President Obama and lawmakers from both parties will meet again today to try to hammer out a deal on raising the nation's debt ceiling. Republican leaders have refused to consider any tax hikes, and now the President says if there is no deal before the August 2nd deadline, he can't guarantee social security checks will go out on time.
Some say the Tea Party's influence in the GOP may be standing in the way of a compromise.
This morning on American Morning, Kiran Chetry and Ali Velshi talk with Dick Armey, who has been called the "godfather" of the Tea Party. He's a former House Majority Leader and is now the chairman of Freedom Works. He explains why it's important that lawmakers focus on spending cuts during the negotiations.