(CNN) - President Barack Obama said Friday that the House GOP debt plan "would force us to relive this crisis in just a few short months. ... It does not solve the problem and has no chance of becoming law."
The country needs a bipartisan solution, Obama said. He urged Senate Democrats and Republicans to work together to reach a compromise.
"This is not a (situation where) the two parties are miles apart," he said.
Obama said that the country's AAA credit rating is at risk. A downgrading of U.S. credit would be the equivalent of a tax hike for all Americans, he warned.
"This is one burden we can lift ourselves," Obama said, calling for compromise.
The president urged Americans to contact their members of Congress to "keep the pressure on Washington."
"The time for putting party first is over," he added. It's time "to show the leadership the American people expect."