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Clock ticking toward Aug. 2 debt deadline

As the Aug. 2 debt deadline approaches, President Obama and House Speaker John Boehner are trying to revive an ambitious $4 trillion “grand bargain” deal that would include spending cuts, plus entitlement changes and increased tax revenues. NBC’s Kelly O’Donnell and Mike Viqueira report, and U.S. Rep. Eliot Engel, D-N.Y., shares his insight.