President Barack Obama delivered remarks on the state of the negotiations to the nation
July 26, 2011 at 1:22 AM EST - Updated June 24 at 8:24 PM
President Obama made his seventh prime time address to the nation Monday night to try and end the deadlock over raising the debt ceiling before the August 2nd deadline.
The President emphasized that a congressional stalemate exists and requires compromise to avoid an imminent threat of default. The President also criticized House Republicans for refusing to moderate their position and not compromise. He encourage Americans to tell their elected representatives that compromise is needed.
"We can't allow the American people to become collateral damage to Washington's political warfare," said President Obama.
In a televised address he laid out the consequences for the country if lawmakers don't find compromise.
"Defaulting on our obligations is a reckless and irresponsible outcome to this debate," said President Obama.
The president pressed for what he calls a balanced approach to the deficit – spending cuts and new tax revenues.
House Speaker John Boehner is pushing a competing plan. It calls for more than a trillion in spending cuts and raises the borrowing limit through this year. Next year lawmakers would have to find more cuts and vote on another debt limit increase.
"The sad truth is that the president wanted a blank check six months ago, and he wants a blank check today. That is just not going to happen," said Rep. John Boehner (R-OH), Speaker of the House.
"We know what we have to do to reduce our deficits; there's no point in putting the economy at risk by kicking the can further down the road," said President Obama.
The House Speaker also said there was too much at stake for the country to default but he offered no hint of compromise.
House Speaker Boehner insisted there is no stalemate in Congress. He says his plan would pass the House and could clear the Democratic-controlled Senate.