Weekly Wrap: Debt talks hit impasse

A Wall Street sign in New York City's financial district.

In the corridors of power in Washington, there is no rest for the weary. We are still without a budget deal. We are, in fact, even without talks on a budget deal. Roll that in with a slow economy, Greece and its debt worries, a stock market that's skittish, etc. and there's a lot to talk about this week.

Kai Ryssdal discusses the happenings on Wall Street and beyond with Lizzie O'Leary from Bloomberg News and Cardiff Garcia from the blog FT Alphaville.

House Majority Leader Eric Cantor pulled out of debt-ceiling talks the other day. On whether that move was choreographed:

Lizzie O'Leary: It could be choreographed. Cantor's aides say it wasn't. There is a lot of substantive talk going on here and then there's some political theater behind it. Yes, there will be more talks. Yes, the president is getting involved. The Republicans wanted to ratchet this up to the point where they said, OK Mr. President, you have to talk about it.

On whether a deal will eventually be reached:

Lizzie O'Leary: I think from the beginning... we've known that the incentives here -- the political incentives -- have been for this thing to go all the way down to the wire. The Republicans, in particular, don't want to be accused of not having gotten the best deal. So I really don't have much hope that we're going to see a resolution to this any time soon. I do think we're going to get up, right up close to that August 2nd deadline.

For more discussion on debt talks, Greece's problems, and market volatility, click on "Listen to the story" at the top of this page.

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