Obama rejects short-term debt deal, urges compromise

Townhall.com Staff
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Posted: Jul 11, 2011 2:10 PM
Obama rejects short-term debt deal, urges compromise
Washington (CNN) -- President Barack Obama ruled out any possibility of signing a short-term extension of the federal debt ceiling Monday, insisting that the time has come to tackle the nation's most pressing fiscal problems in a comprehensive way requiring bipartisan compromise on both taxes and spending.

The president continued his push for the largest deal possible -- an apparent rejection of a proposal put forward over the weekend by House Speaker John Boehner, R-Ohio, to put aside thorny questions tied to taxes and entitlement reform and instead focus on $2.4 trillion in cuts previously agreed to in an earlier round of negotiations.