Obama urges compromise over debt limit

U.S. President Barack Obama addressed the nation to increase pressure on the U.S. Congress for a solution to America's debt limit and deficit crisis. VOA reports that with an August 2 deadline looming to raise the government's borrowing limit, Obama urged Americans to pressure lawmakers for a compromise. Obama urges compromise over debt limit Earlier, Senate Majority Leader Democrat Harry Reid proposed a $2.7 trillion spending cut plan, with no cuts to Social Security and Medicare programs, a debt ceiling increase through next year's presidential and congressional elections, with a bipartisan committee recommending further cuts. House of Representatives Speaker, Republican John Boehner's two-stage plan envisions $1.2 trillion in spending cuts, an immediate $1 trillion debt limit increase and another possible increase next year tied to conditions. Boehner's proposal would also create a bipartisan committee and have lawmakers vote on a constitutional amendment for balanced budgets. President Obama said Boehner's plan is part of a "dangerous game" that would result in repeating the same debate six months from now. "This is no way to run the greatest country on Earth. It is a dangerous game that we have never played before and we can't afford to play it now, not when the jobs and livelihoods of so many families are at stake. We can't allow the American people to become collateral damage to Washington's political warfare," he said. Barack Obama (Beta/AP)

Obama urges compromise over debt limit

Earlier, Senate Majority Leader Democrat Harry Reid proposed a $2.7 trillion spending cut plan, with no cuts to Social Security and Medicare programs, a debt ceiling increase through next year's presidential and congressional elections, with a bipartisan committee recommending further cuts.

House of Representatives Speaker, Republican John Boehner's two-stage plan envisions $1.2 trillion in spending cuts, an immediate $1 trillion debt limit increase and another possible increase next year tied to conditions. Boehner's proposal would also create a bipartisan committee and have lawmakers vote on a constitutional amendment for balanced budgets.

President Obama said Boehner's plan is part of a "dangerous game" that would result in repeating the same debate six months from now.

"This is no way to run the greatest country on Earth. It is a dangerous game that we have never played before and we can't afford to play it now, not when the jobs and livelihoods of so many families are at stake. We can't allow the American people to become collateral damage to Washington's political warfare," he said.