Speaker Boehner addresses the press at 7:15 p.m. ET. Watch live.

Ezra Klein talks to Standard and Poor's about why it has suddenly made deficit reduction a key pillar of preserving the U.S. government's AAA credit rating.

Brian Beutler on where the debt ceiling dilemma goes from here.

Boehner to address the press at 7:15 ET.

In summoning congressional leaders back to the White House, Obama said: "We have run out of time and they are going to have to explain to me how we are going to avoid default."

Read Boehner's letter withdrawing from negotiations with President Obama.

These talks didn't just fall apart, they exploded, according to President Obama's account that he's offering right now in the White House briefing room.

An obviously irritated and frustrated Obama has finally had his fill of Republican intransigence. "Can they say yes to anything?" Obama asked rhetorically.

"We have now run out of time," Obama declared, as he announced that he had summoned congressional leaders from both parties to the White House for urgent meetings Saturday.

The President also complained that he thought things were still on track for some kind of deal until Speaker Boehner didn't return his phone call this afternoon. "I've been left at the altar now a couple of times," Obama complained to reporters.

The President is about to make an appearance in the White House briefing room to address the latest developments in the debt talks. Watch live.

Meanwhile, Speaker John Boehner has announced he is breaking off negotiations with the President on a grand bargain to raise the debt ceiling and cut spending and increase revenue. Here's Boehner's letter to his members.

Look out, Iowa! Tim Pawlenty is coming for your vote and he's going to be relentless about it, as he made so clear today: "The first real test and real benchmark ... is the Ames Straw Poll ... and I think you'll see our campaign make very good progress between kind of back-of-the-pack status to something closer to front-of-the-pack status."

Did you miss that clarion call to supporters? Have more stirring words ever been spoken?

The great declarations of history: "Give me liberty or give me death!" "We shall fight on the beaches ..." "I shall return!"

And now Tim Pawlenty: We shall "make very good progress between kind of back-of-the-pack status to something closer to front-of-the-pack status."

Norwegian justice minister confirms that the suspect in today's youth camp shooting -- who has also been tied to the bomb attack -- is Norwegian.

Speaker Boehner to House GOP this morning: We have a debt deal!

House GOP: [nervous silence]

Speaker Boehner: Just joking!

An eyewitness report is making the rounds of reputable news outlets that there were mass casualties in the shooting spree at a youth camp today in Norway. That remains unconfirmed by law enforcement. A man has been arrested there, and police say he is connected to the earlier bombing in Oslo.

Nancy Pelosi outlines a debt ceiling deal that would give Republicans almost everything they want and Democrats little of what they want -- but it may be moot because she thinks Republicans still won't accept it.

Police in Oslo believe today's separate attacks were coordinated, and the mayor says the shooting incident at the youth camp has been brought "under control."

More photos emerging from the immediate aftermath of today's bombing. We've collected them here.

The reports are firm enough now to suggest that there has been a second attack in Norway, a shooting at a youth camp of the ruling Labour Party. Details remain sketchy. State TV says 5 injured, according to Reuters. Other accounts say a man wearing a police uniform opened fire at the camp. It's not clear that this incident is even over yet. Ongoing coverage here.

I'm late to this, but if I hadn't seen it yet, maybe you hadn't either. Some interesting insight into how Obama perceives of compromise and of his own role:

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DC's influence-peddling industry doing just fine, thank you very much.

Norwegian TV coverage of the bombing (not English). Watch.

All the latest details here.

Epic pic here.