President Obama Underscores Urgency of Debt-Plan Deal


President Obama (Whitehouse Livestream)

President Barack Obama has said there were many compromise possibilities to reach a bi-partisan solution to the debt problem and he expressed confidence that a solution would be found. The fiscal fiasco leaves the US inching closer to a potentially catastrophic default on federal debt next Tuesday. The White House has warned the government will run out of money to pay all its bills unless a $14.3 trillion borrowing limit is increased by August 2nd. Mr Obama urged Democrats and Republicans to "seek common ground" to solve the situation. Observers in Greece, China and Ireland give their thoughts on the debt crisis in the United States. We also hear from Australia, where a similar impasse in the seventies was resolved in a way that couldn't happen here.

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