EXCLUSIVE: Bob Woodward on Debt Negotiations: It Was So Serious "They Couldn't Tell the World How Bad it Was at the Time"

VIDEO: "The Price of Politics" reveals failed bargain on tax increases to cut deficit.

ABC's Diane Sawyer spoke with Bob Woodward in an exclusive interview about his much anticipated book, "The Price of Politics." In a presidential election year when control of the House of Representatives, Senate, and White House hang in the balance, Woodward's reporting provides a sweeping you-are-there account of how President Obama and the highest profile Republican and Democratic leaders in the United States Congress attempted to restore the American economy and improve the federal government's fiscal condition. Below is an excerpt:

DIANE SAWYER: You talk about it as essentially 44 days that were the equivalent, the financial equivalent of the Cuban missile crisis.

BOB WOODWARD: It's so serious that they couldn't tell the world how bad it was at the time.

Sawyer's interview will begin airing on "ABC World News" Monday, September 10 and the extended interview will air later that night on "Nightline," the #1 show in late-night.

ABC News senior Washington editor Rick Klein provides an in-depth look at "The Price of Politics" in the following story on ABCNews.com: " Debt Deal Collapse Led to 'Pure Fury' From President Obama." "The Price of Politics" will be published by Simon & Schuster on September 11.

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