For weeks we have been warned the U-S economy could tank, if the White House and Republicans don't strike a deal on the debt-ceiling.
That deal was finally reached, and now must pass both the House and Senate.
Megan Lynch and Tom Ackerman were joined by Steven Smith, the Kate M. Gregg Distinguished Professor of Social Science at Washington University in St Louis. He says this year's negotiations were very similar to past occurrences.
The agreement worked out over the weekend passed a key committee and now heads for a vote in the full House.
"Its not that different than what we've faced over the last 10-or-15 years," says Smith. "Around 2010, the Republicans changed their stance on the whole matter and began to use the necessary increase in the debt-limit as a source of leverage with the Democrats to try to get concessions on fiscal policy."
"Ever since, whenever that debt-limit needed to be raised, there's been a threat, and a sometimes carried-out threat of refusing to increase it unless certain demands are met, and that's generated a crisis," says Smith.
Reaction to the debt-crisis is mixed.
"Americans are about as divided as our politicians are, so this creates plenty of support for both sides, when they're standing off against each other in a situation like this," says Smith.
