling they may get onboard. >> have you figured out a way to make changes to make it stronger, you could figure out a way to make this different. >> unless washington can get its act together less than 98 hours from now, the u.s. of america will default the first time in our 235-year history. shortly after 6:00 p.m. eastern, john boehner's third attempt at a budget bill gesqueaked by the house. speaker has spent the last 48 hours trying to quell a rebel-on from the tea party members of the caucus. >> to the american people i would say, we tried our level best. we've done everything we can to find a common-sense solution that could pass both houses of congress. we tried to do the right

they could not lead their caucuses, and boehner is a different kind of speaker. he has not the ability or the desire to go out and say this is the deal, my way or the highway. you're not going to get on this, you're not going to get on that, you're not going to have a good office. the old enforcement mechanisms, as much as we dislike them and used to criticize them, they worked. leaders could demand followship. here, there's an exile -- >> let me get mayor booker into this. what do you see from the outside? >> you know, the dam of disgust that's welling up in this country where people feel like their politics is betraying them. and most americans, frankly, don't think of themselves first as democrats or republicans. they think of themselves as americans. and they are frustrated by the partisanship being put before progress, by parties pbeing put before pragmatism. so, my hope is, as the sound of senator hagel, the sound of optimism, is that this is the beginning of a welling up in this nation where we're going to start to reject the kind of politics that's not se

what is next for speaker john boehner? when will there be a vote on the speaker's debt ceiling plan? stay tuned. service was very moving, wasn't it? yes, it was. i'm so glad we could be here for larry. at a time like this, friends and family matter most. even preparing this lunch is a help, emotionally and financially. mm, it's true. i was surprised to hear there was no life insurance. funerals are so expensive. i hope larry can afford it. i know. that's why i'm glad i got a policy through the colonial penn program. it gives me peace of mind to know i can help my family with some of those expenses. you know, i've been shopping for life insurance. do you think they have coverage for me, something that would fit into my budget? yes. you can get permanent coverage for less than 35 cents a day. if you're between 50 and 85, your acceptance is guaranteed. you won't have to take a physical or answer any health questions. oh, really? with my health, i didn't think i'd qualify. you can't be turned down because of your health. plus,

speaker boehner does not do that. his numbers are far more accurate and honest and realistic, really the only way to properly account for them. another thing i would just point out is when you talk about spending and how you account for it, you have to know what the baseline is. one reason this country is broke and is in financial crisis is because we claim we're cutting spending when we're increasing spending. the way it works is, the congressional budget office produces an assumption that we will increase spend at the rate of inflation or some other rate over a period of years. and then if you reduce that rate of increase a little bit, politicians claim they've made savings, they've cut spending. but spending is not cutting. spending is still going up. and there are various baselines out there about how to calculate this and it's very significant over ten and even more so over 20 years. so you hear people saying we're cutting spending. under this plan that they're going to cut -- speaker boehner or senator reid, eit