Obama Reaffirms Debt Ceiling Deadline

Posted: Jul 29, 2011 11:49 AM

President gave another speech today, but gave no plan. Obama once again asked for compromise between the two parties to solve the debt crisis, told Americans to call their Congressman and is asking lawmakers to strike a deal by the debt ceiling deadline on Tuesday.

President Barack Obama declared "we're almost out of time" in a wrenching political standoff that has heightened fears of a market-rattling government default.

"The power to solve this is in our hands on a day when we've been reminded how fragile the economy already is," the president said from the White House as many U.S. stocks fell in response to a sour report on economic growth and widespread uncertainty over the Washington debt stalemate. "This is one burden we can lift ourselves. We can end it with a simple vote."

Meanwhile, House Republicans have come out their 10 a.m. meeting with a Balance Budget Amendment attached to the short term, two part Boehner bill.

Rep. David Dreier of California said the revised measure would still raise the nation's debt limit by $900 billion, essential to allow the government to keep paying its bills, and cut spending by $917 billion. But a later increase in borrowing authority wouldn't take effect unless Congress sent a constitutional balanced budget amendment to the states for ratification.