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Democrats and Republicans are also weighing what is possible and what is at stake if the government does not raise the nation's debt ceiling by August 2, and the United States would go into default for the very first time.

Last night, House Speaker John Boehner announced he intends to pursue a roughly $2 trillion deal on reducing the deficit, based on cuts identified by a group led by Vice President Joe Biden.

Boehner said Democrats' insistence on tax hikes is preventing a bigger deal, while other Republicans said any deal needs to focus on the size of government.

"We don't want to use this opportunity presented by the president's request of us to raise the debt ceiling to kind of freeze in perpetuity this much government," said Senate Minority Leader Mitch McConnell said on "Fox News Sunday." "I don't think the American people want it and I don't think it's good for the economy."

"One thing to Republicans: we know this is very hard to do, but they should not walk away now from trying to do something good for the country. This is very important to the country now," said Treasury Secretary Timothy Geithner on NBC's "Meet The Press." "For the economy to be growing long-term, restore confidence that Washington can actually do things that solve some problems, you need both sides to come together now."

According to Geithner, as July continues without an agreement, the risk to financial markets increases, along with possibly higher interest rates and disillusionment with the American economy.