Oct. 16 - After House fails to reach a deal, bipartisan Senate leaders work through the night to craft a compromise ahead of midnight's deadline to avoid default. Linda So reports.
TV AND WEB RESTRICTIONS~**CBS - DIGITAL USE ONLY. NO BROADCAST USE WORLDWIDE. NO ACCESS AUSTRALIA BROADCASTER WEBSITES. NO ACCESS JAPAN. NO ACCESS ABC AMERICA, FOX, UNIVISION, TELEMUNDO, BBC AMERICA, NBC, OR THEIR DIGITAL/MOBILE PLATFORMS/NO ACCESS DES MOINES MEDIA MARKETS~** As the sun comes up on Capitol Hill, it's deadline day for Congress. The clock runs out at midnight for lawmakers to reach a deal on the debt ceiling. If Congress fails to compromise, the U.S. Treasury will run out of money to pay its bills. SOUNDBITE: PRESIDENT BARACK OBAMA SAYING: "We don't need to close the government and we don't need to default on our debts simply because parties disagree." The President is pointing his finger at conservative Tea Party Republicans in the House for causing the government shutdown and the looming threat of default. SOUNDBITE: PRESIDENT BARACK OBAMA SAYING: "There's a faction there that believes a compromise of any sort is unacceptable, that they've gotta get 100% of what they want or at least a lot of what they want and they haven't been willing to engage." On Tuesday, the House failed to vote on a measure to end the crisis. Tea Party Republicans rejected that plan because it didn't do enough to scale back the Affordable Care Act. SOUNDBITE: SENATE MAJORITY LEADER HARRY REID: "We felt blindsided by the news from the House. But this isn't the first time." Senate Republicans and Democrats worked through the night to try to work out a compromise before the midnight deadline. SOUNDBITE: PRESIDENT BARACK OBAMA SAYING: "If we come to the table in a spirit of compromise I am confident that we can get a long term budget deal and we can stop governing from crisis to crisis." If the U.S. defaults on its debt, the credit rating agency Fitch has warned the country's Triple A credit rating will be downgraded.