Debt ceiling deadline: What Congress must do now

Thursday - 7/7/2011, 5:43pm EDT

Stan Collender, partner, Qorvis Communications

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Lawmakers face an Aug. 2 deadline to raise the debt ceiling.

President Obama said budget negotiators will reconvene on Sunday "with the expectation that the parties will at least know what each other's bottom lines are and will hopefuly be in a position to then start engaging in the hard bargaining that's necessary to get a deal done."

How worried should agencies be about the budget talks?

Stan Collender, a federal budget guru and a partner at Qorvis Communications, gives his analysis of what must be done in the coming weeks.