Republicans and Democrats have until August 2nd to reach a deal on raising the $14.3 trillion debt ceiling. The Senate canceled its planned July 4 recess and lawmakers are racing against the clock to avert a debt default.
Lawmakers have been unable to reach a consensus, with Republicans and Democrats sharply divided over spending cuts and tax hikes. Republicans want Democrats to agree to $2 trillion in spending cuts and not to hike taxes. They've walked out on talks led by Vice President Joe Biden.
Meanwhile Democrats are looking at a scaled-back deal, which would raise the debt ceiling and buy enough time until after the 2012 Presidential election. Some analysts are worried that the game of brinkmanship between the two sides could lead to a default, even if it is for a few hours. Ratings agencies have warned that such a 'technical default' would hurt the U.S.'s Triple-A rating.
Time is running out and we want to know whether you think there's enough political will for a deal to be done in time.