ABC News’ Mary Bruce ( @marykbruce ) Reports:
In an eleventh hour appeal for political compromise, President Obama urged Congress today to find a bipartisan solution to avoid default, saying the stalled GOP House bill “has no chance of becoming law.”
“The time for putting party first is over. The time for compromise on behalf of the American people is now,” Obama said from the Diplomatic Briefing Room at the White House. “I'm confident that we will solve this problem. For all the intrigue and all the drama that's taking place on Capitol Hill right now, I'm confident.”
The president was adamant that the Speaker’s plan has no viable future. “The House of Representatives is still trying to pass a bill that a majority of Republicans and Democrats in the Senate have already said they won't vote for. It's a plan that would force us to relive this crisis in just a few short months, holding our economy captive to Washington politics once again. In other words, it does not solve the problem, and it has no chance of becoming law,” Obama said.
“What's clear now is that any solution to avoid default must be bipartisan. It must have the support of both parties that were sent here to represent the American people, not just one faction,” he added, noting that the two sides are not miles apart on this issue.
With the clock ticking, Obama warned of the dire consequences of failing to raise the debt ceiling and said the U.S. is in danger of losing its AAA credit rating over political squabbling.
“We could lose our country's AAA credit rating; not because we didn't have the capacity to pay our bills -- we do -- but because we didn't have a AAA political system to match our AAA credit rating,” he said.
With just four days left to stave off default, the president said that the country is facing an avoidable crisis. “The power to solve this is in our hands. And on a day when we've been reminded how fragile the economy already is, this is one burden we can lift ourselves,” the president said, referencing today’s first read of the second quarter Gross Domestic Product.
Once again, the president urged Americans to “make their voice heard.”
“To all the American people, keep it up. If you want to see a bipartisan compromise, a bill that can pass both houses of Congress and that I can sign, let your members of Congress know. Make a phone call; send an email; tweet. Keep the pressure on Washington, and we can get past this,” Obama said.