6:11 PM PT: Rejects the idea of a short-term extension because it will put us back in the same place we find ourselves today and because, he says, credit rating agencies might still lower our credit rating.
6:12 PM PT: Says a short-term extension would mean a complete replay of today's standoff: says Republicans will hold the economy "captive" all over again. "We can't allow the American people to become collateral damage to Washington's political warfare."
6:14 PM PT: Embraces the Senate plan, though he concedes it doesn't do enough on either entitlements or taxes. Says he expects Congress to deliver a plan that he can sign before the deadline.
6:14 PM PT: Calls on the public to demand their members of Congress compromise.
6:16 PM PT: Wraps up speech with a call to honor America's history and to demonstrate that America can still get things done.