‘Almost out of time’ in debt talks

Updated

 

President Obama stepped back into the fray this morning, urging Republicans and Democrats to resolve the debt ceiling issue. “We’re almost out of time” before the country defaults on its loans, making the increasingly shaky markets that much worse.

“The power to solve this is in our hands on a day when we’ve been reminded how fragile the economy already is,” Obama told reporters this morning. “This is one burden we can lift ourselves. We can end it with a simple vote.”  

Stocks started to freak out in response to a new report on sluggish economic growth and uncertainty on the outcome of this stalemate.

After a day-long stall, the House is expected to vote on a modified plan tonight. Even if finally clears the House, the Boehner 2.0 plan has as much of a chance of passing the Senate as Rush Limbaugh voting for a liberal Democrat — it’s just not happening. Senate Majority Leader Harry Reid plans to push ahead with his own version.

You can watch the president’s full speech above. More on this tonight at 8pm ET.

Debt and Barack Obama

'Almost out of time' in debt talks

Updated