with our budget. bill: there is this word called compromise starting to flow through congress because it's getting late. i'm bill hemmer. welcome to america's newsroom. alisyn: i'm alisyn camerota in for martha maccallum. alisyn: many republicans say the cuts don't go far enough. many democrats are also threatening to kill the bill. bill: boehner's plan will cut spending the next 10 years. it will raise the debt limit by 900 billion immediately. report require's a crucial and important day in the tenure of speaker boehner's short tenure as speaker.
claims the majority leader harry reid's plan will save three times for than the house plan. reid seems confident the house will work its way through this. >> magic things can happen in congress in a short piece of time. that's a flaws piece of legislation. no one believes that. the chamber of commerce put out a letter saying vote for it. they know it doesn't solve the problems. nobody believes the boehner problem is anything more than a wet kiss to the trite wing. alisyn: reid's plan would cut $2.7 trillion over 10 years and that counts the savings from ending the wars in iraq and afghanistan. it raises the debt limit by $2.4 trillion in one step and that is an increase larger that boehner plan. and just like the boehner plan, no tax hikes.
bill: also as we watch what's happening in congress, we should get new reaction on this daily press briefing. we'll watch that, listen and bring you all the breaking details when that happens. also john boehner just walked into this republican meeting. so we are watching to see if there is any comments from him. yesterday we were expecting comments when it concluded an walked right by that microphone. alisyn: today of course we'll keep an eye on the closed door meeting and let you know when it breaks up. bill: there he is. does he have nothing to share at the moment? it was that meeting yesterday that lasted about an hour and a half and that's when things got a little tense and heated. and boehner and eric cantor delivered their message to the republicans in the house. let's goes. in order for me to do my job i have to get something here. watch that meeting today. alisyn: you talk about what the stock market is doing.
executives of all the big wall street firms. that letter went out to every member of congress. everybody on capitol hill. it was a plea. get a deal done. do not default. second news item. if you look at the futures market, that's an indication of how the market is likely to hop. a very important day watching that vote in the house. futures point slightly higher after the big slide. there you have it, alisyn. bill: there is an alarming report on what it could mean if we lose our triple aaa credit rating. that goes right to interest rates. some analysts now saying that it could cost us $100 billion a year in interest alone. a double a rating would put nuts same break the as countries like slovenia, spain and chile which are wonderful places to visit, by the way. alisyn: we have the entire debt debate covered from all angles.
is pick sarah palin as his running-mate. and the more we find out about it, we find out that he stumbled into that lucky decision. referring to them as hobbits and calling their demand bizarre, who knows what he's possibly up to. bill: sharron angle just put out a statement. as in the table it's the hobbits who are the heroes and save the land. this lord of the tarp should join forces with the tea party and not criticize it. >> that's the great thing -- there is always hope among the hobbits. there is always hope they will take it to the end of the earth and they will still be there. and i think to their chagrin, senator mccain is not going away anytime soon either. bill: i don't think this is the end of this.
it may be just beginning, charlie. thanks for coming in. nice to see you. 11 minutes past the hour. alisyn: those are a few of the many stories that we are following this morning in america's newsroom. coming up we have a lot more. sarah palin is heading to iowa. is thee heading for president? the latest sign her decision is on the way. we fell yesterday significantly, investors reacting to this debt debate. also the jobs numbers out. we'll measure the impact on our economy. then there is this from the northeast. the biggest thing i have ever seen in the water. i had to be part of swimming with it. alisyn: that fisherman taking one wild ride on a shark. we'll take you the incredible video. sweetie i think you need a little extra fiber in your diet.
first time since last april. economic growth across the country is moving at a snail's pace. the former economic advisor for president reagan. >> i'm 5'6" and i have hair on the top of my feet, i guess i'm a hobbit. bill: that's too much information. on the jobs number what do you take away from it? >>' not great news but it's surely better than when it went down. we need that further. we need that number well below 398,000. >> at this time in his administration bill clinton was created 400,000 jobs per month. ronald reagan was creating huge numbers of jabs per month. barack obama's economy of is not doing well.
now passes, then it goes to the senate. it could be reconciled with the senate bill and you could have a deal done by tuesday. >> i could reconcile it in a heartbeat. i don't understand the democrats in the house. by splitting the difference. let's make it $1.5 trillion and get the darn thing done. bill: what are you trying to say about the house democrats? >> the house democrats are trying to hold boehner hostage by not voting for his. why wouldn't they want an $800 billion increase in the debt ceiling to support their? they do want more. but this is a start. why not pass this one and gets the whole process going? no, the democrats won't vote with boehner come hell or high water, and the republicans in the senate. it's crazy. let many just get it done. bill: you may get your wish in the coming 12 hours. art, nice to see you.
an oral argument in one. one of three options. we'll find this out not until october. but we'll know in october first the court can take the case. even though there is no other circuit court opinion, they can say it's such a big issue we need to decide this for all of the country. we don't have wait on the 4th circuit or the 11th circuit. it's something we need to pay a lot of attention to. and that's the supreme court holding this and saying we want to wait until we see some of these other circuit courts weigh in. the 4th circuit court could be out at any moment. the 11th circuit may be a bit longer but certainly before the end of the summer. if one of those says obama-care is unconstitutional then it's likely the supreme court will hear at case. the question will be will they get to it in their winter term? will they hear it in february or march and that would mean we would have an opinion before the 2012 election.
to the power to do this to the american people? alisyn: let's say the supreme court hype threatically were to rule that element of the law unconstitutional. is the entire law overturned? you * not necessarily. what we have seen from the conservative judges from the district court level, they believe in the full analysis that it's very difficult to keep the laugh afloat. one twhribs no servability clause. if any part of the law falls any judge could say it's all done no matter what. the supreme court could also say even though the individual mandate is the main economic powerhouse behind the obama-care, it don't exist financially without the individual mandate, the nuns don't work out without the penalties. they could say congress needs to come up with another funding mechanism and then this is okay. it may mean the whole thing falls. if the supreme court upholds the individual mandate unconstitutional i think all of obama-care is gone.
when a daret decided he wanted -- when a daredevil decided he wanted to swim with a shark. is this brave or just crazy. bill: you are decide. house republicans meeting at the moment. he said get your rear in gear or something like that. we expect a vote today on the boehner bill. which republican senator john barraso will join us to say whether he supports that idea back in a few moments. are you receiving a payout from a legal settlement or annuity over 10 or even 20 years? call imperial structured settlements. the experts at imperial can convert your long-term payout into a lump sum of cash today.
arrival in the senate. is it? >> i don't think it is. it sounds like the democrat senators are doing the bidding of the obama reelection campaign. remember what the president said last week. he said the only bottom line i have, the only bottom line the president has he said is to extend the debt limit beyond the 2012 elections. i think the president is putting his own reelection bid above the things the american people are concerned about. the american people are concerned about jobs, the economy, the debt and the spending. and i support boehner's plan because it does the two fundamental things i'm concerned about. it prevents a default and it cuts spending. alisyn: senator, there are competing plans. in the senate put out his own plan. that pushes off the debate until after the 2012 elections. the john boehner bill has this debate again in less than a year.
do you want to be in this position again in under a year? >> they race race -- they raisee debt ceiling several times. what the president should be focused on is the debt. that's what will cause a downgrade in bond ratings in the united states. it many the debt the american people are concerned about. we continue to spend more than we have, and you can't continue to do that. we need to balance the budget in this country. the president talks about a balanced approach, we need a balanced budget amendment to the constitution. alisyn: the boehner plan cuts $9 billion from the deficit over the next 10 years, is that enough for you? >> i would like to have more reduction. would i like a bigger number.
spending. alisyn: we shall see what happens in the house today. thank you for joining us. what does the new possible debt limit mean for you? you can go to our web site foxnews.com and click on the debt calculator link. and you can enter your annual gross income and you can calculate your share of the debt. bill: you have been warned, right? we have a fox news alert. the bank ceos in america earlier today warning of grave consequences if no debt deal is reached the. some of the biggest banks in the country, jpmorgan, goldman sachs, bank of america warning that and pressuring the white house and congress to reach a deal on the debt ceiling say the consequences would be quote very grave. yesterday the financial stocks traded considerably lower.
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alisyn: the fbi is joining the search for a missing new hampshire grader who disappeared monday. police say they found news of a struggle. lawyers for the man wrongly accused of beating a giants fans outside dodger stadium asking the judge to let the man out of jail. police recently charged two other men in the brutal beating of bryan stow.
like mitt romney, he has been running for three years. do you see evidence she has set up the organization that's required in iowa or new hampshire or south carolina? >> no, and we looked carefully. on the other hand, people say you have to be in by early september. there is a great deal of evidence there is dissatisfaction with this field. i think a strong candidate could get in late october and raise the money online and put together a jury-rigged campaign structure. bill: why do you think that? historically that would be super late. one thing is obvious. you can raise a lot of money real fast online. >> the thing about sarah palin is she has got this national base that none of the other candidates have.
there are people who are really moved by her. she attracts huge crowds. i'm excited to see sarah palin run, i think she would be the best candidate for to us take on next year because i think she is such a devisive figure within the party. she would have to moderate some of her positions to appeal to the independent voters. bill: to both of your points, when she was on that east coast tour. she didn't tell anybody where she was going. she just showed up and people followed her. there was an extraordinary thing to see. candidate put out their schedule weeks in advance. this is where i'll be, i'll have a stage set up for you, come on out and say hello. >> there is no question she has magnetic appeal and no mat wear she does the press will cover it. the debt debate is revealing. this is the one thing that matters is the debate that end next week august 2. what is her position on that?
she hasn't weighed in in a meaningful way in this debate. that tells me she is not as of today putting together a campaign. but what do i know? >> the criticism of her is she doesn't weigh in in a meaningful way on many things. she does a lot of platitudes and talking points. but i haven't seen any specific plan to get this economy moving in the right direction. bill: that many whether she is in alaska or not. chris, thank you, tucker, thank you. fox news along with the washington "examiner" brings you the first televised iowa presidential debate thursday august 11. on on the fox news channel. all you need to know about 2012 is on your web site. the latest on the candidates, their campaigns.
bill: alex trebek snapped his achilles tendon while chasing a burglar out of his hotel room. police say the suspect broke in, tried to make off with jewelry and cash. trebek helped security catch her despite the injury.
makes landfall saturday night into sunday morning. as we get closer to the 11:00 eastern advisory we'll let you know. by this could be a good news story especially if the storm stays a strong tahir sharif. look at drought. over 70% of texas into exceptional drought. so they need the moisture. hopefully this is a good news story and don won't affect anyone tremendously. that would be great. alisyn: janice, thanks so much. we'll start the "jeopardy" campaign. bill: we expect a critical vote on boehner's debt plan in the house. does the speaker have the votes to pass it? while we go to commercial break go to our web site foxnews.com, click on "the most read" to be.
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boehner bill main point would cut $917 billion in spending over the course of ten years and raise the debt limit $900 billion and there are no tax hikes in it. bill: bill today be the day washington moves closer to a deal or even moves further apart? wendell goler, north lawn of the white house, leading our coverage. what does the white house say about the vote in the house today. >> reporter: they'd have you believe it is a political exercise and the president's advisors recommended that he veto the bill and last night, all 53 democrats in the senate sent boehner a letter saying they would not vote for it. it raises the debt ceiling enough to last six months and in a sense compare it with boehner's assertion that the deficit cutting plan should not contain tax hikes because tax hikes could not pass the house but republicans say 6 months is about an average extension of this debt ceiling, and, yesterday, white house press secretary jay carney repeated the obvious.
both put off the decision on significant spending cuts, for a bipartisan congressional commission to make, in the next 6 months or so and boehner's plan ties a second extension of the debt ceiling, to that decision making. but, yesterday, republican senator bob corker said that is only about half as much deficit reduction as the ratings agencies want. here's a bit of what he said. >> all of us in the body should be pressing the leaders on both sides of the aisle, to at least present a scorable package that is scorable and real in the area of $4 trillion, or, depending on what you decide to do with the package, but if you voted for a package, that was less than that, you would be casting a vote to raise the debt ceiling, but, at the same time, probably, cast or country into a situation where we are downgraded.
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and where i can't and can stand.
specifically how we're going to lower health costs which have a lot to do with budgets not only in the united states, but all over the world. bill: that they do, but both proposals would involve republicans and democrats, it would not just be stacked to one side. >> well, of course. and it should be. bill: i see a compromise coming out of this. >> so do i. bill: i see the republicans dropping the balanced budget amendment, and i see democrats in the senate dropping any requirement to raise new taxes. >> well, there are no requirements in the reid proposal. there is no situation like that, bill, in the reid proposal. there's no increase in any revenue in the reid proposal. bill: right. and there's the compromise. that's my point. so you pass it in the house, you go to committee, reconciliation in the senate, you put the two bills together, and you've got a deal by tuesday possibly. >> well, if -- we could have a possible deal by tuesday. the only thing, i don't want to come back six months from now and have this same debate again.
worth on the average of $113,000. alisyn: it's so troubling. john roberts, thanks for bringing that to our attention. bill: tweet, sounds so innocent, doesn't it? it got ugly in tinseltown, police in riot gear had to respond when an unruly crowd turned out for a movie premiere in hollywood, an electronic music festival notorious for recreational drug use. police stepped in a significant way when folks refused to step in. >> just here for the music, and i guess it didn't happen. >> i got shot on the arms and the head, it department hurt as bad as -- it didn't hurt as bad as i thought it would. bill: the movie has a lot more promotion that be it did before -- than it did before. happening right now on the noor of the senate, harry reid has a new message for house republicans.
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bill: here's a crazy sight for folks outside of pittsburgh, a blimp crashing in the woods. turns out that's no ordinary blimp right there, that's a remote controlled, unmanned army blimp launched out of ohio. the maker, lockheed martin, saying they had to bring it down after the recon blimp was unable to climb to the desired altitude. looks pretty good before, doesn't it? alisyn: before and after.
i'm not going to vote to raise the debt limit. i think that, you know, to pretend that the balanced budget amendment is going to solve our problems, and i don't like that supercongress. so i'm an easy no on this. alisyn: so, congressman, let me just ask you, you would rather default than raise the debt ceiling? >> no. you don't have to default. i mean, right now we're $200 billion over the debt limit, and they have found ways to make those payments. but, no, default is coming. the only argument that's going on now is how to default, not send the checks out or just print the money. in all countries our size, we with always print the money. so, i mean, the bills will be paid -- alisyn: okay, i mean, but just so i understand, in order to pay social security, medicare, unemployment benefits you would just print more money? >> no. i'm arguing that that's what they're going to end up doing if they don't just stop the spending. why don't we, you know, right now with boehner's proposal it's going to be $1 trillion next year than it was last year.
guys in hot pursuit go into their territory, and their guys come into ours. bill: so they may have crossed the line, but then the process plays out where they report to the u.s. soldiers who are the border agents in this case. >> exactly. bill: but do you know of any case, chad, where the mexican military would chase a suspect across the border into texas? is. >> absolutely. when i was chief of dhs, there were, unfortunately, several cases where in hot pursuit this happens. remember, in the desert there's often no clear line in the sand. this case, unfortunately, it looks like they went across a bridge, but it was a new bridge, so they may not have known. the good news here is that the border patrol immediately responded, apprehended and followed the protocol. we shouldn't let this incident, however, distract us from the shared objective with mexico which is the fundamental objective of disrupting, dismantling and defeating these drug cartels. bill: when is our relationship, then, with the mexican military? is.
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