President Barack Obama addresses the nation on the consequences the stalemate in Congress could have on the stability of the U.S. economy. He speaks about the breakdown of negotiations with Republican Party representatives, suggesting that their inability to recognize the magnitude of the potential default has placed the country in jeopardy. Obama makes his remarks eight days before the country will exhaust its available cash and be unable to pay its debt to bond holders, make payrolls, or fund government departments.
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