The countdown to the August 2nd deadline for raising the U.S. debt ceiling continues. On Thursday, President Obama emerged from the White House negotiations with Congressional leaders with no deal in hand, and reported that Democrats and Republicans were still “far apart” on a deal. But more talks have been scheduled for Sunday, and that is itself progress of a sort after weeks of angry rhetoric without direct talks. Will the two sides come together to prevent the U.S. from defaulting on its debts? Will partisan gridlock over tax cuts, entitlement spending and federal deficits consign the U.S. and global economies to another global calamity? And what’s at stake in the negotiations? Joining Marty to make sense of it all are two Washington, DC-based journalists covering the showdown: MAJOR GARRETT, congressional correspondent for the National Journal, and JAY NEWTON-SMALL, Washington correspondent for TIME.