Today's Coming Crisis Movie

Friday, July 29, 2011

Obama on U.S. debt crisis: 'We are almost out of time.'

President Barack Obama urged Senate Democrats and Republicans to take the lead in the congressional debt ceiling talks Friday -- one day after House GOP leaders temporarily pulled their plan back from consideration due to a lack of support.

The House plan "has no chance of becoming law," Obama said at the White House. "The time for putting party first is over. The time for compromise on behalf of the American people is now. ... It's important for everybody to step up and show the leadership that the American people expect."

"This is not a situation where the two parties are miles apart," the president insisted. But "we are almost out of time."

Obama -- sleepless in recent nights due to the crisis, according to a senior administration official -- urged Americans to contact their members of Congress "to keep the pressure on Washington." (more)