G-8 Summit Highlights America's Debt Woes

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Europe's financial crisis topped the agenda when leaders of the world's eight largest economies met for the G-8 summit at Camp David this weekend. But the talks also shed light on the struggles to reduce America's debt.

German Chancellor Angela Merkel has been pushing for greater austerity in the eurozone. However, under urging from President Obama and the new French President Francois Hollande, Merkel agreed to a call for mixing cutbacks with growth-promoting measures to deal with the crisis that could impact the global economy.

The leaders are in now Chicago for a NATO Summit.

Meanwhile, House Speaker John Boehner is renewing his pledge to prevent a vote to raise America's debt ceiling next year, without significant cuts to spending.

"You know, people aren't-- clamoring to invest in Greece today. And if we don't begin to deal with our debt and our deficit in an honest and serious way, we're not going to have many options," Boehner told ABC's "This Week."

House Democratic Leader Nancy Pelosi also appeared on the Sunday morning talk show.

"Last year, just the threat of lifting the debt ceiling caused our credit rating to be lowered," Pelosi noted. "This is not a mature responsible place for us to go."

"We all know we have to reduce the deficit. We have to do it in a balanced way," she said. "The speaker wants to go over the edge."

Democrats contend that Republicans are trying to stall the economic recovery to hurt the president's re-election bid.

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