WALLACE: Is the February 16 deadline firm?

OBAMA: Yes, because nobody disagrees with the idea that, if we keep on putting this off, that we're going to end up seeing more months with half a million people losing their jobs each month. We can't afford to wait.

In other words, if we do not permit the new president to borrow an additional Billion dollars China, Russia, Arab oil producers seem anxious to lend us to spend as he wishes by February 16, we are doomed.

If you ask me, we, and not only our children and grandchildren, are doomed if we do. For the bill in the form of inflation and high interest rates will come due much sooner than 25 years.

Who gets it? Those so called"stupid" American people who are paying their debts and saving every penny they can. Already, the country's saving rate went up from 1% to 3.5%.

We shall save the republic yet.