Video: Obama, Boehner go head-to-head on debt

  1. Closed captioning of: Obama, Boehner go head-to-head on debt

    >>> we begin this morning with the debt showdown in washington . nbc's kristen welker is at the white house with more.

    >> reporter: good morning to you. with that deadline looming there's a heightened sense of urgency to get something done here at the white house and on capitol hill . this after a night of political theater in which both sides still seem as far apart as ever.

    >> tonight i want to talk about the debate we've been having in washington --

    >> reporter: for only the seventh time in his presidency mr. obama delivered a prime time speech painting a dire picture of what will happen if congress doesn't raise the debt ceiling by next week.

    >> interest rates would skyrocket on credit cards , on mortgages and car loans, which amounts to a huge tax hike on the american people .

    >> reporter: despite weeks of partisan wrangling the president still pushed for a balanced approach, cut spending and raise tax revenue .

    >> the only reason this balanced approach isn't on its way to becoming law right now is because a significant number of republicans in congress are insisting on a different approach, a cuts only approach, an approach that doesn't ask the wealthiest americans or biggest corporations to contribute anything at all.

    >> reporter: with time running out the president called for compromise.

    >> i'm john boehner .

    >> reporter: but just two minutes after the president spoke, house speaker john boehner gave his side.

    >> the sad truth is that the president wanted a blank check six months ago and he wants a blank check today. this is just not going to happen.

    >> reporter: boehner seemed to reject all talk of compromise, backing a house gop plan that the two-step approach. first, slash spending by 1$1.2 trillion and raise the debt limit, then revisit the issue next year before the 201 election.

    >> obviously i expect that bill can and will pass the senate and be sent to the president for a signature. if the president signs it, the crisis atmosphere that he has created will disappear.

    >> reporter: earlier the president did put a plan aford with harry reid which would raise the debt limit to 2013 , after the election. it calls for $2.7 trillion in spending cuts. but boehner said that's not the answer.

    >> the solution to this crisis is not complicated. if you're spending more money than you're taking in, you need to spend less of it.

    >> reporter: monday night the president urged viewers to call congress to push for his approach before it's too late.

    >> if you want a balanced approach to reducing the deficit, let your member of congress know.

    >> this debate is not about president obama and house republicans, it isn't about congress and the white house . it's about what is standing between the american people and the future we seek for ourselves and our families.

    >> it's a dangerous game that we've never played before, and we can't afford to play it now.

    >> in washington more spending and more debt is business as usual . i've got news for washington , those days are over.

    >> reporter: now, looks like speaker boehner 's plan will be voted as early as tomorrow. one more interesting note, despite the fact that the president had been calling for this balanced approach with spending cuts and new tax revenues , noeither the house nor senate plan includes new revenue.

    >> thank you. jim cramer is the host of " mad money " on cnbc and chuck todd is political director. good morning.

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