Just a short time ago, President Obama addressed the current state of debt talks, announcing that House Speaker John Boehner officially pulled out of negotiations.
Obama said he expects congressional leaders to explain to him how they intend to avoid the default on the nation's debt.
"This was an extraordinary fair deal," said the president. "If it was unbalanced, it was unbalanced in the direction of not enough revenue."
You can watch the whole statement here. Tonight, Lawrence will be anchoring msnbc's special two-hour live coverage on the latest collapse in the debt talks.