America's Credit and Credibility

The debt ceiling looms as America's future hangs in the balance.
3:09 | 10/14/13

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Transcript for America's Credit and Credibility
new week begins there is new hope that washington is finally ready to end this showdown and get back to work to re-open the government, to pay america's bills. The clock is running down to thursday when america's credit could start to run out. American credibility around the world hanging in the balance. So is the man made crises about to end and how fast? Jonathan karl has been talking to his sources. Reporter: In washington peace could be at hand. Democratic and republicans leaders in the senate have struck a tentative deal that would end the shutdown and prevent default. There is no guarantee that republicans in the house will go along. It's hard to imagine these guys would like what they see. At least mt. Rushmore re-opened today, the state of south dakota footing the bill until politicians get their act together in washington. Government buildings are still closed and trashing piling up. The government shutdown now in week three. After a furious day of closed door meetings on capitol hill, a tentative deal is at hand. It would re-open the government but only until january 15th and avoid default but just for now, extending the government's ability to borrow money until mid-february. The first sign of hope came this afternoon when the top democrat and top republican in the senate stopped calling each other names. We have had an opportunity over the last couple of days to have some very constructive exchanges. I deeply appreciate my friend, the minority leader for his diligent efforts to come to an agreement. Reporter: Earlier it looked like washington as on the brink of total breakdown. A weekend of talks produced nothing. This morning it was announced the president would be sum onning congressional leaders to the white house. If they aren't willing to set aside partisan concerns, we stand a good chance of defaulting. Reporter: Most of the public has blamed republicans. It's gotten worse for the gop. In the latest abc news "washington post" pole, 74 percent blamed republicans, but republicans, or at least their leaders in the senate appear to have backed down. The deal includes no major changes to obama care. The republican demand that started the crises in the first place. It's not clear when or even if the president will have that meeting with congressional leaders here at the white house but the fate of this deal, this tentative deal, almost certainly rides in the house. The question is tea party republicans will certainly, diane, hate this deal. We just don't know if they'll be able to kill it. The terms discussed, three months, it's only three months and everybody goes through this again? Reporter: That's exactly right, diane. This is just a temporary fix. We don't know if they get this if the two sides will be just not ready for another one of these long drawn out battles. We have set up exactly that scenario three months from now. Jon karl at the white house tonight.

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

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