Debt and Deficit Negotiations

President Barack Obama sits with House Speaker John Boehner of Ohio, and Senate Minority Leader Mitch McConnell of Kentucky, and Sen. Dick Durbin, D-Ill., as he meets with Republican and Democratic leaders regarding the debt ceiling in the Cabinet Room of the White House in Washington, Wednesday, July 13, 2011.  - (AP Photo/Charles Dharapak)

President Barack Obama sits with House Speaker John Boehner of Ohio, and Senate Minority Leader Mitch McConnell of Kentucky, and Sen. Dick Durbin, D-Ill., as he meets with Republican and Democratic leaders regarding the debt ceiling in the Cabinet Room of the White House in Washington, Wednesday, July 13, 2011.

(AP Photo/Charles Dharapak)

Debt and Deficit Negotiations

An update on the drawn out debt ceiling and deficit negotiations: perils for President Obama, Republicans, American taxpayers, and the costs of compromise.

The haggling goes on. The White House says Congress needs to raise the debt ceiling by Friday to avoid a potential U.S. default, but there were few signs of progress over the weekend. The only plan that seems to be gaining some traction is a bi-partisan proposal that allows the president to raise the debt ceiling … without the support of congressional Republicans. The plan assures wrangling for months, if not years, to come. This week both the House and Senate plan largely symbolic votes on measures aimed at soothing ruffled constituents but little else: Join us for a conversations on the debt and deficit battles down to the wire.

Guests

E.J. Dionne Jr.

senior fellow, The Brookings Institution,
columnist, Washington Post
and author of "Souled Out: Reclaiming Faith and Politics After the Religious Right" and of "Stand Up Fight Back."

Janet Hook

congressional correspondent, The Wall Street Journal.

David Winston

Republican pollster and President of the Winston Group. He also writes for Roll Call and is a CBS News consultant.

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