Debt Ceiling Politics Loom Over Obama04:38
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President Barack Obama speaks in Washington, Tuesday. (AP)
President Barack Obama speaks in Washington, Tuesday. (AP)

President Obama met with House GOP leaders at the White House Wednesday, a day after every House Republican, along with 82 Democrats, voted against a proposal to raise the nation's borrowing limit without cutting federal spending.

The Treasury Department says it can only prevent the U.S. from defaulting on its debt until Aug. 2. But that deadline aside, what makes the battle over raising the debt ceiling so pitched this year is the anti-spending fervor of the many new Republican freshmen in the House. We speak with Lori Montgomery, Washington Post financial reporter.

This segment aired on June 1, 2011.

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