This week on Face the Nation: Pelosi, Barbour

WASHINGTON, DC - MARCH 01: Mississippi Governor Haley Barbour testifies before the House Energy Committee about the impact of the health care reform act on states during a hearing on Capitol Hill March 1, 2011 in Washington, DC. Barbour, a popoular two-term governor, is considering a bid for the GOP presidential nomination in 2012.
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This Sunday's guests on "Face the Nation" are House Democratic Leader Nancy Pelosi and Mississippi Governor Haley Barbour.

As the 2012 presidential campaign seems to have finally hit its stride, the economy remains the number one issue for most Americans. Friday's surprisingly lackluster job numbers are giving many pause about the strength of the recovery and fear of a double-dip recession.

Former Massachusetts Governor Mitt Romney kicked off his Presidential campaign this week with a simple theme: "Barack Obama has failed America" as he said the President's policies have made the recession worse.

And while the job market struggles, Washington is struggling with cutting spending and debt. House Republicans, joined by many Democrats, failed to pass a bill to raise the nation's debt ceiling without spending cuts this week as a major credit agency warned that the politics surrounding the debt ceiling could mean a downgrade to the nation's credit.

Democrats say this is a sign that the debt ceiling needs to be raised no matter what and Republicans say it's a sign that government spending and the nation's debt need to be cut no matter what to keep the country somewhat solvent. So, even as the politics of the debt ceiling could be lead to a downgrade in the credit rating for the country, politics continues to drive the debate.

Washington does seem to sense the urgency with the August 2nd deadline for the government to hit the limit fast approaching. Treasury Secretary Timothy Geithner travelled to Capitol Hill to meet with House freshmen to urge their support for an increase, House Speaker John Boehner told reporters this week he thought a deal needed to be cut this month and President Obama hosted meetings on the budget with the entire House of Representatives. Still, there's no end in sight.

What the White House and Congress can do to jump start the economy, what will happen with the debt ceiling and how Washington is going to reduce the debt will among the issues discussed as House Minority Leader Nancy Pelosi sits down with Bob Schieffer in a rare Sunday show appearance.

Beyond what Washington does this summer on tackling the nation's debt, the health of the economy is likely to be the issue that determines whether Mr. Obama gets a second term. As more candidates enter the race to replace him, with Romney and former Minnesota Governor Tim Pawlenty getting in the race in the last few weeks, much of the talk among the Republicans is on who's not in.

Recent polls show that 40 percent of Republicans are not happy with the current field. No one has gotten more attention being on the outside of the race then former vice presidential nominee and Alaska governor Sarah Palin who's "One Nation" bus tour made her a media darling from Washington to New York on through to the first primary state New Hampshire yesterday.

Democrats may have had the most fun of all with the Palin bus trip in New Hampshire by pointing out her upstaging Romney's announcement. Is she running? That's the big question for 2012 watchers this week.

What is Palin's influence on the race? Who's in? Can Obama be beat? Is the GOP Field set? Who else may run? Those questions will be among the topics discussed as Mississippi governor and one-time possible candidate for the presidency himself, Haley Barbour, joins Bob for his first major interview since deciding not to run for president.

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    Robert Hendin is senior producer for "Face the Nation" and a CBS News senior political producer.