Early on Monday, Democratic and Republican congressional leaders unveiled separate debt proposals that the other side quickly rejected, demonstrating the deep partisan divide that exists despite months of negotiation.
Both plans provide a path to raise the debt ceiling through the end of 2012, but they differ in scope and over key components involving requirements for future congressional action.
Both President Obama and House Speaker John Boehner addressed the country last night about the impasse in the debt talks.
Today on American Morning, David Gergen spoke with Kiran Chetry about his reaction to the speeches and the likelihood that a deal will be reached, stressing the importance of maintaining the U.S. credit rating.
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