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Obama calls for 'balanced approach' to reach debt deal

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A feisty President Obama on Wednesday chided Congress to raise the nation's debt ceiling to avoid default, a costly proposition for the U.S. economy.

Obama urged lawmakers from both parties to adopt "balanced approach" to spending cuts and tax hikes in order to reach a debt-limit deal.


Speaking at a news conference, Obama targeted Republicans in Congress to be receptive to "tackl[ing] spending in the tax code," such as tax credits and loopholes for big businesses. Republican leaders have balked at such a proposal, saying they won't pass a plan that raises revenue.

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