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 Jessica Yellin reports President Obama raised $86 million in the second quarter for his re-election campaign.
Grover Norquist, president of Americans for Tax Reforms, is a Washington power player who wants to make sure the GOP keeps tax increases out of any debt deal. He sat down with Wolf Blitzer to discuss tax reform and debt negotiations.
SEE ALSO: Who is Grover Norquist? (Video)
Libyan rebels lose, then retake village during dramatic five-hour firefight. CNN's Ben Wedeman reports.
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(CNN) - I think President Obama and the Democratic and Republican leaders with whom he’s been negotiating an increase in the nation’s debt ceiling all fully appreciate the stakes. Based on everything that I’m hearing, they are all convinced that the consequences of failure would be a huge disaster for the U.S. economy and the American people. It probably would make the 2008-09 recession look like child’s play.
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CNN's Tom foreman takes a look at the implications of a government default.
RELATED: Taxes, Social Security fears cited in debt ceiling talks