Raising the Debt Ceiling

Several banks now say the Treasury Department will collect more in taxes than planned, possibly pushing back the debt ceiling deadline.

On August 2, the U.S. Treasury Department says it will run out of cash and could have to default on some of its debts -- namely U.S. Treasury bonds.

U.S. Treasury bonds have typically been the safety investment for investors, but the debt risk means U.S. debt is less safe. So, the new darling currency is the Swiss Franc.

Europe correspondent Stephen Beard discusses the latest on the debt talks and reveals the only other advanced nation with a debt ceiling.

Washington took to the airwaves yesterday to explain why there was still no plan to raise the debt ceiling. Meanwhile, Wall Street is holding its breath and hoping for a deal before the August 2nd deadline.

After months of debate, only two debt plans are currently on the table: a Democratic plan that avoids cutting Medicare and Social Security, and the Republican plan to raise the debt ceiling in stages.

As the debt default date looms, bond analyst Marilyn Cohen explains why so many foreign markets aren't panicking -- even though they hold a lot of our cash.

CBS/MoneyWatch editor-at-large Jill Schlesinger explains how Americans have become more open to tax cuts as part of a debt solution.