Obama: Americans Sold On Balanced Debt Deal

President Barack Obama told reporters late Friday morning that the American public overwhelmingly backs a deal to raise the debt limit that would include both spending cuts and revenue increases.

“The American people are sold,” Obama said from the White House briefing room. “The problem is members of Congress are dug in ideologically into various positions because they boxed themselves in with previous statements.”

Obama’s comments come as lawmakers continue strenuous negotiations over a plan to raise the debt limit while simultaneously offering long-term steps to lower the deficit.

Noting that he was still holding out for a “big deal,” the President said Friday that he would listen to any sensible proposal. He noted that he expects lawmakers to present a plan to him at some point within the next day and a half.

The administration has warned that if lawmakers fail to raise the debt ceiling by August 2^nd, the U.S. will be forced to go into default, a scenario that would be catastrophic for the American economy. The President has met with Congressional leaders each day this week, but plans to give negotiators a break on Friday. Rumors that House Speaker John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.) could continue discussions over the weekend at Camp David have been rejected by both legislators.