Default or Deal?

Is there a way to reach a compromise on the debt ceiling standoff? The clock is ticking as Tuesday's default deadline approaches. Washington was a frenzy of proposals and plans and political posturing this week. And looming over the debt standoff was grim news from the Commerce Department that the nation's economy grew much more slowly than expected. We devote our entire program to the debt ceiling "madness" as our nation's elected officials reach the endgame of negotiations. (Guest panelist Chrystia Freeland sits in for Arianna Huffington.)

Banner image: A taped video screen on the ABC Times Square Studios in New York displays a video of President Barack Obama as he delivers a statement on the US debt ceiling talks from the Diplomatic Reception Room of the White House in Washington, July 29, 2011. Photo by Timothy A. Clary/AFP/Getty Images