Debt ceiling deadline expires at midnight

TV AND WEB RESTRICTIONS~**CBS - DIGITAL USE ONLY. NO BROADCAST USE WORLDWIDE. NO ACCESS AUSTRALIA BROADCASTER WEBSITES. NO ACCESS JAPAN. NO ACCESS ABC AMERICA, FOX, UNIVISION, TELEMUNDO, BBC AMERICA, NBC, OR THEIR DIGITAL/MOBILE PLATFORMS/NO ACCESS DES MOINES MEDIA MARKETS~**

As the sun comes up on Capitol Hill, it's deadline day for Congress.

The clock runs out at midnight for lawmakers to reach a deal on the debt ceiling.

If Congress fails to compromise, the U.S. Treasury will run out of money to pay its bills.

SOUNDBITE: PRESIDENT BARACK OBAMA SAYING:

"We don't need to close the government and we don't need to default on our debts simply because parties disagree."

The President is pointing his finger at conservative Tea Party Republicans in the House for causing the government shutdown and the looming threat of default.

SOUNDBITE: PRESIDENT BARACK OBAMA SAYING:

"There's a faction there that believes a compromise of any sort is unaccept