This Sunday's guests on "Face the Nation" are House Budget Chairman Rep. Paul Ryan, R-Wis., House Democratic Whip Steny Hoyer, D-Md., and Sen. Lindsey Graham, R-S.C.
As the debt ceiling deadline looms ever closer, yet another ratings agency sent a warning to Washington about getting a deal done. Fitch Ratings said it might have to downgrade its rating of United States debt, saying default would "imply a crisis of governance."
With the good faith and credit of the US Government on the line as the August 2nd deadline approaches, what is Washington doing?
That's the big question as Americans are watching to see if Congress can come to an agreement to raise the debt ceiling. Both sides agree that spending needs to be cut, but how much and how fast are the big stumbling blocks. Democrats want to see some taxes raised to help reduce the debt. Republicans say tax increases are a non-starter. Republicans want to see their Medicare plan, written by Ryan, put in place to reduce long term spending, but many Democrats say any plan that cuts Medicare benefits is a non-starter.
All of the Washington back and forth is playing out as the Ryan Medicare plan has become a litmus test for Republican candidates nationwide. Two weeks after the Democrat victory in a New York special election, how does the Medicare plan affect the 2012 Campaign? Can Democrats keep up the drum beat against the plan and can Republicans win on their plan that has yet to garner significant public backing in recent polls?
Big questions will be on the table as Representatives Ryan and Hoyer sit down with Bob Schieffer on Sunday: Can the two sides come together? Will Medicare cuts be on the table? Will taxes be raised? And what has to get done for the debt ceiling to be raised?
Meanwhile, one option that some in Washington are considering as way to cut government spending is to quickly wind down the U.S. commitment in Afghanistan. The death of Osama Bin Laden has given some to even question the mission there.
Senator Lindsey Graham, who has just returned from a visit to Afghanistan, will join Bob to discuss the situation on the ground, the mission and the way forward.