July 30 - Democratic U.S. Senators weigh in on rejecting the House debt plan and how they might proceed between now and Tuesday. Julie Noce, reports.
EDIT CONTAINS 4:3 MATERIAL It had been called a bill to nowhere, and indeed it was. Freshly passed in the House Friday night, the revised Republican fiscal plan was killed in the Senate... with members passing a vote not to vote on it. Instead, Senate leaders say they are working on their own revised plan, hoping to get enough support to pass the bill with a super majority when they bring it to a vote next Tuesday. But Senate dems aren't so sure Republican are willing to play ball. (SOUNDBITE) (English) SEN. HARRY REID, SENATE MAJORITY LEADER SAYING: "We're seeing something we've seen a lot here in the Senate. This time the country's attention is focused on a filibuster. A filibuster to prevent us from moving forward on this legislation. The proposal I put forward is a compromise, we changed it even more today. We would have changed it more but as I indicated on the floor we had no one to negotiate with." The Senate leadership says their so-called compromise plan would increase the debt ceiling by 2.4 trillion in three stages rather than one, and would include 2.2 trillion in spending cuts, amongst other things. And in a final twist of irony, even if the Senate default plan is accepted and signed into law, some analysts say a credit downgrade will happen anyway-- as all the political squabbling has made market weary. Julie Noce, Reuters