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Obama: Debt Agreement Must Be Bipartisan

NEW YORK (TheStreet) -- President Barack Obama addressed the nation on Friday to say it was time for politicians to set aside party interests and focus on bipartisan support to raise the debt ceiling.

The president said the House of Representatives was trying to pass a bill that Senate Republicans and Democrats already have said they'd strike down.

President Barack Obama

"Today I urge Democrats and Republicans in the Senate to find common ground that can get support by both parties in the House," Obama said. "Any solution to avoid default must be bipartisan."

A mere four days from the impending Aug. 2 deadline, House members had yet to vote on a budget measure authored by House Speaker John Boehner (R., Ohio). Congress was expected to vote on the Boehner bill Thursday night, but representatives decided to postpone the vote until Friday.

"The votes obviously were not there," said Rep. David Dreier (R., Calif.) on Thursday evening.

Obama has pressed for revenue in the new budget, but neither party has heeded the president's word. He mentioned it in Friday's speech when he said that Americans would have to pay higher taxes in the form of higher interest rates that would come with a downgrade of the U.S. government's debt in the wake of a default.

Obama told Americans to keep pressing members of Congress to get a bill passed.

"To all the American people: Keep it up," Obama said about pressing politicians for a deal. "Let your members of Congress know."

-- Written by Joe Deaux in New York.



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