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How quickly the clock is ticking down to august 2nd. >> by august 2nd we run out of tools to make sure that all our bills are paid. so that is a concern of mine. and i want everybody to understand that this is a jobs issue. this is not an abstraction. if the united states government for the first time cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant. and unpredictable. and that is not a good thing. >> the president insisted that a legislative deal to raise the debt ceiling is necessary by august 2nd and legislation should include both spendin...

And i want everybody to understand that this is a jobs issue. this is not an abstraction. if the united states government for the first time cannot pay its bills, if it defaults, then the consequences for the u.s. economy will be significant. and unpredictable. and that is not a good thing. >> the president insisted that a legislative deal to raise the debt ceiling is necessary by august 2nd and legislation should include both spending cuts and tax revenue increases. he explained that he does not mean raising income tax rates. instead, he wants to reduce or eliminate some of the corporate and ...

We begin this morning with no more mr. nice guy. yesterday, in president obama's first formal news conference since march, he delivered a presidential tongue-lashing. his target? lawmakers in congress who he said are not doing enough for americans. mocking them for their procrastination on the debt ceiling deadline. nbc's kristen dahlgren reports. >> reporter: for most of his press conference, a frustrated president obama took congress to task. >> my expectation is that leaders are going to lead. >> accusing republicans of playing a dangerous game, as the august 2nd deadline for an agreement t...