Aspen Ideas: Thomas Friedman on how America lost its way

Both Republican lawmakers and White House officials say a deal to raise the federal debt ceiling will be reached before an August 2nd deadline. But right now, there's little evidence any deal is close at hand with Republicans in the House pushing their own plan that they've acknowledged has little chance of passing the Democratically controlled Senate.

Economists warn that if the government lets that deadline slip, even for a few days, the damage to the U.S. Economy could be severe. And New York Times columnist Thomas Friedman says if America falters, the rest of the world will suffer, too. Friedman argues that no less than the American Dream is at stake. He says political paralysis has damaged our standing in the world. But, Friedman says we have a chance to get back on the path to prosperity. And over the next hour, we'll hear him explain how.

Friedman is the co-author of the forthcoming book "That Used to be Us: How America Fell Behind in the World It Invented, and How We Can Come Back." Friedman's other titles include bestsellers "The World is Flat" and "Hot, Flat, and Crowded."

Thomas Friedman discussed some of the ideas in his new book at this year's Aspen Ideas Festival in Aspen, Colorado. Each year the festival brings together some of the biggest thinkers and policy makers to discuss the big issues of the day.

Friedman was interviewed by Walter Isaacson, President and CEO of the Aspen Institute.

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