Washington Hammering Out Duel Debt Ceiling Plans

As the markets and the public look on nervously, the clock continues to tick toward the August 2 deadline as negotiations continue over raising the federal debt ceiling. As leaders from both parties develop separate plans, one of the contested issues is the length of any extension. President Obama and the Democrats want to put the issue to rest until after the 2012 election, while the Republicans want to keep the government on a shorter leash.