The showdown in the nation continues in the form of a stalemate as the deadline for the nation's debt ceiling is about three weeks away.

Democrats want to reduce some tax breaks and increase revenue while republicans say to cut the dficit by reducing spending.

President Obama called a press conference Monday morning saying the line in the sand and the possibility for an extension is off the table.

"Now is the time to deal with this issue," Pres. Obama sad. "If not now, when?"

On the Democratic side, they're calling for eliminating some tax breaks for oil and gas, and increasing revenue through tax increases. Republicans are countering with cuts in spending, according to House Speaker, John Boehner.

"The President continues to insist on raising taxes and there's just not enough support for entitlement reform to do it in the near to immediate future."

Congressman Mac Thornberry says this is a chance to change the way Washington does business.

"This is a unique opportunity to get our fiscal house in order and we don't want to blow it," said Rep. Thornberry.

But the $4 trillion question is what will happen if the deadline passes with nothing being done?

"Nobody knows for sure cause we've never been there before. It's very serious business, that if the governemnt cannot borrow any more money, then it can only spend the money that comes in, in the form of taxes," said Thornberry.

Something echoed by Dr. David Rausch, WTAMU Political Science Professor. "We've never gone past that point. We don't know and I think it's really the whole controversy, or concern is the unknown part. It's possible the world may keep going, or the world may end. What might happen is people won't get their. If you're expecting your check from the government, for services or even farm subsidies, don't expect it after that."

If the August second deadline passes and nothing is decided it will be the first time ever the U.S. Government has defaulted on its loans.