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Budget: Debt Ceiling / The Options / Graves Interview #998082

CNN Evening News for Thursday, Jul 21, 2011
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(Studio: John King; White House: Jessica Yellin) Breaking news on the efforts to reach a budget deal with Democratic resistance to President Obama's plan with spending cuts, a tax and an entitlement component with more meetings and discussion tomorrow with a second-front deal out there discussed.

(Studio: John King) The view of Republican hardliners of any deal that could have serious consequences for the debt ceiling deadline noted. [Representatives Michele BACHMANN, Louie GOHMERT, Steve KING - downplay that the deadline will be bad.] The warning flags about what could happen to US credit outlined. [July 14, Moody's Analytics economist Mark ZANDI†- predicts turmoil by August 2.] [Federal Reserve Board chairman Ben BERNANKE - outlines the cuts that would happen to avoid borrowing money.] US Chamber of Commerce statement quoted and CNN poll findings on the debt ceiling cited. [September 26, 1987, President Ronald REAGAN - outlines what could happen if the US does not meet its obligations: reliability and credibility.]

(Studio: John King) Earlier interview held with Representative Tom Graves about the budget crisis. [GRAVES - says this is no time for compromise and we have to hold true to solutions; comments on the cut, cap and balance plan being put together by the House; criticizes the president's approach to debt; states the resources are there to take care of a lot of government expenses and Senator Harry Reid is trying to kill the House plan.]

King, John;
Yellin, Jessica

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