Obama: Default would be reckless, irresponsible

WASHINGTON (AP) - President Barack Obama says the only ones standing in the way of a balanced compromise to the nation's debt crisis are those Republicans in Congress who are insisting only on spending cuts.

Appealing to the nation in a televised address Monday night, Obama said the nation is growing dangerously close to default. He warned that would be what he called a "reckless and irresponsible" outcome to the debate.

The nation will run out of ability to borrow money and pay its existing bills after Aug. 2 if a deal is not reached by then to extend the nation's debt limit.

House Speaker John Boehner says President Barack Obama wants a blank check from Congress to raise the debt ceiling, but that he's not going to get one.

Boehner says the solution to the debt crisis isn't complicated. He says if you spend more than you take in, you have to spend less.

In his response to Obama's televised address to the nation, Boehner gave no indication of compromise.

The House speaker did say the U.S. cannot default. He said the crisis would be over if the Senate approves a new House Republican plan to be voted on in the House this week, and if the president signs it.

Republicans and Democrats have put forth competing last-minute deals. It is unclear how or whether a compromise will happen.

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