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Obama urges Congress to reach debt limit deal

07-03-2011 08:31 BJT

WASHINGTON, July 2 (Xinhua) -- U.S. President Barack Obama on Saturday called for Congress to reach a deal on the country's debt limit to invest in the future and avoid an unprecedented default.

"We've got to cut the deficit, but we can do that while making investments in education, research, and technology that actually create jobs," Obama said in his weekly radio and Internet address.

"We can live within our means while still investing in our future," he said.

The U.S. Treasury Department on Friday reaffirmed that Aug. 2 will be the deadline for ongoing talks to raise the nation's borrowing limit, which includes interest on the national debt among other legal obligations.

The statement was the latest warning from the Obama administration to Republicans as the two parties engage in tough negotiations and have not yet inked a deal to raise the 14.29-trillion-U.S. dollar debt ceiling.

With just a month until the Aug. 2 deadline before the world's largest economy might default on its obligations, Obama this week began to lead the debt talks, seeking to raise the borrowing limit.

Republicans want deep spending cuts without any tax increases while Obama and fellow Democrats call for a "balanced" approach. That means new revenue in the form of higher taxes from the rich.

Analysts say that chances are rare that the two parties will reach a comprehensive deficit cut and borrowing limit agreement.

But Obama expressed confidence.

"I'm confident that the Democrats and Republicans in Congress can find a way to give some ground, make some hard choices, and put their shoulders to wheel to get this done for the sake of our country," Obama said.



Editor:Zhang Pengfei |Source: Xinhua

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