Obama challenges Republicans to compromise on debt

(AP) - President Barack Obama declared on Monday there would be no deal on raising the U.S. government's debt limit if Republicans will not compromise,

WASHINGTON - (AP) - President Barack Obama declared on Monday there would be no deal on raising the U.S. government's debt limit if Republicans will not compromise, and he said he would not sign a short-term extension - raising the stakes on volatile negotiations with the clock ticking toward a Aug. 2 deadline.

The president warned that failure to reach agreement couldcreate another recession and throw millions of Americans out ofwork, painting a picture of catastrophe if a partisan stalemate isnot broken and Congress fails to act. Financial markets also couldbe thrown into turmoil.

"I don't see a path to a deal if they don't budge. Period,"the president said in a challenge to his political opponents,accusing Republicans of having a "my way or the highway" posture.Asked whether or not he would veto legislation temporarilyincreasing the debt ceiling, the president said: "I will not signa 30-day, or 60-day, or 90-day extension."

The president spoke at a White House news conference the morningafter convening a rare Sunday meeting with lawmakers in the WhiteHouse Cabinet Room, where he continued to push for a "grandbargain" in the range of $4 trillion worth of deficit cuts overthe coming decade. That ran into Republicans' refusal to raisetaxes.

Obama conceded that House Speaker John Boehner, who pulled hissupport for a large-scale deal over the weekend, faced a potentialrevolt by his caucus, and suggested Republicans should take apolitical risk - as the Democratic president said he is ready todo.

"I am prepared to take on significant heat from my party to getsomething done," Obama said, contending he has "bent overbackward" to work with Republicans.

Share on Facebook Tweet on Twitter

advertisement | advertise on News 12

Top 5 Must See

Nassau Police say a Hempstead man has been 1 Police: Man arrested for sex assault of child, stabbing 2 women
Police officers stand guard on a road leading 2 UK Parliament resumes, holds minute's silence after attack
The arena in Uniondale opens April 5 with 3 Rebuilt Nassau Coliseum to feature express parking lanes
The incident happened as Pope Francis was blessing 4 Little girl swipes cap off Pope during blessing
A large police response was spotted late last 5 Sources: Armed home invasion reported in Shirley

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE