to act on big debt ceiling deal
-July-15-2011--WASHINGTON - President Obama challenged Congress on Friday to put the country on the right fiscal footing for decades to come by slashing spending and increasing revenue as part of a package to raise the nation's $14.3 trillion debt limit. In a news conference at the White House after five days of often-tense closed-door talks with congressional leaders, Obama said there is still time to put together a "big deal" to solve the nation's debt and deficits problem for the long term and raise the debt ceiling before the Aug. 2 deadline imposed by the Treasury Department.
He cautioned, however, that time is running short to avoid the first government default on its loans,
:Obama and Congress Agree To Raise Debt Ceiling to $120 Trillion Unconfirmed.