VIDEO: Obama blames Republicans for looming US debt crisis
President Barack Obama has said 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 on Monday night, Mr 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.
Meanwhile, House Speaker John Boehner said Mr Obama wants a blank cheque from Congress to raise the debt ceiling, but that he is not going to get one.
Mr Boehner said the solution to the debt crisis is not complicated. He said if you spend more than you take in, you have to spend less.
In his response to Mr Obama's televised address to the nation, Mr Boehner gave no indication of compromise.
The House speaker said the US cannot default. He said the crisis would be over if the Senate approves a new House Republican plan to be voted on in the House this week, and if the President signs it.
The nation will run out of ability to borrow money and pay its existing bills after August 2 if a deal is not reached by then to extend the nation's debt limit.
Republicans and Democrats have put forward competing last-minute deals. It is unclear how or whether a compromise will happen.