President Obama signed the emergency debt ceiling legislation into law yesterday just hours before a midnight deadline to get a deal done.
The measure provides an immediate $400 billion increase in the $14.3 trillion U.S. borrowing limit, with $500 billion more assured this fall. Later this year, a special bipartisan 'supercommittee' will come together to draft legislation to find up to $1.5 trillion more in deficit cuts.
Today on American Morning, Kiki McLean, Democratic strategist, and Margaret Hoover, author of "American Individualism: How a New Generation of Conservatives Can Save the Republican Party," join Christine Romans to discuss how the American public reacted to negotiations and where lawmakers will go from here.
The House of Representatives passed a bill to raise the nation's debt-ceiling while imposing sweeping spending cuts yesterday on a 269-161 vote, overcoming opposition from liberal Democrats and tea party conservatives for ideologically different reasons.
Representative Joe Walsh (R-Ill.) and Representative Dennis Kucinich (D-Ohio) are two lawmakers who voted against the bill.
They join Carol Costello on American Morning today to discuss their decision and to weigh in on the political compromise.
Yesterday Arizona Representative Gabrielle Giffords made a triumphant return to the House after recovering from a gunshot wound to the head. She went to Washington to vote in favor of the debt bill.
Rep. Debbie Wasserman Schultz, a close friend of Giffords, was there for her vote. She has been at Giffords' side through her recovery.
Wasserman Schultz talks to American Morning about the welcome Giffords received from the House, as well as a potential timeline for Giffords' full-time return to Washington.
With a debt deal in place and a vote on the plan expected to happen in the next few hours, could the past be any indication of our debt future?
On American Morning this morning, we look at the current political process in Washington through a historical lens. Ali Velshi talks to Nick Ragone, author of "Presidential Leadership: 15 decisions that changed the Nation" and Presidential historial Doris Kearns Goodwin about how the current debate compares with past debates.
It could be the beginning of the end when it comes to the current debt ceiling crisis.
Last night, President Obama announcing a deal to raise the nation's debt limit in exchange for deep spending cuts. But the President and House Speaker John Boehner also admit that the agreement is far from perfect.
Who stands to win and who stands to lose in this deal?
This morning on American Morning, Stephen Moore with the Wall Street Journal Editorial Page and Norman Ornstein with the American Enterprise Institute look at who stands to gain and who will lose in the debt deal.
A vote on the new debt deal is expected in Congress some time this afternoon. The plan includes raising the country's borrowing limit in exchange for major spending cuts.
Earlier on American Morning this morning, CNN's Carol Costello talks with Senate Majority Whip Dick Durbin, who explained that Democrats signed on to the deal in order to avoid default.
For the other side, Ali Velshi talks with Sen. John McCain on the debt deal. He says that he feels the debt agreement is a success, but he's worried about defense cuts and is still hoping a balanced budget amendment can be passed.
"I'm worried about the size of defense cuts that may be contemplated, but that doesn't mean I'm, therefore, rejecting the agreement," McCain says.
He also gives some advice to his Republican colleagues in the House: "They should worry about more than anything else is the view in which the American people hold us and their low opinion of us because we are failing to do what they think is our job. And, by the way, they're right."