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Budget: Debt Ceiling / Politics #998967

ABC Evening News for Sunday, Jul 31, 2011
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(Washington: George Stephanopoulos) An extraordinary weekend of high-wire budget talks reviewed; details given about the fragile framework for a deal.

(Washington: Jonathan Karl) The debt plan examined; details given about a debt ceiling increase, spending cuts, a committee on deficit reduction and automatic cuts if Congress does not act. [Senator John McCAIN - says a default is unacceptable.] What each party dislikes about the proposed deal outlined. [Senators Harry REID, Lindsey GRAHAM - comment.] The problem right now with defense cuts being the big issue for Republicans discussed.

(Washington: George Stephanopoulos) Report introduced.

(White House: Jake Tapper) How there is something in this package for each side to oppose, how this could create pressure for a grand deal with threats of "triggers" leading to deep defense cuts and how the administration believes this is an issue it can use in the 2012 election discussed.

(Washington: George Stephanopoulos) Report introduced.

(New York: Bianna Golodryga) The deficit and the risk to the US AAA status that is our fiscal badge of honor examined; details given about the warning of a downgrade from the Standard and Poor's rating agency and what would happen if the rating was lowered. [President OBAMA, Treasury Secretary Tim GEITHNER - worry about the credit rating.] [PIMCO CEO Mohamed al-ERIAN†- talks about the system based on the US being AAA; states the world has a concern about the US economy.] How all eyes are on S&P and a downgrade discussed.

Reporter(s):
Stephanopoulos, George;
Karl, Jonathan;
Tapper, Jake;
Golodryga, Bianna
Duration:
00:09:40

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