Debt Deal Emerges

Debt Deal Emerges

Congressional leaders and the President agree on a framework to raise the debt ceiling and lower the deficit. Parsing the details of the deal.

It’s August 2nd, and lawmakers and the president have until midnight to raise the debt ceiling, or risk default. They’re on track to do so. The House passed the debt limit deal last night. The Senate votes this afternoon. The legislation will enact spending cuts immediately. And a bipartisan commission will consider tax reform and revenue adjustments over the long term. But just because the deal is on track doesn’t mean it’s popular. It faces opposition from both the left and the right, for different reasons. We hear reaction to the emerging debt deal and take a close-up look at its details.

Guests

Susan Page

Washington bureau chief for USA Today.

David Winston

republican strategist and president of the Winston Group, and CBS News consultant. Served as a strategic adviser to House and Senate Republican Leadership for the past 12 years.

Matt Kibbe

president and CEO of FreedomWorks and co-author with former House Majority Leader Dick Armey of the book, "Give Us Liberty: A Tea Party Manifesto."

Katrina vanden Heuvel

editor and publisher of The Nation, writes a weekly column for The Washington Post.

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