President Obama Discusses Debt Ceiling Talks

With time running out to raise the nation's debt ceiling, President Obama hosted another bargaining session with leaders of Congress Monday. He's trying to persuade both Republicans and Democrats to compromise on a plan to shave trillions of dollars from the federal deficit. "I'm prepared to take on significant heat from my party to get something done. And I expect the other side should be willing to do the same thing, if they mean what they say: that this is important," he said.