Bob Woodward book: Obama-Boehner secret debt deal collapsed

September 6, 2012 6:33:10 AM PDT
As President Barack Obama gears up to address the nation at the Democratic National Convention in Charlotte, his administration is confronting new headlines from legendary journalist Bob Woodward.

In his new book, "The Price of Politics," the man behind the Watergate scoops has an inside look at last year's showdown over the federal debt ceiling.

In the book, which will be published September 11, Woodward writes that the president and House Speaker John Boehner were close to actually getting a deal done - - a mix of $4 trillion in spending cuts and tax increases. But just as they closed in on the deal, Woodward writes, President Obama demanded more tax increases be included. For Boehner, it was a deal breaker.