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The Debt Crisis Goes Into The Homestretch46:44
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John Harwood in for Tom Ashbook

Deal or No Deal? The debt crisis goes down to the wire. We’ll look at the homestretch struggle.

The debt ceiling crisis is going down to the wire and many experts predict a late-night, last-minute deal. (AP)
The debt ceiling crisis is going down to the wire and many experts predict a late-night, last-minute deal. (AP)

This stalemate has been looming for weeks. So have the warnings of economic catastrophe — if a politically divided Washington can't reach consensus and raise the federal debt limit.

We have now reached the final week. Can President Obama, House Speaker Boehner, and Senate Majority Leader Reid keep financial markets from panicking and raising interest rates for every American?

This hour On Point: The ultimate test of whether Washington can bridge the partisan divide and get it done.
-John Harwood
Guests:

Rep. Tom Cole, Republican from Oklahoma's 4th district.

Rep. Chris Van Hollen, Democrat from Maryland's 8th district.

Daniel Mitchell, an expert on tax reform and supply-side tax policy at the Cato Institute.

Neera Tanden, chief operating officer of Center for American Progress. Before joining CAP, she served as senior advisor for health reform at the Department of Health and Human Services, advising Secretary Kathleen Sebelius and working on the president’s health reform team to pass the bill.

Nancy Cordes, congressional correspondent for CBS news.

This program aired on July 25, 2011.

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