Obama: Solution to Avoid Default Must Be Bipartisan

In his latest debt limit speech, President Obama today urged Democrats and Republicans to come up with "a plan that I can sign by Tuesday"—a plan that has support in both parties. "There are plenty of ways out of this mess," he said, but any solution must be bipartisan. He reminded his audience that the debt ceiling does not raise spending, but simply allows the US to pay the bills Congress has already authorized.

Obama also warned that monthly Social Security checks, veterans' benefits, and the country's AAA credit rating are all in danger. If the US loses that rating, he said, it will not be because the country couldn't pay its bills "but because we didn't have a AAA political system to match our AAA credit rating." He ended with a promise to continue working all weekend long with both parties, and another exhortation to the public to call, email, or even tweet their members of Congress if they "want to see a bipartisan compromise." (More President Obama stories.)