Washington (CNN) - President Barack Obama struck an urgent tone in his weekly address Saturday, telling members of Congress that he needs a debt ceiling deal on his desk before next week's deadline.
"Congress must find common ground on a plan that can get support from both parties in the House," Obama said. "And it’s got to be a plan that I can sign by Tuesday."
Obama's remarks come one day after the House voted along party lines to pass a Republican-sponsored debt plan. The bill was tabled without a vote in the Democratically-controlled Senate.
In his address, Obama said that that such maneuvers weren't helpful in staving off a debt crisis.
"Republicans in the House of Representatives just spent precious days trying to pass a plan that a majority of Republicans and Democrats in the Senate had already said they wouldn’t vote for," Obama said. "It’s a plan that wouldn’t solve our fiscal problems, but would force us to relive this crisis in just a few short months. It would hold our economy captive to Washington politics once again. If anything, the past few weeks have demonstrated that’s unacceptable."
In his appeal for a bipartisan debt plan, Obama included a list of potential consequences of a credit rating downgrade, telling Republicans who oppose tax increases that they, too, would be affected.
"Make no mistake – for those who reflexively oppose tax increases on anyone, a lower credit rating would be a tax increase on everyone - we’d pay higher interest rates on mortgages, car loans and credit cards," Obama said.
Obama stressed that the two parties were close in theory to striking a deal, with much common ground and only small differences that need to be worked out.
"Look, the parties are not that far apart here," Obama said. "We’re in rough agreement on how much spending we need to cut to reduce our deficit. We agree on a process to tackle tax reform and entitlement reform. There are plenty of ways out of this mess. But there is very little time."