Debt Limit Debate: Democrats and Republicans Push Competing 'Emergency' Plans

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 U.S. President Barack Obama speaks at a news conference in the Brady Press Briefing Room at the White House July 15, 2011 in Washington, DC.

David Sanger, chief Washington correspondent for the New York Times, joins Liz White to discuss U.S. lawmakers' continuing efforts to reach an agreement on the debt limit. With a week to go until the August 2nd deadline, Democrats and Republicans are pushing competing emergency plans to raise the debt ceiling. But the markets will also play a role in any forthcoming deal. Sanger weighs in on the ongoing negotiations as well as the lessons learned from Greece's financial crisis and bailout.