Consultations will continue today about a possible deal that would raise the debt ceiling and cut $3 trillion from the federal deficit after word spread last night that a possible deal is being negotiated between President Barack Obama and House Speaker John Boehner.
Spokesmen for Obama and Boehner have denied that a deal is imminent and both lawmakers still have to sell the deal to members of their own parties.
Republicans generally have opposed any tax increases while Democrats have balked at proposals that would cut too deeply into entitlement program spending.
Ron Brownstein, CNN senior political analyst, joins American Morning today to discuss what possible plans are on the table and to weigh in on the status of the negotiations.