Bob Woodward On What Went Wrong With Failed Debt Deal

Author Bob Woodward talk to Diane Sawyer about his new book in an ABC News exclusive.
3:00 | 09/09/12

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Transcript for Bob Woodward On What Went Wrong With Failed Debt Deal
So it has been the question ask over and over again. Who wants it. Who walked away from us. Who was it who scuttled this deal. First you have to say what deal -- Never really agreed and some sort it -- reform which was that being gay avenue. For raising more revenue but never really. Agreed -- how to cut Medicare or Medicaid. Or Iranian entitlement programs. They each claimed they gave and then blame the other one for walking away what really happened okay after this famous phone call. It looked like there was no. Way. We have. For history this monumental. Communications. Lamps. I'm a critical issue at a critical but do you think. It fell apart because of this misunderstanding. -- Buckeyes. Neither of them was ready to see it there. Well isn't interviewed the president extensively in the in the speaker. They both said no we're. Serious about this -- president. Well certainly when the president says look I willingly. Would lose an election. If I got this right. That's. You know he's laying it on the line speaker Boehner even -- so far as to say. I need this job like a hole in the head. And so I'm willing to risk everything to solve this problem of course. They didn't. You talk about it is essentially a 44 days that were -- equivalent the financial equivalent to Cuban missile crisis he is so serious that. They couldn't tell the world it was.

This transcript has been automatically generated and may not be 100% accurate.

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