Libyan rebels lose, then retake village during dramatic five-hour firefight. CNN's Ben Wedeman reports.
(CNN) - I think President Obama and the Democratic and Republican leaders with whom he’s been negotiating an increase in the nation’s debt ceiling all fully appreciate the stakes. Based on everything that I’m hearing, they are all convinced that the consequences of failure would be a huge disaster for the U.S. economy and the American people. It probably would make the 2008-09 recession look like child’s play.
CNN's Tom foreman takes a look at the implications of a government default.