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NEW YORK ( TheStreet) -- President Obama's speech today has created some real urgency in the market, Jim Cramer said on "Mad Money" Tuesday. Unfortunately, without the markets falling a lot more, that urgency just won't help get a budget deal done.

Cramer tried to add some perspective to the market's decline, noting that with the S&P 500 just off 4% from its highs, there really hasn't been a lot of pain created by Washington's inability to get anything done. Stocks will roar back once a deal is reached. We just don't yet know when that will occur, he said.

Cramer said it's worth noting that some in Washington have changed their rhetoric from saying a debt default "will never happen" to "we're prepared if it does." That's a significant change as the entire world runs off of U.S. Treasury bonds.

Back in 2012, when the "fiscal cliff" was upon us, Cramer said the markets fell precipitously, helping to usher in a last-minute deal. Unfortunately, until that happens again everyone in Washington appears to be sticking to their guns and waiting for the clock to tick a little closer before they're forced to blink.

What happens next continues to be unclear and the markets will continue to fall, Cramer concluded, so investors need to be ready.

Executive Decision: Scott Sheffield

In the "Executive Decision" segment, Cramer spoke with Scott Sheffield, chairman and CEO of Pioneer Natural Resources ( PXD - Get Report), one of the companies leading the charge to help America surpass Russia as the world's largest oil producer.

Sheffield said that one of America's hottest oil shale finds, the Spraberry/Wolfcamp area of the Permian Basin, is now one of the largest finds in the world. He said new technology has discovered that there are actually are eight zones in this formation, making it the equivalent of eight Eagle Ford's or eight Bakken's all on top of each other.

Sheffield continued that the reason investors may not have heard of the region is because Pioneer dominates the field and is doing most of the drilling at this point. The company is ramping up to over 50 horizontal drilling rigs and estimates it could to ramp over 350,000 barrels a day of production over the next 20 years.

When asked whether Pioneer was more of an oil company or a technology company, Sheffield replied Pioneer is an oil company, but one with some of the best engineers and geoscientists available. That's why the company has sold its international and Gulf assets in order to focus almost exclusively on the Eagle Ford and west Texas properties.

Cramer said the story at Pioneer is one of the most incredible he's heard so far.

Confident Companies

What types of companies would actually benefit from a U.S. government default? Companies that don't worry about the short term and instead take a long-term view of the world, Cramer said. That means companies with a history of buying back lots of their own stock.

Only confident companies buy back their own stock on weakness, which is why stocks such as GameStop ( GME - Get Report), which has already bought nearly a third of its shares at dramatically lower prices, is likely to do it again if the market plummets on more Washington posturing.

Media companies are also a likely group as they've got the cash flow to support big buybacks. Viacom ( VIA.B) already has a big buyback, and Cramer said others, like CBS ( CBS - Get Report) could follow suit.

Other buyers of their own stock include Wyndham Worldwide ( WYN), a company Cramer called a long-term winner, and AutoZone ( AZO), which has bought back nearly half of its shares in recent years.

Cramer said he'd pick at any of these names as the market falls because all of them will capitalize on the short term weakness for longer term gains for their shareholders.

Lightning Round

In the Lightning Round, Cramer was bullish on American International Group ( AIG - Get Report), Cedar Fair ( FUN - Get Report), Taser International ( TASR), AT&T ( T - Get Report), Verizon ( VZ - Get Report), Globe Specialty Metals ( GSM - Get Report), Tractor Supply ( TSCO - Get Report) and Dryships ( DRYS).

Cramer was bearish on SeaWorld Entertainment ( SEAS - Get Report).

Off the Charts

In the "Off The Charts" segment, Cramer went head to head with colleague Bob Lang over the chart of Himax Technologies ( HIMX - Get Report), a small, speculative LCD chipmaker that's seen huge gains after it was announced that some of the company's technology powers Google ( GOOG - Get Report) Glass.

Lang noted that Himax's strong performance over the past two months has been on high volume, meaning that large buyers are beefing up their positions. This trend was also confirmed by the MACD momentum indicator signaling a bullish crossover and the William's oscillator signaling an extended overbought condition where buyers just can't seem to get enough of the stock.

Cramer said that in a troubled market, investors need something to get excited about, and Himax could be that stock. He noted the company has $1 per share in cash and also pays a 2.5% dividend, which will afford it some protection as the markets continue to fall.

Cramer said Himax is most definitely a speculative name, but any pullback in the stock may prove to be a great entry point.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer said businesses should start fighting against those in Washington who think a debt default is OK -- it's business that will bear the brunt of the consequences.

Cramer said we're already seeing the effects of a default. There's no company that will offer a positive outlook this quarter knowing that uncertainty lies ahead. He said the expectations can only come down from here, whether it's retail, tech or just about any other sector.

If the country does default, then it will be business that deals with the impending recession, or worse. The Federal government? It has little to worry about. You and me? We'll be in a whole lot of pain as the world's financial system once again comes unraveled.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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-- Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

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At the time of publication, Cramer's Action Alerts PLUS had a position in AIG.

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