from going into default on august 2nd could be at hand. with both sides expressing optimism that negotiations that have taken place throughout the weekend could break the partisan impasse. cooperation is the only way forward. compromise is the only way forward. reporter: a departmenttive deal between the white house and congress would raise the debt ceiling through 2012 and guaranteed cuts of $9 billion but a second debt limit increase would prompt one of three scenarios. first a bipartisan committee would identify $1.5 trillion in savings over the next ten years. those deficit cuts would be written into a bill that must clear congress. if not, congress must pass a balanced budget amendment to the constitution and send it to the state s for consideration. if congress fails to pass either, the deal under discussion would force across the board cuts to government spending, including defense and medicare of $1.2 trillion. here is the key. whatever that enforcement mechanis