{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='President Barack Obama says the only ones standing in the way of a balanced compromise to the nation\u0026#39;s debt crisis are those Republicans in Congress who are insisting only on spending cuts.' data-url='/boclips/videos/5c54c291d8eafeecae15aae4' data-video-url='/boclips/videos/5c54c291d8eafeecae15aae4' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nPresident Barack Obama says the only ones standing in the way of a balanced compromise to the nation\u0026#39;s debt crisis are those Republicans in Congress who are insisting only on spending cuts.\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eHEADLINE Obama: Default would be reckless, irresponsibleCAPTION:  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...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eHEADLINE Obama: Default would be reckless, irresponsible\u003cbr/\u003eCAPTION:  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. (July 25)\u003cbr/\u003e(President Barack Obama - Washington\u003cbr/\u003e(\"Understand - raising the debt ceiling does not allow Congress to spend more money.  It simply gives our country the ability to pay the bills that Congress has already racked up.  In the past, raising the debt ceiling was routine.  Since the 1950s, Congress has always passed it, and every President has signed it.  President Reagan did it 18 times.  George W. Bush did it 7 times.  And we have to do it by next Tuesday, August 2nd, or else we won't be able to pay all of our bills.   \u003cbr/\u003eUnfortunately, for the past several weeks, Republican House members have essentially said that the only way they'll vote to prevent America's first-ever default is if the rest of us agree to their deep, spending cuts-only approach.    \u003cbr/\u003eIf that happens, and we default, we would not have enough money to pay all of our bills - bills that include monthly Social Security checks, veterans' benefits, and the government contracts we've signed with thousands of businesses.  \u003cbr/\u003eFor the first time in history, our country's Triple A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet.  Interest rates would skyrocket on credit cards, mortgages, and car loans, which amounts to a huge tax hike on the American people.  We would risk sparking a deep economic crisis - one caused almost entirely by Washington.\u003cbr/\u003eDefaulting on our obligations is a reckless and irresponsible outcome to this debate.  And Republican leaders say that they agree we must avoid default.  But the new approach that Speaker Boehner unveiled today, which would temporarily extend the debt ceiling in exchange for spending cuts, would force us to once again face the threat of default just six months from now.  In other words, it doesn't solve the problem...That is no way to run the greatest country on Earth.  It is a dangerous game we've never played before, and we can't afford to play it now.  Not when the jobs and livelihoods of so many families are at stake.  We can't allow the American people to become collateral damage to Washington's political warfare. \")\u003cbr/\u003e90326 Neither party is blameless...basically debate centers around 2 approaches...\u003cbr/\u003e90512 many in the senate willing to put politics aside\u003cbr/\u003e90528 only reason this isn't become law now is because of \"cuts only\" approach\u003cbr/\u003e90614 debate is about how it should be done\u003cbr/\u003e90719 98% wont see any tax increase at all...only millionaires and billionaires\u003cbr/\u003e*90754 'Would you rather reduce deficits by those...I think I know your answer...those words were spoken by Reagan\u003cbr/\u003e90841 Debt ceiling doesn't allow congress to spend more money.  Just pay the bills congress has already racked up\u003cbr/\u003e90944 If we default won't have all the money to pay our bills.  Triple A credit would be downgraded. \u003cbr/\u003e911028 Defaulting is reckless\u003cbr/\u003e91138 We know what will happen 6 mos from now...economy will be held captive unless they get their way.\u003cbr/\u003e91249 Confident we can reach this compromise, put party politics aside\u003cbr/\u003e91416 Americans voted for divided not dysfunctional gov't  \u003cbr/\u003e91506 Every man can't have his way in all things\u003cbr/\u003e91557 Entire world is watching...let's seize this moment.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' 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