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Budget / President-Congress Meeting #997370

CBS Evening News for Sunday, Jul 10, 2011
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(Studio: Russ Mitchell) The meeting of President Obama and leaders of Congress to make a "grand bargain" of cuts in spending and restructuring taxes examined. Representative John Boehner quoted; National Debt clock shown. [Treasury Secretary Tim GEITHNER - says there is not an option to the deal and we have to be able to get the votes.] [Senator Mitch McCONNELL - questions the tax idea: a job killer.] [Representative Chris VAN HOLLEN - blames Republicans for protecting special interests.]

(Studio: Russ Mitchell) The August 2 deadline to raise the debt ceiling noted.

(Washington: Whit Johnson) The worst-case scenario if the debt ceiling is not raised examined; an example of funding and bill paying problems cited; details given of the threat of US credit being downgraded. [GEITHNER - says we have no option.] [Former deputy OMB director Steve McMILLEN - says there has to be a Plan B for the Treasury.]

Mitchell, Russ;
Johnson, Whit

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