High gas prices and scant income gains forced Americans to sharply pull back on spending.

The debt ceiling is the amount the government is allowed to borrow and it gives the government the authority to pay bills.

As you listen to the fiery rhetoric, here are five leading myths to keep in mind.

If Congress fails to soon resolve the messy showdown over raising the debt limit, the government faces tough choices.

President Obama's communications director said we've "never" been in danger of defaulting before. That's not true. Congress has come close to failing to raise the debt ceiling before defaulting more than once in recent years, under both Presidents Bill Clinton and George W. Bush.

He made numerous concessions, both to Democrats and to reality, because he realized that by giving a little he could gain a lot.

Also views on Norway terrorist attack, NFL deal

What do you do when neither the president nor Congress has the courage to tackle this fiscal crisis head-on? You create a debt panel.

Budget analysts suggested both sides had been over-promising how much in spending cuts their rival plans would deliver.