Obama: Default would be reckless, irresponsible

AP News
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Posted: Jul 25, 2011 9:16 PM
Obama: Default would be reckless, irresponsible

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.

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