U.S. President Barack Obama called for a compromise over the nation’s debt crisis in a primetime speech Monday night. Congress has been at odds on legislation to avoid a default, which will be triggered if legislation isn’t signed by August 2 to raise the debt ceiling. Obama said a Republican plan would only result in another debt emergency in six months’ time. The president has supported tax increases for the rich and spending cuts to reduce federal deficits. House Speaker John Boehner retaliated immediately following Obama’s speech with his own televised address, calling the “crisis atmosphere” the president’s fault and that the White House’s plan amounts to a giant tax hike.
Tuesday, July 26, 2011