Obama: Plenty of Ways Out of Debt Crisis

Posted July 29th, 2011 at 10:55 am (UTC-5)
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Mr. Obama said there are “plenty of ways out of this mess,” and pledged to work toward a compromise that can pass both houses of Congress and that he can sign into law.

But the president warned that “we are almost out of time,” to raise the country’s borrowing limit before Tuesday, when the Treasury has warned it will runs out of money to pay all its financial obligations.

President Obama said the country often faces calamities it cannot control, such as massive storms or terrorist attacks. But he said the financial crisis is not such an event, and can be solved with reasonable compromises and “a simple vote.”

The president said he wanted to remind lawmakers that raising the country’s debt limit was not an invitation to more spending, but would allow the country to pay the bills it has already incurred.

He urged Americans to call the lawmakers who represent them in Congress and urge them to reach a compromise.