Good evening. Tonight, I want to talk about the debate we've been having in Washington over the national debt — a debate that directly affects the lives of all Americans.
For the last decade, we have spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation's credit card.
Good evening. I'm John Boehner. I serve as Speaker of the whole House — of the members of both parties that you elect. These are difficult times in the life of our nation. Millions are looking for work, have been for some time, and the spending binge going on in Washington is a big part of the reason why.
Moments after the president's remarks, House Speaker John Boehner made the case for the Republican plan to raise the debt ceiling.
Credit Nicholas Kamm / AFP/Getty Images
Decrying a "partisan three-ring circus" in the nation's capital, President Obama criticized a newly minted Republican plan to avert an unprecedented government default Monday night and said congressional leaders must produce a compromise that can reach his desk before the Aug. 2 deadline.
"The American people may have voted for divided government, but they didn't vote for a dysfunctional government," the president said in a hastily arranged prime-time speech. He appealed to the public to contact lawmakers and demand "a balanced approach" to reducing federal deficits.
President Barack Obama and House Speaker John Boehner of Ohio, take part in a meeting in the Cabinet Room of the White House.
Credit Charles Dharapak / AP
With the full faith and credit of the United States on the line, President Obama will make his case to the American people in a prime-time address to the nation. Earlier today, House and Senate leaders each formally presented their plans to raise the debt ceiling in time to avoid the Aug. 2 deadline by which if a deal is not reached, the country would default on its debt for the first time in history.
President Obama will speak at 9 p.m. ET. Two minutes after his speech, Speaker Boehner will give his own address. We will blog both of them live, so hit refresh often.
The Federal Aviation Administration has stopped work on air travel infrastructure projects across the United States after Congress failed to pass legislation re-authorizing federal ticket taxes. The taxes fund the building airport facilities such as control towers and runways.
The FAA issued a statement Monday saying, in part, that the halt in work would end up costing the government more money in the long run: