Obama: We Will Solve Debt Ceiling

NEW YORK ( TheStreet) -- President Barack Obama addressed the media on Monday about debt ceiling negotiations and the deficit.

The president made it clear that he and Congress would reach a deal to raise the debt ceiling by Aug. 2.
Obama addressed members of the media on Monday about debt ceiling negotiations.

"The good news is that all the leaders continue to believe, rightly, that it is not acceptable for us not to raise the debt ceiling and to allow the U.S. government to default," Obama said.

He said that politicians from both major parties had to construct a balanced package, share sacrifices and take on their "sacred cows."

Obama said the possibility of a 30-, 60- or 90-day extension was an unacceptable approach to the problem.

"We are now in a situation where, because the economy has moved slower than we wanted... taking an approach that costs trillions of dollars is not an option," Obama said. "We don't have that kind of money right now."

The president continued to push increased taxes on millionaires, billionaires and "authors of best-selling books" -- an apparent reference to himself.

Obama said that bi-partisan agreement on a strong debt ceiling plan could lead to a solid fiscal situation, which he said would put the United States in the position to make the kinds of investments necessary to win the future.

-- Written by Joe Deaux in New York.

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