House Republican leaders were forced to delay a vote on Speaker John Boehner's plan to raise the nation's debt ceiling last night after conservative lawmakers expressed skepticism about the bill and the Congressional Budget Office estimated that the the plan would reduce deficits by only $851 billion over 10 years.

Speaker Boehner announced today that he will rewrite his  legislation to ensure that it meets his oft-stated pledge to cut spending more than Congress increases the federal borrowing limit.

Jeff Flake from Arizona, member of the Appropriations Committee, is one of the House Republicans who has come out against the Speaker's bill.

Today on American Morning, Flake joins Kiran Chetry to weigh in on why he is not supporting the bill and to discuss what compromises are necessary in order to secure his vote on a debt-ceiling bill.

The ongoing debate in Washington over whether to raise the federal debt ceiling has many governors from both parties worrying about how the negotiations will affect state finances.

However, Republican Governor Rick Scott of Florida seems less concerned then others about a potential default, telling reporters yesterday that failing to raise the debt-ceiling would have a "minimal" effect on state governments and financial markets.

Scott joins Christine Romans on American Morning today to describe why he would not raise the federal debt ceiling and to discuss why he thinks that the government must prioritize spending and stop borrowing money.

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.

Last night, President Obama called for "a balanced approach" to addressing the nation's deficit that includes large spending cuts along with revenue hikes - including a halt to Bush-era tax cuts for families earning more than $250,000 a year.

House Speaker John Boehner showed no sign of moving off his party's opposition to any kind of increase in taxes, signaling that there is still a great divide amongst lawmakers about the correct way to address the nation's debt.

Today on American Morning, President Obama's top economic adviser Gene Sperling spoke with Ali Velshi about the possibility of a compromise in the debt-ceiling negotiations, appearing to remain optimistic despite the continuing impasse in negotiations.

"There is a lot of goodwill that I still believe exists in this country in Washington and we just need a basic, a minimum amount of compromise," Sperling, Director of the National Economic Council, told Velshi. "A minimum amount of not my way or the highway and we can get there easily this week."

See the entire interview here.

Asian stocks opened lower Monday, the first reaction in major markets after congressional leaders and the Obama administration failed to reach an agreement on a deal to raise the U.S. debt limit over the weekend.

Pressure to reach a deal continues to escalate, with all three major credit rating agencies warning in the past week that they are considering a downgrade of the U.S. credit rating as a result of the continuing impasse.

Today on American Morning, Jay Powell, former Treasury Under Secretary under President George H.W. Bush, joins Christine Romans to discuss how the markets are reacting to the continued stalemate and to weigh in on whether he thinks a bill will be passed before the August 2nd deadline.

With weekend talks to resolve the nation's debt-ceiling crisis hitting a new stalemate on Sunday, President Barack Obama has canceled two fundraising appearances today as anxiety over the impasse continues to escalate.

Failed weekend negotiations and a series of setbacks have left lawmakers on each side of the political spectrum pursuing separate plans and showing little common ground.

Today on American Morning, Margaret Hoover, author of "American Individualism: How a New Generation of Conservatives Can Save the Republican Party," joins Kiki McLean, Democratic strategist, to discuss  how the GOP and the Democrats are reacting to the continued impasse in the debt-ceiling negotiations.