What exactly is in the debt-ceiling deal? Jay Powell explains

President Obama and Congressional leaders struck a deal on a legislative package yesterday that would extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps.

The proposed deal includes $2.4 trillion in deficit reduction over 10 years while authorizing an increase in the federal debt ceiling by a slightly smaller amount to allow the government to pay its debts through 2012, according to information from the White House and a presentation for his Republican colleagues by House Speaker John Boehner.

Jay Powell, Treasury Under Secretary under President George H.W. Bush, talks with Christine Romans on American Morning today about the details of the deal and the possibility of a U.S. credit downgrade.