As the August 2nd deadline for extending the federal debt ceiling approaches, lawmakers in Washington DC are huddling in heated conversations. The White House has advanced its deficit-reduction proposal, which called for $4 trillion in big-ticket entitlement cuts and spending reform over 10 years. The Republican-controlled House approved Wisconsin Rep. Paul Ryan’s budget plan, which took at $6 trillion bite from government spending over the next decade . Now it’s up to the Senate, where budget negotiations are proceeding on two tracks, with the bipartisan “Gang of Six” meetings recently being rivaled by the Blair House talks presided over by Vice President Biden. Joining us to talk about the budget, the debt ceiling, the deficit-cutting proposals and more are JACOB ‘JACK’ LEW, Director of the U.S. Office of Management and Budget. Then we’ll hear from one of the key fiscal conservatives driving policy in Washington DC, GROVER NORQUIST of the Americans for Tax Reform advocacy group.