Debt talks start up again in White House

>> let's go now to washington . it's big news inside the beltway today. the latest debt deal broke down last night, but in just less than two hours now, lawmakers are iffing to be back at the white house to restart negotiations. the talks fell apart last night when john boehner walked away from the table blaming the white house for the failure. well, the president pointeded a finger at the gop. the two appeared at back to back news conferences.

>> it is hard to understand why speaker boehner would walk away from this kind of deal if it was unbalanced, it was unbalanced in the direction of not enough revenue. the sdmroo the white house moved the goal post . there was an agreement with the white house and $800 billion in re new. it's the president who walked away from his agreement and demanded more money at the last minute.

>> well, joining me now nbc white house correspondent mike vicara. good morning to you, mike. what is the big sticking point here? how did things go wrong so fast, or is that only our perception of it?

>> yeah, you know, you are absolutely right. it just collapsed. these tense negotiations were really apparently making progress, and in the aftermath of this collapse last night, that's become apparent because both sides have been spinning like mad well into last evening. having reporters in for closed door sessions. ten days away from what everyone is talking about calls a financial catastrophe. august 2nd , everybody know the deadline. the government will be unable to borrow money after that time. a potential to fault. interest rates rising for everyone on credit cards , virtually everything you buy. at a minimum a, a whole slew of government services. people won't be able to get paid, including courts, fbi agents . this is the context that we're talking about. what happened with yesterday? house speaker john boehner called president obama about 5:30 and pulled the plug for the second time. we heard the president say this is the second time he has been left at the altar when they were circling around a deal. according to boehner , there was an agreement over ten years. revenues, which is a washington word for taxes. they're getting an earful from democrats who are privy to the outline and said, boehner , i need $400 billion more. the white house says it doesn't exactly go like that. the bottom line is everything fell apart, and now what can be done to pick up the pieces and sort of salvage the wreckage here. the president said he would have all the leaders over. back here this morning is some of them. they'll be back here at 11:00 eastern time here in washington . ten days, again, alex, we have to remind people, august 2nd is the deadline.

>> okay. we have a deadline of sorts in about an hour and 55 minutes if everybody is on time. they're going to be at the white house . what do we expect to happen today?

>> well, it's unclear at this point. i mean, all hope is not lost for the so-called grand bargain. i mean, if you look at what they were saying last night, revealing some of those details, i mean, we're talking about fundamental overhall of the tax code . it's something republicans were very interested in. we're talking about entitlement reform. not quite as dramatic, but something that is obviously very politically volatile, something republicans favor, and democrats did not. the question is can any of this be salvaged, or will they go back to a fallback position and do the absolute bare minimum, the at least common denominator in all of this?

>> okay. mike, we'll see you again next hour. thanks for keeping a watch on things.