Obama’s Weekly Address: There’s Still Time to Compromise on the Deficit

By MichaelJames

Jul 23, 2011 6:00am

ABC News' Mary Bruce (@marykbruce) reports:

In a message that may be too little too late, President Obama used his weekly address to issue an urgent plea to Congress to compromise on a deal to raise the debt ceiling and reduce the deficit.

The morning after a deal to reduce the deficit broke down, Obama outlined his case for “a balanced approach to cutting the deficit” through spending cuts and revenue increases.

“We need an approach that goes after waste in the budget and gets rid of pet projects that cost billions of dollars," Obama said. "We need an approach that makes some serious cuts to worthy programs – cuts I wouldn’t make under normal circumstances. And we need an approach that asks everybody to do their part.”

With less than two weeks to raise the nation’s $14.3 trillion debt ceiling before the Aug. 2 default deadline, the president continues to have hope that a deal to reduce the deficit is possible.

“There will be plenty of haggling over the details in the days ahead. But this debate boils down to a simple choice,” he said. “We can come together for the good of the country and reach a compromise; we can strengthen our economy and leave for our children a more secure future.

“Or we can issue insults and demands and ultimatums at each another, withdraw to our partisan corners, and achieve nothing," he said. "Well, we know the right thing to do. And we know what the American people expect us to do.”

 - Mary Bruce

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