Stalemate over the Debt Ceiling Continues

"If not now… when?" President Obama asked today as leaders of both parties in Congress prepared for yet another White House negotiating session. He challenged both parties to compromise, so that raising the debt ceiling can become an opportunity for spending cuts and closing tax loopholes long term, insisting that a short-term deal would be unacceptable. What happened to the so-called "big deal" he and Speaker John Boehner talked about just last week? With both parties divided, are next year's elections making it harder to avoid the first default in American history?