Debt Deal “Very, Very Close” Between Obama and Republicans; Many Democrats Not Pleased – Video Report 7/31/11

Here is video of NBC’s Chuck Todd describing the contours of the compromise deal being worked out right now between President Obama and Congressional Leaders to raise the U.S. Debt Ceiling.

Todd says the deal is “very, very close,” but not yet done. The problem could be getting Democrats on board, even more than Republicans. Todd said they are talking about “only cuts” – which is not setting well with Democrats, who wanted tax increases as part of a deal. Todd said Republican leaders believe they can get around 180 GOP votes in the House, meaning they would need only around 40 Democrats to approve it in the Senate.

Some kind of very short-term (a few days) extension is possible first, while the final details of this deal get hammered out.