Boehner says he expects the proposal he unveiled on Monday to pass in the House, and he predicted approval in the Democratic-controlled Senate, adding that if Mr. Obama signs it into law, the crisis atmosphere he accused the president of having created would disappear.

In his address, President Obama did not issue a specific threat to veto the Boehner plan.  He said he wants congressional leaders to come up with a fair compromise in the next few days that can pass the House and Senate, and that he can sign.  He said Americans are "fed up" with Washington, "where compromise is a dirty word."

"The American people may have voted for a divided government, but they did not vote for a dysfunctional  government" Obama said.  "So I am asking you all to make your voice heard.  If you want a balanced approach to reducing the deficit, let your member of Congress know.  If you believe we can solve this problem through compromise, send that message."

While the president endorsed Senator Reid's proposal, he repeated that a long-term solution to the nation's fiscal woes needs to include savings in costly entitlement programs such as Social Security and Medicare to enable them to survive.

In the Senate, the Reid plan might be blocked by Republican procedural tactics, and it is unclear whether Speaker Boehner can get the votes to pass his plan, despite a strong Republican majority in the House.

Saying that default would be "a reckless and irresponsible outcome" to the debate, Mr. Obama said he is confident that compromise can be reached and that enough lawmakers from both major political parties will ultimately put politics aside.

U.S. and global markets around the world are waiting anxiously for the White House and Congress to come up with a solution to America's debt limit crisis.  Although financial markets have not suffered major losses, economists warn of serious repercussions from a rise in interest rates that would likely follow a U.S. default, with some saying there already has been significant damage to America's credit worthiness. 

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