We're less than a month from the point where the U.S. government risks defaulting on its debt. Can Congress put aside the hot air and actually hammer out a solution before then?

At this point, negotiations stand pretty much exactly where they were two weeks ago, when House Republicans pulled out, The Washington Post reports. And we've heard plenty of bluster from both sides of the aisle since then.

Congress is in full debate over whether to lift the country's $14.3 trillion debt ceiling by Aug. 2. If the impasse continues after that point, we could very well see a plunge back into recession, a crumbling stock market and a financial ripple effect across the globe.

Check out the following analysis of the debt ceiling drama from CNBC.

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But really, the two sides aren't that far apart. Already negotiators have agreed to cut discretionary spending by between $900 billion and $1.7 trillion over 10 years, CNBC reports. Negotiators also reportedly agreed to lop an additional $200 billion from benefit programs, including farm subsidies, student aid and federal employee retirement plans.

CNBC estimates that the agreed-upon spending cuts would bring down the government's interest payments by $400 billion. In all, everything reportedly agreed upon so far adds up to at least $2 trillion.

It all comes down to tax increases now, CNBC reports. Republicans don't want them at all, and Democrats want to close some tax breaks to produce $400 billion more. Most of those are aimed at the wealthy by reducing the deductions that group can claim.

David Brooks has an excellent column in The New York Times this week urging Republicans to take the deal. Senate Majority Leader Harry Reid said he could support reducing the debt by as much as $4 trillion if the Republicans meet him partway, Brooks writes. President Barack Obama is even willing to cut tens of billions of dollars from Medicare and Medicaid if the Republicans can give a little on taxes.

"If the Republican Party were a normal party, it would take advantage of this amazing moment," Brooks writes. "It is being offered the deal of the century: trillions of dollars in spending cuts in exchange for a few hundred million dollars of revenue increases."

Republicans are being asked to close loopholes and cut distortionary tax expenditures, Brooks adds. "This, as I say, is the mother of all no-brainers."

The Atlantic's Megan McArdle says the best budget deals have generally had bipartisan support. Why? "If one party tries to do things all their own way, well, the other party will promptly be elected to undo some of those changes."

We're starting to see hints of a compromise. Two Republican senators -- John McCain of Arizona and John Cornyn of Texas -- said over the weekend they could support closing some tax breaks under certain conditions, NPR reports. Another Republican, Ron Johnson of Wisconsin, said there seems to be increasing support within the party to raise the debt ceiling.

Conservatives say Democrats would have to agree to cut and cap spending as well as support a balanced-budget amendment, NPR reports.

And with the 2012 elections just around the corner, it's in just about every lawmaker's best interest to finalize a deal as quickly as possible and move on. The American people are getting awfully tired of political bluster from both sides. Congress has an 83% disapproval rating -- the worst Gallup has seen in three decades of polling.