Pres. Obama To Congress: 'We're Almost Out Of Time' On Debt Ceiling08:05
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President Barack Obama talks about the ongoing budget ceiling negotiations, Friday, July 29, 2011, in the Diplomatic Reception Room of the White House in Washington. (AP)
President Barack Obama talks about the ongoing budget ceiling negotiations, Friday, July 29, 2011, in the Diplomatic Reception Room of the White House in Washington. (AP)

President Barack Obama today said there are plenty of ways to bring an end to the debt ceiling mess, but it has to be bipartisan and it has to happen fast.

"Today, I urge Democrats and Republicans in the Senate to find common ground on a plan that can get support — that can get support from both parties in the House," the President said.

House Speaker John Boehner (R-Ohio) suffered a major defeat last night, when he had to call off a vote on his plan, after he couldn't muster the votes from his own party to pass it. So the arm-twisting continues today of recalcitrant Tea Party freshmen, in the hopes of getting them to sign on to his measure to cut spending and raise the debt ceiling.

Meanwhile, Senate Democratic leader Harry Reid said he planned to move forward on his debt-limit bill. The battle plays out with only days to go before the U.S. can no longer pay its bills.

Guests:

  • Gail Chaddock, congressional correspondent for the Christian Science Monitor
  • Julian Zelizer, professor of history and public policy at Princeton University

This segment aired on July 29, 2011.

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