End of the world? Debt stalemate invokes language of Armageddon

Video: Tea Party-backed deficit plan heads to House

Open in new window

2. Closed captioning of: Tea Party-backed deficit plan heads to House

   Advertise | AdChoices

   >>> the house votes this week on a tea party -backed plan to keep the government from a default of the nbc's chief white house correspondent chuck todd has more. good morning.

   >> reporter: good morning, natalie. look, the entire negotiation process to raise the debt ceiling in the next two weeks is on a two-track process. a public one and a private one. you referred to the public one. right now, house republicans are going to be voting on this balanced budget amendment , trying to get that added to the constitution. it might even get a vote in the united states senate . but it has no chance of passage. but once that's out of the way, then the behind the scenes negotiations right now, which is all basically the united states senate , to put together some sort of process that would have some spending cuts, mixed in with this sort of legislative gymnastics that gives the president more power to raise the debt ceiling is going to get put together. i'm told by at least either the end of the week or over the weekend, they may actually have a piece of legislation in front of them. and then the game is trying to get house republicans on board to pass it. we shall see. natalie?

   >> all right. we'll be watching. thanks so much, chuck todd at the white house for us this morning.

   Show transcript