President Barack Obama speaks at a news conference discussing the status of efforts to find a balanced approach on deficit reduction. Obama describes the likely consequences of failure to raise the debt ceiling and a resulting government default. He describes significant increases in interest rates for all consumers, including college, vehicle, and mortgages loans as well as a lowering of the bond rating for the U.S. Government. Obama reiterates his position that cuts can be made if some revenue is raised. He identifies areas in defense and some ways to restructure Social Security and Medicare that would help stabilize spending over the long term. He suggests the wealthy can afford slightly higher taxes to contribute to solving this problem and says it can't all come in cuts. Includes question and answer session.
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