Jewish and Democratic State: Compatible or Mutually Exclusive?

A new bill that would legislate Israel as a Jewish nation state is causing controversy, with many arguing that such legislation undermines Israel's democratic principles. Is there a conflict between a Jewish State as opposed to a democratic one, or is it possible to strike a balance between the two? What is at the core of the debate between Knesset Members Zev Elkin and Tzippy Livni, and what impact can this bill have on the future of Israel?