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Obama Ready to Break Debt-Ceiling 'Logjam'

NEW YORK ( TheStreet) -- President Barack Obama said on Friday that Congress had drawn closer to an agreement to raise the debt ceiling before the Aug. 2 deadline.

Obama stressed that it was crucial to include a stipulation in the plan to raise revenue, language that Republicans have interpreted as a tax hike.

"You'll probably see the House vote on a couple of things just to make political statements, but if you're trying to get to $2.4 trillion without any revenue, then you're effectively cutting a credible plan ," Obama said.

Obama said that politicians had the opportunity to stabilize the financial credibility of the United States for the next 10 to 20 years.

House Speaker John Boehner (R., Ohio) addressed the media before Obama's speech and stressed that the plan could not include tax hikes.

"There can be no tax hikes because tax hikes destroy jobs; we need real spending cuts and real spending cuts that will exceed the amount of increase in the debt limit," Boehner said. "We asked Obama to put forward a plan -- not a speech, a real plan -- and he hasn't. We will."

Obama said that polls showed Republicans and Democrats agreed that they needed to take a balanced approach to spending cuts and revenues.

"I'm hopeful we'll see, in the next couple of days, this logjam broken," Obama said. He added that it was time to set politics aside and do some "tough stuff."

The president also addressed calls for a balanced budget constitutional amendment when he said that politicians didn't need to pass an amendment, instead they needed to do their jobs.

"We have a unique opportunity to do something big," Obama said. "Let's still be ambitious."

-- Written by Joe Deaux in New York.



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