Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013. Harry Hamburg/AP hide caption

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President Obama reaches to shake hands with House Speaker John Boehner, during a meeting Friday at the White House to discuss the deficit and economy. Carolyn Kaster/AP hide caption

itoggle caption Carolyn Kaster/AP

A worker installs carpet into a Jeep Liberty at the Toledo Assembly Complex in Toledo, Ohio, in 2011. J.D. Pooley/Getty Images hide caption

itoggle caption J.D. Pooley/Getty Images