Obama: Time for debt compromise
July 29th, 2011
10:42 AM ET
12 years ago

Obama: Time for debt compromise

(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."

Filed under: Congress • Debt • Deficit • President Obama • Republicans
soundoff (32 Responses)
  1. John

    I don't care If the Republican win In this and I don't care If the democrats win In this. It shouldn't be about what party win or loses. What It should be about Is America and the American People, this right here should be the one that win. And the only why this Is going to happen Is thought COMPROMISE. You get the best Idea from the Republican and you get the best Idea from the Democrats and you COMPROMISE and than you come up with the best deal for America and the American people. And that the way It should be. I know America has to get it house In order ,but let get the dept ceiling rise and work a the harder thing afterward. And that mean fair for everyone from Big Business the Rich to the Poor. But Fair to everyone. We are all America and we should all have to help.

    July 29, 2011 11:54 am at 11:54 am |
  2. JB

    This guy is amazing! tea partiers and republicans called him names! yet he is the most fiscal conservative president of all times! they say lets go for two, he says we can do four!!!

    July 29, 2011 11:55 am at 11:55 am |
  3. betterdays

    Yeah, it's really frustrating when you spend all of your allowance and then borrow from your friends, and then you ask your dad for more money to pay your friends back and your dad says "no."

    It's even more frustrating if you've borrowed from your enemies.

    July 29, 2011 11:57 am at 11:57 am |
  4. ABM

    The message from our President is simple...COMPROMISE. If the GOP negotiated in good faith we would not be in this situation. Time for them to bend a little so the American people do not suffer.

    End the gridlock.

    July 29, 2011 12:00 pm at 12:00 pm |
  5. T'sah from Virginia

    [Obama: Time for debt compromise]
    Because in the end, it won't be my demise
    [The country needs a bipartisan solution]
    But NOT filled with all of this newcomer pollution!!
    ["This is not a (situation where) the two parties are miles apart..."]
    ["The time for putting party first is over..."] – There are NO Purple Hearts!!!!

    July 29, 2011 12:01 pm at 12:01 pm |
  6. Thomas Mc

    Republicans are just proving the one point that they make in every campaign: government doesn't work (when you elect Republicans).

    July 29, 2011 12:02 pm at 12:02 pm |
  7. Adan

    You think?? We are all ready for this to be over. But I would say this is the first time in a long time Americans have been educated on how debt is eroding our country. This has been painful but instructive. In my home we go over our budget quarterly. The governent by law is suppsed to do it annually and Congress has not submitted a budget in two years. Companies large and small or successful individuals would never do that – planning and bugetiing is integral to success.

    July 29, 2011 12:10 pm at 12:10 pm |
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