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Debt ceiling debate: another deadline missed




U.S. President Barack Obama (C) speaks with US Speaker of the House John Boehner (L) as Majority Leader Senator Harry Reid looks on during a meeting in the Cabinet Room at the White House in Washington, DC, on July 23, 2011.
U.S. President Barack Obama (C) speaks with US Speaker of the House John Boehner (L) as Majority Leader Senator Harry Reid looks on during a meeting in the Cabinet Room at the White House in Washington, DC, on July 23, 2011.
Jewel Samad/AFP/Getty Images

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This weekend marked yet another self-imposed deadline for congress to agree to a debt ceiling deal. Unfortunately the weekend came and went and there’s no deal in sight, in spite of repeated threats from credit ratings agencies, Moody’s and Standard and Poor’s, that they’ll cut the US bond rating if a deal doesn’t happen soon. Now both the democrats and the republicans have come out with their own plans to solve the debt crisis but neither looks like it can bridge the gap between the two parties…and the REAL deadline of August 2nd is looming. In fact, it’s looming large, congress has to get a deal on the floor by early this week to give it enough time to make it through both houses. So, what’s in both deals? How are the markets reacting? Where is the common ground? And in a month of outrageous political theater, who’s about to get booed off the stage?

Guests:

Phil Mattingly, Bloomberg New Reporter

John Avlon, Senior political columnist for Newsweek and The Daily Beast