Debt Standoff

Wednesday, July 13, 2011 - 9:49am

As talks enter a fourth straight day, a deal seems nowhere in sight.

Another day, another meeting but still no breakthrough on raising the debt ceiling and this time a dire warning from the President that Social Security, veterans and disability payments may not go out if there's no debt deal by August second.

"I cannot guarantee that those checks go out on August third if we haven't resolved this issue because there may simply not be the money in the coffers to do it," said President Obama.

House Speaker John Boehner called it a veiled threat and the President's problem.

"Where is the President's plan? When is he going to lay his cards on the table?" said Boehner.

While Senate Minority Leader Mitch McConnell offered a plan that puts the burden directly on the President allowing him to increase the limit, but only through 2012, when Republicans hope to defeat him.

"We have become increasingly pessimistic that we will be able to reach an agreement with the only person in America who can sign something into law, and that's the President of the United States," said McConnell.

Even some Democrats were digging in on the issue of changes to entitlement programs.

House Minority Leader Nancy Pelosi said, "We must protect Medicare and Social Security. We will not support cuts."

All sides are still far apart with the deadline growing ever closer.

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