President Obama speaks to current and retired members of the U.S. military and their families as they eat a Christmas Day meal in the Anderson Hall mess hall at Marine Corps Base Hawaii on Wednesday.
Alan Krueger, chairman of the president's Council of Economic Advisers, warns that consumer spending will drop if Congress and the White House fail to reach a deal on spending cuts and tax increases.
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Senate Minority Leader Mitch McConnell, R-Ky., prepares to announce a debt ceiling deal in July 2011. That deal laid the foundation for the across-the-board spending cuts set to take effect on New Year's Day, 2013.