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Obama calls for compromise on budget talks

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Obama calls for compromise on budget talks


Washington must leave party divisions behind if a US debt crisis is to be avoided, President Barack Obama said on Friday.

The country will not be able to borrow money if there is no agreement on raising the debt ceiling by August 2nd.

The president is calling on political adversaries to follow his example and compromise.

“I think its important for the American people that everybody in this town sets politics aside, that everybody in this town sets our individual interests aside and we try to do some tough stuff.

‘And I’ve, I’ve already taken some heat from my party for being willing to compromise. My expectation and hope is that everybody in the coming days is going to be willing to compromise,” he said.

The Republicans want a short-term deal based on spending cuts, but reject tax increases. The president wants to close corporate loopholes and called on the better off to make sacrifices.

The impasse has left the markets uneasy and experts say failure to seal a deal could force the United States into another recession.

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