Debt Showdown: Playing Politics with the US Economy

E-mail and phone lines are jammed on Capitol Hill, and there's a nasty Twitter campaign against all of Washington. But despite the impending deadline, Democrats and Republicans are still far apart on the debt ceiling. House Republicans and Senate Democrats are each working on plans unacceptable to the other, and President Obama is still talking about compromising on a Big Deal, including new revenue. He says the "hard deadline" is next Tuesday, August 2 when the government will run out of borrowing authority. But it's now reported that there will still be enough money to pay the bills until August 10. One of our gests calls it "The Politics of Calamity."