Debt Negotiations: Can A Deal Be Struck?

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Though the breakdown in the negotiations represents the sort of political bickering that leaders decried last week, Ryan McConaghy, Economic Program Director of the think-tank Third Way, said that leaders in Washington understand that the stakes are high.

"If the economy goes into a recession, voters are going to be very angry," McConaghy said. "They've spent weeks on this, they've both been in the room, and they've both said it's important. They both have something to gain by doing it and they both have something to lose by failing."

McConaghy predicts that if a deal is not struck, a blame game will begin between Republicans and Democrats.

"I think what you'll see, is they realize that you know they'd have to start preparing for the worst and that might meaning starting to assign blame for why deal isn't going to happen," McConaghy said.

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