Appealing to the nation in a televised address Monday night, President 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.