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Detailed text transcripts for TV channel - MSNBC - 20110708:14:53:00

majority leader, saying the house will be in session that week. why is that significant? well, what we've heard here on capitol hill is if there is a real debt deal to take place a lot of it could happen within that week. this is showing that we really are in the, quote, crunch time of the moment as a lot of folks have been saying and that they want to have both houses of congress here in washington the week of july 18th to possibly work on a debt deal. a lot of speculation today, they have the blueprint together, they're working out the final kinks. obviously, the president and boehner say they're still far apart on some major issues but that weekend of july 18/16 is what a lot of folks feel from conversations on the hill is when it would be sold, some type of deal could be sold to the members so they would obviously try to garner their final votes. we expected them to stay that week for a while, especially after the senate had come back this week and canceled their vacation. another canceled vacation for members of the house of representatives. congress will be here in session for the next three weeks, essentially until this deal gets done, richard. >> vic, how crucial is the next

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