AFP:  White House talks, to avert a disastrous early August debt default, teetered on the edge of collapse late Friday, as Republican House Speaker John Boehner abruptly quit the negotiations.  US President Barack Obama condemned Boehner's decision and angrily called top lawmakers to the White House for emergency negotiations at 11 am (1500 GMT) Saturday, warning, "We have run out of time" with an August deadline looming.  "I expect them to have an answer in terms of how they intend to get this thing done over the course of the next week.  The American people expect action, the president said at a hastily called public appearance.  Obama said Boehner, House Minority Leader, Nancy Pelosi, Democratic Senate Majority Leader, Harry Reid, and Republican Senate Minority Leader Mitch McConnell "must have some answers" to reassure skittish global markets.  Obama insisted that any agreement to raise the 14.3 trillion debt limit will last through his November 2012 reelection bid and declared himself "confident" of reaching a deal to do so because of critical stakes for the US economy.  "I cannot believe that Congress would end up being that irresponsible that they would not send a package that avoids a self-inflicted wound to the economy at a time when things are so difficult," he declared.  Obama's remarks came just half-an-hour after Boehner telephoned him to say he was backing out of often acrimonious negotiations that had centered, Republican aides said, on a plan to cut $3-$3.5 trillion from US debt over ten years.  Boehner said in a letter to members of the House of Representatives that he was walking away because the Democratic president was insisting on increasing tax revenue collected from rich and wealthy corporations.  "I have decided to end discussions with the White House and begin conversations with the leaders of the Senate in an effort to find a path forward," Boehner said in a letter to members of the House of Representatives.  Washington hit its debt ceiling on May 16, but has used spending and accounting adjustments, as well as higher than expected tax receipts, to pay its bills and continue operating up through August 2.  Finance and business leaders have warned failure to raise the US debt ceiling by then would send shock waves through the world economy, while Obama has predicted a default will trigger economic "Armageddon."  A House Republican leadership aide told reporters on condition of anonymity that Boehner believed he needed to have a detailed plan to present to House Republicans by Monday.  Boehner and Obama were at odds on a range of issues, but a key sticking point was the White House's push for increasing tax revenues from the rich and wealthy corporations, something Republicans fiercely opposed.  "A deal was never really reached and was never really close.  In the end, we couldn't connect.  Not because of different personalities, but because of different visions for our country;" Boehner said in his letter to the House.  "The president is emphatic that taxes have to be raised.  As a former small businessman, I know tax increases destroy jobs."  The responses from other congressional leaders did little to fuel expectations that a deal could quickly be reached.  McConnell called the collapse "disappointing" and vowed to tackle the nations unsustainable debt but without job-killing tax hikes.  Reid stressed that we must avert a default at all costs, but condemned Republicans for an ideological opposition to ending taxpayer-funded giveaways for millionaires, jet owners and oil companies.  Boehner said at a press conference later that no one wants to default on the full faith and credit of the United States government, and I am convinced that we will not.  You can visit the News Videos page of this website to hear Boehner's speech.

Commentary:  As well-meaning as Mr. Boehner is, according to the Word of God, the world is going to suffer unavoidable economic collapse in these last days, so prepare yourselves.  I don't believe the children of God will be here through much of turmoil that will ultimately hit the earth, according to what the scriptures say:  Ezekiel 7:9 "They will cast their silver in the streets and their gold will be removed (confiscated); their silver and their gold will not be able to deliver them in the day of the wrath of God; they will not satisfy their souls, neither fill their bowels, because it is the stumblingblock of their iniquity (money)."  Nevertheless, the Bible tells us that God's wrath is not for Christians, so we will be raptured out of the world before His great wrath falls, "God has not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ" 1 Thessalonians 5:9.  Jesus said, "Watch and pray always that you may be accounted worthy to escape all these things that will come to pass, and to stand before the Son of man (Jesus)" Luke 21:36.   "The Lord Himself will descend from heaven with a shout, with the voice of the archangle, and with the trump of God and the dead in Christ will rise first; then we which are alive and remain will be caught up together with them in the clouds to meet the Lord in the air, and so we will ever be with the Lord" 1 Thessalonians 4:16-17