August 2nd, 2011:
Ladies and Gentlemen, my fellow Americans:
As you may have heard, the last few months have been filled with negotiations in regard to our spending, the so called "debt ceiling." It has been a passionate debate, and one that is vital to the financial health for our great nation. However, in spite of numerous attempts to compromise, the Republican leadership in the House of Representatives has refused to act in good faith. They have put their own ideology over the good of the nation. As such, I am forced to take steps that I had hoped that I would not have to do. I am speaking to the American people to explain my actions.
I refuse to allow the political wrangling of an opposition that is opposed to any semblance of the New Deal dictate a course of events that will ruin the good standing of this great nation for the sake of any perceived political advantage. They are trying to win the next election by sacrificing the future.
Echoing a sentiment that was used by my predecessor, I also refuse to "balance the budget on the backs of the poor." Not only the poor, who are struggling in today's economy to get by, but seniors who depend on Social Security and Medicare. these are seniors who put their own earnings into the system, and I will not allow their hard work to be taken away.
Moreover, as Commander-in-Chief, it is my sworn duty to protect those of us serving in uniform. It used to be said that "politics stopped at the water's edge." But now, the actions of the Republicans stand to undermine the defense of our country. Once again, I will not allow that to happen.
On January 20th 2009, I swore an oath to uphold the Constitution. The Constitution, by way of the 14th Amendment, ensures that "the validity of the public debt of the United States...shall not be questioned." In my view, the actions of the House Republicans go beyond rash and reckless, they are in violation of the Constitution.
As such, I have instructed the Treasury Secretary to disregard this so called "debt ceiling" and continue to pay our obligations to our creditors, soldiers, and citizens. And if the House doesn't like it, they can take me to court.
Thank you, and may God bless the United States of America.