President Obama gave a 15-minute speech on the debt ceiling stalemate on Monday night, warning of the economic pain for the U.S. economy and American families if Congress doesn’t raise the nation’s legal borrowing limit by Aug. 2. House Speaker John Boehner (R-Ohio), who pulled out of White House negotiations late last week, gave a five-minute rebuttal directly afterward, blaming the impasse on Obama’s insistence on a “balanced” plan that cuts spending and raises revenue. What did the dueling speeches tell us about where we are in this dangerous standoff? Here, four key takeaways.
(In other words, if you missed the speech, we’ve got your back)