Obama: Health Care Reduces Deficit

Despite hundreds of hours behind closed-door meetings, the Congressional supercommittee, in charge of making cuts to reduce the country's growing deficit, failed to reach a bipartisan agreement before the deadline. Nancy Cordes reports.

CBS News and the National Journal are sponsoring a debate focused on national security and foreign policy to take place at 8 p.m. Saturday in South Carolina. Randall Pinkston reports from Spartanburg, where he spoke with voters and CBS News managing editor Scott Pelley, who will moderate.

August 12th, 2011: During an appearance at the Iowa State Fair in support of her presidential campaign, Rep. Michelle Bachmann (R-Minn.) was asked by a local small business owner why wealthy individuals should continue to receive tax breaks in the face of a crippled economy and a mounting national deficit.

Rep. Gabrielle Giffords (D-Ariz.) received a standing ovation from her congressional peers as she made a surprise appearance in Washington to vote in favor of an agreement to raise the debt limit.

CBS News RAW: During a press conference, House Speaker John Boehner explained why he walked away from negotiations with President Obama over a deal to raise the debt limit.

The Drive: Support for Rick Perry grows as CBSNews.com's senior political reporter Brian Montopoli updates the status for each of the GOP presidential hopefuls.