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With Republicans and Democrats sharply divided over measures to avert an American debt default, President Barack Obama today appealed to both parties to immediately find a "common ground" in the US Senate to reach a compromise on raising the debt ceiling.
Earlier in the day, the House of Representatives voted 218-210 to pass a Republican bill to avert a disastrousUS debt default, but the bill was certain to be rejected by a Democrat-dominated Senate, putting the US
A nervous administration is scrambling to find ways to resolve the standoff ahead of the August 2 deadline for raising the borrowing limit, after which theUS
"The President urges Democrats and Republicans in the Senate to find common ground on a plan that can get support from both parties in the House ? a plan the President can sign by Tuesday," the White House Press Secretary, Jay Carney said after the Republican-led vote in the House.
In the Senate, led by Majority Leader Harry Reid, the Democrats were pushing their own plan to avert a default.
Carney said by demanding that the Constitution be amended or US defaults, the Republican bill would have the nation face another debt ceiling crisis in just a few months.
"This bill has been declared dead on arrival in the Senate. Now that yet another political exercise is behind us, with time dwindling, leaders need to start working together immediately to reach a compromise that avoids default and lays the basis for balanced deficit reduction," he said.
Lobbying for Reid's proposal, Carney said it could be a basis of compromise, pointing out that it would not only achieve more deficit reduction than the Republican bill but would also put in place a process to achieve greater savings, and would remove the uncertainty surrounding the risk of default.
Earlier, in the House of Representatives, Republicans narrowly managed to clear their legislation authorising a limited increase in the USD 14.3 trillion debt limit, in exchange for more than USD 900 billion in spending cuts.
Democrats, however, conceded that they still lack the votes to repeal a Republican filibuster, an obstructing tactic which gives a member the right to extend debate to delay a vote.
"Now that the Senate has rejected Speaker Boehner's partisan, short-term bill, it is time to come together on a compromise plan to payAmerica
He hoped that Republicans in both the House and Senate will work with the Democrats in a responsible way to prevent the nation from defaulting on its debts and the catastrophic consequences it would have on its economy.
After the Republicans filibustered a bipartisan solution to cut the deficit, Reid said that it was the worst possible time to hold a filibuster.
"Our economy hangs in the balance. The proposal I have put forward is a reasonable compromise," he said.
"It gives Democrats what they want, and it gives Republicans what they want. If we do nothing, our country will fail to pay its bills for the first time in history. Social Security checks could stop. Paychecks to our troops could stop," Reid said.
Democratic Leader Nancy Pelosi said American people overwhelmingly support an agreement that is balanced and bipartisan.
"They want us to end the delay and uncertainty so that we can get back to addressing their top priority: creating jobs and growing the economy," she said.
"Republicans must return to the table so that we can avoid default and make sure that we honour our commitments to our seniors, veterans and the American economy," Pelosi said.
With Republicans and Democrats sharply divided over measures to avert an American debt default, President Barack Obama today appealed to both parties to immediately find a "common ground" in the US Senate to reach a compromise on raising the debt ceiling.
Earlier in the day, the House of Representatives voted 218-210 to pass a Republican bill to avert a disastrous
A nervous administration is scrambling to find ways to resolve the standoff ahead of the August 2 deadline for raising the borrowing limit, after which the
"The President urges Democrats and Republicans in the Senate to find common ground on a plan that can get support from both parties in the House ? a plan the President can sign by Tuesday," the White House Press Secretary, Jay Carney said after the Republican-led vote in the House.
In the Senate, led by Majority Leader Harry Reid, the Democrats were pushing their own plan to avert a default.
Carney said by demanding that the Constitution be amended or US defaults, the Republican bill would have the nation face another debt ceiling crisis in just a few months.
"This bill has been declared dead on arrival in the Senate. Now that yet another political exercise is behind us, with time dwindling, leaders need to start working together immediately to reach a compromise that avoids default and lays the basis for balanced deficit reduction," he said.
Lobbying for Reid's proposal, Carney said it could be a basis of compromise, pointing out that it would not only achieve more deficit reduction than the Republican bill but would also put in place a process to achieve greater savings, and would remove the uncertainty surrounding the risk of default.
Earlier, in the House of Representatives, Republicans narrowly managed to clear their legislation authorising a limited increase in the USD 14.3 trillion debt limit, in exchange for more than USD 900 billion in spending cuts.
Democrats, however, conceded that they still lack the votes to repeal a Republican filibuster, an obstructing tactic which gives a member the right to extend debate to delay a vote.
"Now that the Senate has rejected Speaker Boehner's partisan, short-term bill, it is time to come together on a compromise plan to pay
He hoped that Republicans in both the House and Senate will work with the Democrats in a responsible way to prevent the nation from defaulting on its debts and the catastrophic consequences it would have on its economy.
After the Republicans filibustered a bipartisan solution to cut the deficit, Reid said that it was the worst possible time to hold a filibuster.
"Our economy hangs in the balance. The proposal I have put forward is a reasonable compromise," he said.
"It gives Democrats what they want, and it gives Republicans what they want. If we do nothing, our country will fail to pay its bills for the first time in history. Social Security checks could stop. Paychecks to our troops could stop," Reid said.
Democratic Leader Nancy Pelosi said American people overwhelmingly support an agreement that is balanced and bipartisan.
"They want us to end the delay and uncertainty so that we can get back to addressing their top priority: creating jobs and growing the economy," she said.
"Republicans must return to the table so that we can avoid default and make sure that we honour our commitments to our seniors, veterans and the American economy," Pelosi said.
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