President Obama said he is ready to move ahead with cutting spending if Republican lawmakers show him what he called a “serious plan.”

He said the American people want to see Washington do its job, and that it is not fair to ask for middle class families to make sacrifices without asking for sacrifices from America’s wealthiest families.

The president warned that if lawmakers cannot reach an agreement on raising the debt limit and cutting spending, the problem will continue to plague the county for years to come.

He called on lawmakers to set aside their political differences and be willing to compromise.

Mr. Obama said he has given Republicans 24 to 36 hours to present him with a plan to cut spending.