Update (11:58 a.m. EDT): "I would not ask anybody to do something, that I'm not willing to do myself," he responds when asked about his vacation plans and Congress possibly sticking around for the holidays.

Update (11:56 a.m. EDT): Obama is asked about Iran, says he is proud of his national security team and that since he's come into office he's applied the toughest sanctions on the country. "If they are pursuing nuclear weapons ... we are going to work with the world community to prevent that."

Update (11:52 a.m. EDT): "Europe is wealthy enough ..." to figure this problem out, Obama more or less says, saying that the bigger problem and solution is mustering the political will among its leaders.

Update (11:52 a.m. EDT): Asked about his options for Cordray now,  "My hope is that the Republican who blocked this nomination come to their senses."

Update (11:47 a.m. EDT): Zing--here's the quote of the press conference (for the moment). Obama's first question is about his view of Republicans criticizing his foreign policy.  And the question seems to have hit a nerve. "Ask Osama bin Laden and the 22 of 30 of top al Qaeda leaders who've been taken off the field whether I engage in appeasement," responds Obama with a slight pause before adding, "or whoever is left out there--ask them about that."

Update (11:45 a.m. EDT): Obama is pointing at the ominous looking clock-down clock, and says "he doesn't expect Congress to go home" until his initiatives for the middle class are implemented, payroll tax cuts are extended, and unemployment insurance is extended. He then opens the floor for questions.

Update (11:42 a.m. EDT): "We have nominated somebody, Richard Cordray, who everybody says is highly qualified ... this is somebody who can do the job with integrity ... and is ready to go.  This morning, Senate Republicans blocked his nomination.refusing to let the Senate even go forward even with an up or down vote on Cordray. This makes absolutely no sense."  He then moves on to explain the now-famous countdown clock behind him.

President Barack Obama is due to speak about Senate Republicans blocking his nomination for the head of the Consumer Financial Protection Bureau. As CNN reports, "the Senate voted 53-45, along partisan lines, falling 7 short of the votes needed to take up the confirmation of former Ohio Attorney General Richard Cordray to be the first director of the bureau." Obama plans to make a statement in the Brady Briefing Room, National Journal reports. The live feed, below: