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Obama Debt Showdown_Live.jpg

Obama Debt Showdown_Live.jpg

President Obama walks out Aug. 2, 2011, to deliver a statement at the White House following the Senate's passing of the debt ceiling agreement. (Associated Press)

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Obama Debt Showdown_Reps.jpg

President Obama speaks from White House briefing room, Sunday, July 31, 2011 in Washington, about a deal being reached to raise the debt limit. (AP Photo/Carolyn Kaster)

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Obama Debt Showdown_Live.jpg

President Obama (right) turns to leave after speaking July 31, 2011, at the White House about a deal being reached to raise the debt limit with Vice President Joseph R. Biden Jr. (second from right), and White House communications director Dan Pfeiffer (third from right). (Associated Press)

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Obama Debt Showdown__Live.jpg

President Obama talks about the ongoing budget ceiling negotiations on July 29, 2011, at the White House. (Associated Press)

Obama Debt Showdown_Live.jpg

Obama Debt Showdown_Live.jpg

President Obama talks about the ongoing budget ceiling negotiations on July 29, 2011, at the White House. (Associated Press)

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Obama_Live.jpg

White House Press Secretary Jay Carney speaks to reporters during a press briefing at the White House on July 27, 2011. (Associated Press)

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Texas Gov. Rick Perry's aides have been laying the groundwork for a White House bid, and Mr. Perry has been talking to influential Republicans in early voting states. He is expected to jump in when he announces a decision in the coming weeks. (Associated Press)

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DREAM Act Rally_Star.jpg

Rep. Luis Gutierrez, D-Ill., left, is arrested in front of the White House after performing an act of civil disobedience at a rally in support of the DREAM Act in Washington, Tuesday, July 26, 2011. (AP Photo/Jacquelyn Martin)

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Obama Debt Showdown_Live.jpg

President Obama addresses the nation from the White House on July 25, 2011, on the approaching debt limit deadline. (Associated Press)

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Obama Debt Showdown_Star.jpg

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. (AP Photo/Jim Watson, Pool)

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"Republicans' short-term plan is a nonstarter in the Senate and in the White House," said Senate Majority Leader Harry Reid, Nevada Democrat, with Sen. Charles E. Schumer, New York Democrat, looking on. "It appears to me at this stage that the Republicans are more interested in trying to embarrass the president than doing what's right for the country." (Associated Press)

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President Obama and baseball legend Willie Mays hold an autographed San Francisco Giants jersey at the White House on Monday. Giants manager Bruce Bochy (left) presented Mr. Obama with the jersey while his team was honored for its 2010 World Series championship. (Associated Press)

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Debt Showdown_Live.jpg

NEGOTIATING: White House Chief of Staff Bill Daley said a debt deal can't be a "short-term gimmick." (NBC via Associated Press)

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SHOWDOWN.jpg

President Barack Obama meets with 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)

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Obama Debt Showdown_Lea.jpg

President Obama leaves the White House briefing room after discussing the continuing budget talks on Tuesday, July 19, 2011, in Washington. (AP Photo/Manuel Balce Ceneta)

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Obama Debt Showdown_Lea.jpg

President Obama speaks to reporters about the continuing budget talks on Tuesday, July 19, 2011, in the briefing room of the White House in Washington. (AP Photo/Pablo Martinez Monsivais)

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Obama Consumer Protec_Lea.jpg

President Obama announces the nomination of former Ohio Attorney General Richard Cordray (right) as the first director of the Consumer Financial Protection Bureau (CFPB) on Monday, July 18, 2011, in the Rose Garden of the White House in Washington. (AP Photo/Manuel Balce Ceneta)

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WCUP_06

President Obama, first lady Michelle Obama (right) and their daughters, Malia (left) and Sasha, watch the Women's World Cup soccer game between the U.S. and Japan from the Treaty Room at the White House in Washington on Sunday, July 17, 2011. (AP Photo/The White House, Pete Souza)

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VISIT.jpg

President Obama meets with the Dalai Lama at the White House on Saturday, July 16, 2011. (Photo courtesy of the White House)

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OBAMA.jpg

President Barack Obama talks about the ongoing budget negotiations during a news conference, Friday, July 15, 2011, in the briefing room of the White House in Washington. (AP Photo/Pablo Martinez Monsivais)