President Obama says congressional leaders from both political parties will have to compromise in order to reach agreement on the debt and deficit.

Mr. Obama says he is prepared to take on significant criticism from his Democratic Party to reach an agreement. But he says he does not see a path to a deal if Republicans do not budge on their position.

He says it will take work from both political parties to reach agreement.

The president warned that failure to raise the debt limit could lead to another economic recession. He says he feels confident that Americans do not want the United States to default on its debts.

Mr. Obama says he is a seeking a solution to solve short-term deficit problems, avoid default, stabilize the economy, and prove to the American people that Washington can get things done.

The president says he will not sign a 30-day, 60-day or 90-day extension on the debt ceiling.