Lawmakers have "a responsibility and an opportunity" to do the right thing by agreeing to a debt-limit hike and cutting spending, President Obama said Saturday.
"Let’s be honest – neither party in this town is blameless; both have talked this problem to death without doing enough about it," Obama said in his weekly address. "That’s what drives people nuts about Washington. Too often, it’s a place more concerned with playing politics and serving special interests than resolving real problems or focusing on what you’re facing in your own lives."
On Saturday, he reiterated his call for a "balanced approach" to deficit reduction.
"The truth is, you can’t solve our deficit without cutting spending," Obama said. "But you also can’t solve it without asking the wealthiest Americans to pay their fair share – or without taking on loopholes that give special interests and big corporations tax breaks that middle-class Americans don’t get."
Republicans have said they will not accept any deal to raise the debt limit that raised taxes.
House Republican leaders have thrown their support behind the "Cut, Cap and Balance" plan that conservatives are demanding in return for an increase in the federal debt ceiling.
Sen. Orrin HatchOrrin HatchSupreme Court wrestles with corruption law IRS: Annual unpaid tax liability was 8B Hatch asks Treasury for memo that decreases transparency of tax rules MORE (R-Utah) used his party's weekly address to urge lawmakers to back a balanced budget amendment, calling it the only way to get federal spending under control.