Obama Urges Bipartisan Compromise On Debt Bill

By: NY1 News

House Republicans are likely to vote today on a modified plan to prevent the government from defaulting on its loans as both Democratic and GOP members struggle to find a middle ground.

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President Barack Obama again on Friday urged lawmakers on Capitol Hill to put aside their political differences and hammer out a bill to prevent the nation from defaulting on its loans.Speaking from the White House, Obama said there's more than one way to raise the nation's debt ceiling before the August 2nd deadline, but says whatever road Congress chooses it needs to happen now.
He said plans from Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell are potential solutions, and asked for a bill he can sign by Tuesday.
"The time for putting party first is over. The time for compromise on behalf of the American people is now. And I'm confident that we can solve this problem, and I'm confident we will solve this problem," Obama said.
House Republicans say they will rework the bill proposed by Speaker John Boehner.
The bill, which stalled in the House last night, would still cut spending by $900 billion.
It's unclear when the reworked bill will be brought to the floor for a vote.
Earlier today, Senate Majority Leader Harry Reid said he would move forward with his plan which would includes spending cuts of $2.5 trillion over 10 years.
A vote on that bill could come on Sunday.
While some New Yorkers remain optimistic the debt ceiling will be raised on time, others are blasting Washington lawmakers over their lack of action.
"Definitely frustrated and angry because I'm a working citizen. I really don't want to see that the U.S. gets downgraded, and it will concern me and my kids. So I just want them to get to a resolution rather quickly," said one New Yorker.
"It's really not that hard, guys have got to get together and get it done," said another.
"They shouldn't be using the debt as leverage in this discussion," said a third.
Representatives from 20 of the nation's biggest banks including JP Morgan Chase, Citi and Goldman Sachs are meeting today with treasury department officials to discuss the impact of a possible default.


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