Hammering Out Dueling Debt Ceiling Plans

Just over a week before the August 2 deadline, Washington seems no closer to a deal to raise the debt ceiling. After Speaker of the House Boehner walked out of negotiations with President Barack Obama Friday, talks went on all weekend between and within the parties. Now the Speaker is working on a GOP plan while Senate Majority Leader Harry Reid works on a Democratic alternative. Today, global markets are down amid concerns about the lack of a deal. Directors of the International Monetary Fund have weighed in, citing the urgency of a deal that includes entitlement reforms, additional savings in healthcare, as well as revenue increases, and advising against fast cuts which could impact consumer spending.