(CBS News) -- The ramifications of defaulting on U.S. debt would be a catastrophe, a disaster. While both sides have made arguments on raising the debt ceiling, at the end of the day it comes down the politics.
The roof is falling on the Republicans. And now the blame falls on the "Cruz faction"--the far right side-- of the Republican Party.
The Republicans have realized they were being led on a garden path but at the end of the path all they found was a garbage dump.
It is interesting to note that many of these Tea Party backers come from safe states and are now finding their constituents have turned on them. For example, Sen. Mike Lee from Utah has a favorable rating that has fallen 20 points since June. The general feeling within the Republican Party is that the pendulum, which has never gone to the middle, has gone too far to the right and they are ready for it to come back.
The President also has to find a way to save a little face with Speaker of the House John Boehner. But once they move beyond that there is a possibility of finding a solution. The debt ceiling is among many legitimate issues that should be resolved. After all, it is not about what party is winning or losing. The American public is the only one that loses.
The latest Wall Street Journal/NBC News poll found that a large majority of Americans believe the failure to raise the debt ceiling is a problem.
Lawmakers are going to have to find a way to re-open the government and pay U.S. debt. The way negotiations seem to be going, this may even be resolved by the end of the day.
This Sunday on Face the Nation, I'll speak with Sen. John McCain, R-Ariz., Sen. Chuck Schumer, D-N.Y., and Sen. Kelly Ayotte, R-N.H., three key lawmakers in the Senate.
We'll also have Tea Party Republican Tim Huelskamp, R-Kan., on the program.
Plus we have a great panel lined up with Dee Dee Myers, the press secretary during the Clinton administration, Newt Gingrinch, former speaker of the house, Wall Street Journal's Kimberley Strassel, and Washington Post's Dan Balz. Hope you'll join us. Check your local listings.