July 26 - U.S. President Obama and House Majority Leader John Boehner address the American public on the debt crisis. Julie Noce reports.
U.S. President Barack Obama spoke to the nation Monday night regarding the country's ongoing debate between Democrats and Republicans over a plan to decrease spending and raise the debt ceiling. Obama said the Democrat's plan includes higher taxes for America's rich. He said the Republicans plan is different and is to blame for the impasse. (SOUNDBITE) U.S. PRESIDENT BARACK OBAMA SAYING: "The only reason this balanced approach isn't on its way to becoming law right now is because a significant number of Republicans in Congress are insisting on a cuts-only approach - an approach that doesn't ask the wealthiest Americans or biggest corporations to contribute anything at all." After Obama spoke, Republican House Majority Leader John Boehner offered an explanation of his party's plan. (SOUNDBITE) REPUBLICAN HOUSE MAJORITY LEADER JOHN BOEHNER SAYING: "It's called the "Cut, Cap, and Balance" Act. It CUTS and CAPS government spending and paves the way for a Balanced Budget Amendment to the Constitution, which we believe is the best way to stop Washington from spending money it doesn't have. Before we even passed the bill in the House, the president said he would veto it. I want you to know I made a sincere effort to work with the president to identify a path forward that would implement the principles of Cut, Cap, & Balance in a manner that could secure bipartisan support and be signed into law. I gave it my all." Still, after weeks of political wrangling, Obama said he was confident a compromise could still be reached before the August 2nd deadline. But he didn't mince words in describing the publics', and his frustration, over the politicizing of the issue. (SOUNDBITE) U.S. PRESIDENT BARACK OBAMA SAYING: "...And when these Americans come home at night, bone-tired, and turn on the news, all they see is the same partisan three-ring circus here in Washington. They see leaders who can't seem to come together and do what it takes to make life just a little bit better for ordinary Americans. They are offended by that. And they should be." Failure to reach an agreement could see the U.S.'s triple A debt rating cut... and potentially cause a world economic crisis. Julie Noce, Reuters