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President Obama addressed the Nation in an attempt to win support over a potential devastating blow to the country if the debt ceiling is not raised by August 2.  With one week to act President Obama and Congressional leaders are far from a solution.  Republicans and Democrats have both presented a plan to avoid default yet both sides could not be farther away from an agreement.  Lawmakers have their sights set on reducing the budget prior to raising the debt limit, a fete that seems insurmountable at this time as they are miles apart from a compromise let alone a deal.

President Obama warned the nation that we are treading on thin ice and that default could destabilize the worlds confidence in the United States.  For the first time in history, our countrys triple-A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet, the President stated in remarks from the East Room late on Monday night.

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