President Obama predicts economic "Armageddon" if the debt ceiling isn't raised by the Aug 2 deadline. Democrats want tax hikes. Republicans want spending cuts. Gwen Ifill drills down on the facts & fiction surrounding the budget crisis with Michael Duffy, TIME Magazine; Gloria Borger, CNN; John Dickerson, Slate Magazine/CBS News; David Wessel, The Wall Street Journal.
Webcast EXTRA: If you think the current war of words over raising the debt ceiling in Washington is harsh, you may be surprised that it’s really nothing new. Watch Gwen and the panel revisit a 1995 Washington Week to hear reporter Steve Roberts analysis of that debt debate that included a government shut down. Plus, the latest on the scandal surrounding the British tabloid The News of the World.