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  • President faces big challenge with debt ceiling
  • Obama won't negotiate with House Republicans over raising the debt ceiling, but faces a big challenge ahead.
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barack obama, john boehner, national debt, politics video
  • President Barack Obama makes a statement at the White House after the congressional debt supercommittee failed to reach an agreement on debt reduction on Monday, Nov. 21, 2011, in Washington. (AP Photo/Pablo Martinez Monsivais)
  • The failure of the debt supercommittee sets up a year-end battle between President Obama and Congress.
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budget cuts, congress, national debt, politics video
  • Supercommitte unable to cut debt by $1.2T
  • The 12 members of Congress charged with cutting the deficit by $1.2 trillion collapsed in defeat.
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national debt, economy, congress, wall street, republicans, democrats, news
  • President Barack Obama makes a statement at the White House after the congressional debt supercommittee failed to reach an agreement on debt reduction on Monday, Nov. 21, 2011, in Washington.
  • President Obama made a statement on the failure of the debt supercommittee to reach a deal.
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budget cuts, congress, national debt, barack obama, politics video
  • Supercommittee member Sen. John Kerry, D-Mass., talks during TV interview about the deficit reducing panels unfinished work Monday morning on Capitol Hill as their deadline approaches with little expectation for success, in Washington, Nov. 21, 2011.
  • A special deficit-reduction supercommittee appears set to admit failure in its quest to sop up at least $1.2 trillion.
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budget cuts, congress, national debt, politics video
  • Leon Panetta
  • Secretary of Defense Leon Panetta talked frankly Tuesday with men and women serving in the military.
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monterey, leon panetta, national debt, news
  • Leon Panetta
  • Secretary of Defense Leon Panetta talked frankly Tuesday with men and women serving in the military.
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monterey, leon panetta, national debt, california news, karina rusk
  • MoveOn.org
  • Plenty of politics being played, but back in the financial world the downgrade has not hurt U.S. treasuries.
Tags:
barack obama, michele bachmann, republicans, house of representatives, national debt, politics video
  • MoveOn.org
  • Plenty of politics being played, but back in the financial world the downgrade has not hurt U.S. treasuries.
Tags:
barack obama, michele bachmann, republicans, house of representatives, national debt, economy, politics, mark matthews
  • MoveOn.org
  • Plenty of politics being played, but back in the financial world the downgrade has not hurt U.S. treasuries.
Tags:
barack obama, michele bachmann, republicans, house of representatives, national debt, politics video
  • credit rating agencies
  • Confused by the credit rating system? ABC's Alison Kosik breaks it all down.
Tags:
national debt, economy, wall street, business
  • debt rating graphic
  • S&P is downgrading the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt
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national debt, economy, wall street, business
  • price reduced sign
  • What will the S&P downgrade of Fannie Mae and Freddie Mac mean for those looking to buy or sell a home?
Tags:
real estate, economy, mortgages, national debt, news
  • price reduced sign
  • What will the S&P downgrade of Fannie Mae and Freddie Mac mean for those looking to buy or sell a home?
Tags:
real estate, economy, mortgages, national debt, business, laura anthony
  • President Obama held a news conference on the economy and helicopter crash.
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national debt, economy, wall street, barack obama, politics video
  • Traders work on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York.
  • U.S. stocks are tumbling amid a rout in global markets after Standard & Poor's downgraded the U.S. credit rating.
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national debt, economy, wall street, business
  • Traders work on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York.
  • U.S. stocks are tumbling amid a rout in global markets after Standard & Poor's downgraded the U.S. credit rating.
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national debt, economy, wall street, news
  • Sen. Mitch McConnell, R-Senate Minority Leader and other senaters
  • The debt ceiling bill passed the Senate and was signed by the president, but many details still need to be ironed out.
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barack obama, democrats, republicans, national debt, politics video
  • This video image provided by Senate Television shows the Senate floor on Capitol Hill in Washington, Tuesday, Aug. 2, 2011.
  • A historic deal to avoid default was passed in Washington on Tuesday.
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senate, republicans, democrats, national debt, economy, congress, barack obama, joe biden, nancy pelosi, politics video
  • Barack Obama speaks from the Rose Garden
  • President Barack Obama made a statement on the passage of the debt bill in the Senate.
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senate, republicans, democrats, national debt, economy, congress, barack obama, joe biden, nancy pelosi, politics video
  • Raise taxes on wealthiest, Obama challenges GOP
  • The Defense Department is going to be among the first to feel congressional spending curbs.
Tags:
congress, democrats, republicans, national debt, economy, budget cuts, business
  • Rep. Lynn Woolsey, D-Santa Rosa
  • The House of Representatives passed the debt ceiling bill, so ABC7 takes a look at how the Bay Area members voted.
Tags:
house of representatives, national debt, nancy pelosi, barbara lee, jerry mcnerney, politics video
  • Raise taxes on wealthiest, Obama challenges GOP
  • The Defense Department is going to be among the first to feel congressional spending curbs.
Tags:
congress, democrats, republicans, national debt, economy, budget cuts, barack obama, business, david louie
  • Rep. Lynn Woolsey, D-Santa Rosa
  • The House of Representatives passed the debt ceiling bill, so ABC7 takes a look at how the Bay Area members voted.
Tags:
house of representatives, national debt, barbara lee, jerry mcnerney, jackie speier, politics, mark matthews
  • Senate Majority Leader Sen. Harry Reid of Nev. speaks during a news conference on Capitol Hill in Washington, Monday, Aug. 1, 2011, to talk about debt ceiling legislation. (AP Photo/Jacquelyn Martin)
  • Both parties are moving quickly on an agreement to avert a potentially devastating default on debt obligations.
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national debt, economy, congress, barack obama, joe biden, nancy pelosi, politics video
  • ABC News has learned Republicans negotiating with the White House have drafted a tentative framework to avoid default.
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national debt, john boehner, barack obama, republicans, democrats, politics
  • President Barack Obama walks into the Diplomatic Reception Room of the White House in Washington, Friday, July 29, 2011, to talk about the ongoing budget ceiling negotiations. (AP Photo/Pablo Martinez Monsivais)
  • The president's Twitterthon that cost him over 30,000 followers helped Republicans pick up some on their accounts.
Tags:
barack obama, republicans, twitter, social media, national debt, politics
  • Word that a government default could send interest rates skyward brings fears of yet another recession.
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national debt, economy, business, jonathan bloom
  • Silicon Valley is watching Capitol Hill closely because the potential of a federal default would have huge consequences for America's high-tech center.
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national debt, silicon valley, business, david louie
  • Politicians have about four days to come up with a compromise and a plan to keep the country from going into default on its loans.
Tags:
national debt, nancy pelosi, barbara boxer, politics, mark matthews
  • If you're living on the edge financially, your unemployment checks could stop due to the national debt debate.
Tags:
national debt, unemployment, social security, politics, nannette miranda
  • President Barack Obama walks into the Diplomatic Reception Room of the White House in Washington, Friday, July 29, 2011, to talk about the ongoing budget ceiling negotiations. (AP Photo/Pablo Martinez Monsivais)
  • President Obama says there are multiple ways to resolve the debt ceiling mess, but it has to be bipartisan.
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national debt, john boehner, barack obama, republicans, democrats, politics video
  • President Barack Obama
  • President Obama delivered remarks Friday morning on the status of debt negotiations.
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barack obama, democrats, republicans, john boehner, national debt, politics video
  • Republican effort to solve debt crisis unravels
  • A Republican effort to solve the debt crisis unraveled after the most conservative GOP members refuse to budge.
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republicans, national debt, house of representatives, john boehner, apple, politics video
  • US House of Representatives
  • The GOP debt deal has stalled in the House and it appears Boehner doesn't have enough support from his own party.
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republicans, democrats, house of representatives, national debt, politics video
  • Bruce Cain
  • ABC7 political analyst Bruce Cain shares his analysis on the latest debt ceiling deveopments.
Tags:
national debt, politics video
  • House Minority Leader Nancy Pelosi of Calif., criticizes Republican lawmakers as the debt crisis stalemate continues, Thursday, July 28, 2011, during a news conference on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)
  • Rep. Nancy Pelosi delivers remarks regarding ongoing Congressional debt negotiations.
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nancy pelosi, national debt, john boehner, barack obama, republicans, democrats, politics video
  • John Boehner
  • Speaker of the John Boehner held a news conference on debt negotiations.
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democrats, republicans, barack obama, john boehner, national debt, politics video
  • House Majority Leader Eric Cantor of Va., center, walks to a meeting on Capitol Hill in Washington, Thursday, July 28, 2011, as debt talks continue. (AP Photo/Susan Walsh)
  • House Republicans are pressing ahead with a vote on a newly modified plan to stave off a government default.
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national debt, john boehner, barack obama, republicans, democrats, politics video
  • You may have watched President Obama talk about the debt debate during a nationally-televised address on Monday evening.
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national debt, budget cuts, barack obama, john boehner, congress, politics, mark matthews
  • Senate Minority Leader Mitch McConnell of Ky. speaks with reporters about the conflicting plans to deal with the debt crisis, Tuesday, July 26, 2011, on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)
  • The GOP and Democrats have tried to claim the moral high ground in a standoff that has put financial markets on edge.
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democrats, republicans, barack obama, john boehner, national debt, politics video
  • Senate Minority Leader Mitch McConnell of Ky. speaks with reporters about the conflicting plans to deal with the debt crisis, Tuesday, July 26, 2011, on Capitol Hill in Washington. (AP Photo/J. Scott Applewhite)
  • The GOP and Democrats have tried to claim the moral high ground in a standoff that has put financial markets on edge.
Tags:
democrats, republicans, barack obama, john boehner, national debt, politics video
  • The president is calling on Americans to weigh in on the debt ceiling -- and they have.
  • The president is calling on Americans to weigh in on the debt ceiling -- and they have.
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national debt, john boehner, barack obama, republicans, democrats, politics video
  • Barack Obama and John Boehner
  • As the debt stalemate deepens there is renewed talk about using the Constitution to solve the crisis.
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national debt, john boehner, barack obama, republicans, democrats, politics video
  • Speaker of the House John Boehner is seen after delivering his response to President Obamas remarks about averting default and dealing with the federal deficit, at the Capitol in Washington, Monday, July 25, 2011.
  • Boehner says Obama wants a blank check to raise the debt ceiling, but that he's not going to get one.
Tags:
national debt, john boehner, barack obama, republicans, democrats, politics video
  • President Barack Obama addresses the nation from the East Room of the White House in Washington, Monday, July 25, 2011, on the approaching debt limit deadline.
  • President Obama gave a primetime address on the looming debt crisis.
Tags:
national debt, john boehner, barack obama, republicans, democrats, politics video
  • Barack Obama and John Boehner
  • As the debt stalemate deepens there is renewed talk about using the Constitution to solve the crisis.
Tags:
national debt, john boehner, barack obama, republicans, democrats, politics, mark matthews
  • President Barack Obama meets with Senate Majority Leader Harry Reid of Nev., right, and House Speaker John Boehner of Ohio, left, in the Cabinet Room of the White House, Saturday, July 23, 2011, in Washington, to discuss the debt. (AP Photo/Carolyn Kaster)
  • Political leaders are racing against the clock to keep the United States from defaulting on its debt.
Tags:
national debt, john boehner, barack obama, politics video
  • President Barack Obama makes a statement in the Brady Briefing Room at the White House in Washington, Friday, July 22, 2011 on the break down of debt ceiling talks. (AP Photo/Manuel Balce Ceneta)
  • President Obama and Speaker Boehner pointed the finger at each other after debt talks broke down
Tags:
barack obama, congress, economy, republicans, national debt, house of representatives, senate, politics video
  • President Obama and Speaker Boehner pointed the finger at each other after debt talks broke down in Washington on Friday.
Tags:
barack obama, congress, economy, republicans, national debt, house of representatives, senate, politics, mark matthews