David Sanger

The events of September 11, 2001 amounted to unfathomable costs, in terms of lives and families forever torn apart, not to mention the physical and emotion after effects that continue to haunt the survivors of 9/11. In addition to that, there was an economic cost to 9/11 — one that is almost equally unfathomable.

As Congress arrives at a budget agreement and avoids sending the U.S into default right before the August 2 deadline, we're examining the broader, long-term political and historical impact of the the debt crisis. How will it affect the credibility of the U.S. government? What does it tell us about President Obama, and how will the crisis shape next year's election?

President Obama will resume talks today with top House and Senate leaders, in an attempt to reach an agreement over deficit reduction. Obama met with leaders from both parties for an hour and fifteen minutes last night, but little progress was made. The president continues to vie for a bold package that would require new taxes and entitlement cuts, while Republicans insist on a more modest plan and oppose tax increases. They're aiming to reach an agreement by August 2.

Tomorrow, the Obama administration will shuffle its top civilian military position when Leon Panetta, 73, replaces Robert Gates as the secretary of defense. For a nation stretched thin by three ongoing military engagements, the new Secretary of Defense is going to have little time for on-the-job training. Instead, he can hope to learn from the example left behind by his out-going colleague.