Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.
CNN's Tom foreman takes a look at the implications of a government default.
(CNN) - There’s a very high-stakes game of chicken under way in Washington right now. The two sides have no choice but to reach an agreement in the coming days. Let’s see which side blinks.
President Obama says he fully expects a deal by August 2 raising the nation’s debt ceiling. But he also says he won’t accept any short-term, stop-gap deal – whether for 30, 60, 90 or even 180 days. Any agreement, he says, must go beyond the November 2012 elections.
(CNN) - Sen. Rand Paul wants the debt crisis solved quickly, even if it requires canceling his vacation until a deal is reached on the debt ceiling.
The Kentucky Republican is among lawmakers joining President Barack Obama’s calls for Congress to stay in session over the upcoming vacation week and confront America’s debt crisis.
CNN contributor Paul Begala and GOP strategist John Feehery debate the difference between tax increases and tax reform.
WASHINGTON (CNN) – I guess we shouldn’t be too surprised that Vice President Joe Biden’s efforts to work out a deficit reduction deal with House Majority Leader Eric Cantor and Senate Minority Whip Jon Kyl collapsed over the issue of raising taxes on the wealthy.
Republicans are firmly opposed to raising taxes on anyone. Democrats want to see those families making more than $250,000 a year pay more income tax.