U.S. President Barack Obama is criticizing Republican lawmakers for wasting time on a bill that he says will not solve the debt crisis, and calling for a bi-partisan agreement to lift the borrowing limit and cut spending.

Mr. Obama said at the White House Friday that the plan Republican leaders are trying to push through the House of Representatives would force the country to relive the debt crisis in a few months.

He also said it has no chance of becoming law.

The U.S. is facing an August 2 deadline to raise its $14.3 trillion borrowing limit or start defaulting on its obligations.