Pat Buchanan: Obama Blinks

Will President Obama blink in the debt battle with congressional Republicans? Bill Press argues that Obama comes out on top, but Pat Buchanan says the president lacks the cajones to shut down the government.

Former President Bill Clinton Saturday night urged President Obama not to "blink" at Republican demands to exclude revenue increases from any agreement to extend the government's debt ceiling.

If Republicans will not accept revenues in a package to lift the debt ceiling by August 2, Clinton said, Obama should pursue a short-term agreement based on the spending reductions both sides have already accepted.

"There are some spending cuts they agree on ...and he can take those and [get] an extension of the debt ceiling for six or eight months," Clinton said.