Obama admits the government could default as debt talks collapse AGAIN

House Speaker John Boehner blamed President Barack Obama for the collapse of U.S. debt ceiling talks, saying the White House sought to raise taxes and failed to ‘make the tough choices’ on spending cuts.

‘They insisted on raising taxes,’ Boehner said at a Capitol Hill briefing soon after Obama addressed reporters.

‘They refused to get serious about cutting spending and making the tough choices that are facing our country on entitlement reform’

Boeher’s address came moments after the president for the first time for the possibility that the U.S. may default on its financial obligations.

At a hastily arranged White House appearance on Friday evening, Obama said: ‘If we default, then we’re going to have to make adjustments.’

But minutes later, the president said he remained confident that the debt limit will be extended.

Said Obama: ‘We will not default. I am confident of that.’

Up until now, the president had never wavered from expressing confidence that the bipartisan leadership in Congress would not fail to meet an August 2 deadline to raise the debt ceiling and keep the country from entering a potentially calamitous, first-ever default.

U.S. House Speaker John Boehner broke off talks with the President on Friday on a deficit-reduction deal to prevent a devastating default and said he would try to hammer out an agreement through the Senate.

In a dramatic turn of events with the deadline to raise the U.S. debt ceiling just 11 days away, a stern-faced Obama expressed chagrin at the Republican leader’s move, saying it was ‘hard to understand why Speaker Boehner would walk away from this kind of deal.’

Boehner, in a letter to fellow lawmakers, said he and Obama failed to reach agreement on a deficit reduction package and that the two ‘had different visions for our country.’

A deep divide over tax revenue was at the heart of the impasse.

With the deadline fast approaching for Congress to increase the $14.3trillion debt ceiling, Boehner said he would begin talks with Senate leaders to ‘in an effort to find a path forward.’ An aide said a deal needs to be set by Monday.

‘We have now run out of time,’ President Obama said, insisting he had made an ‘extraordinarily fair’ offer to Boehner. The president said he was summoning Democratic and Republican leaders to the White House on Saturday in a last-ditch effort to find a path forward. – MailOnline

A revolt is coming, and as the United States takes more and more away from its own people while continuing to squander their future earnings in a massive collection of debt owed to its lenders, Satan’s throne will eventually collapse. China has a right as one of the U.S. largest lenders to inspect its gold reserve. Not if, but when that happens, the real truth of this country being bankrupt will come to the light.