Lawmakers Weigh Medium-sized 'Plan B' Debt Deal05:25
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President Barack Obama, and legislative leaders during a debt ceiling meeting. (AP)
President Barack Obama, and legislative leaders during a debt ceiling meeting. (AP)

Senate leaders Harry Reid (D-NV) and Mitch McConnell (R-KY) are reportedly coming up with what's being called "Plan B" on a deal to bring down government spending, after 5 straight days of talks at the White House this week failed to produce an agreement.

The Wall Street Journal reports that the $2.5 trillion deal would link spending cuts to any move by President Obama to raise the debt ceiling, and it likely would not include tax increases that Republican oppose or cuts in Medicare that Democrats won't accept. It also might include an extension of unemployment benefits.

But Politico reports Plan B might be dead in the House. Meanwhile, Christian Science Monitor's Gail Chaddock says that lawmakers are scrambling, trying to find a solution to the tense negotiations, knowing that they are "in the fight of their lives."

Guest:

  • Gail Chaddock, Congressional correspondent for Christian Science Monitor

    This segment aired on July 15, 2011.

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