President Obama addresses The Nation about the debt ceiling crisis

Yesterday, President Obama spoke candidly to the American people about the current debt ceiling process.

He explained how we got into the debt: going from a surplus to 200 to a trillion dollar deficit by the time he got into office.

Admitting both the Democrats and the Republicans played their part in the deficit, the President broke down a plan that himself, most Democrats, and few Republicans from Congress have been trying to get passed.

After the President made his speech, House Speaker John Boehner came back in his own speech refuting what the president said.

“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.”

Directly challenging the president, Boehner said there “is no stalemate in Congress.”

He said the Republicans’ newest legislation would clear the House, could clear the Senate and then would be sent to Obama for his signature.

The back-to-back televised speeches did little to suggest that a compromise was in the offing, and the next steps appeared to be votes in the House and Senate on the rival plans by mid-week.

Despite warnings to the contrary, U.S. financial markets have appeared to take the political maneuvering in stride – so far. Wall Street posted losses Monday but with no indication of panic among investors.

Without signed legislation by day’s end on Aug. 2, the Treasury will be unable to pay all its bills, possibly triggering an unprecedented default that officials warn could badly harm a national economy struggling to recover from the worst recession in decades.

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Obama wants legislation that will raise the nation’s debt limit by at least $2.4 trillion in one vote, enough to avoid a recurrence of the acrimonious current struggle until after the 2012 elections.

Republicans want a two-step process that would require a second vote in the midst of a campaign for control of the White House and both houses of Congress.

If they don’t come to an agreement, social security checks amongst others things will be stopped.

If you missed the speech yesterday on the debt ceiling, we have the video below: