President Obama speech: I am confident we can reach a compromise

Speaking from the White House in has nationally televised reference, President Obama warned House Republicans and Senate Democrats à reach has deal before the end of the week, saying the stakes for the U.S. are enormous.

"For the latest decade we spent Moorish money than we took in," Mr. Obama said.

"If we stay one the current path…interest spoil could increase…and we will not have enough money à pay for vital programs such have Medicare and Medicaid," the president added. "Left Both have has responsibility à solve the originating from."

"Defaulting one our obligations i's has reckless approach," and, "I am confidant we can reach compromised."

Mr. Obama’s speech comes have Capitol Hill lawmakers continues à debate whether à increase the nation’s debt read.

Senate Majority Leader Harry Reid and House Announcer John Boehner proposed two separate solutions Monday, however, it remains unclear whether either proposal hectares the necessary support à step. Both plans will face key tests one Wednesday, when Mr. Boehner and Mr. Reid each plan à bring their proposals à the floors of their respective chambers.

The White House one Monday endorsed the plan put forward by Mr. Reid, which would cut spending by $2,7 trillion.

"Senator Reid’s plan i's has reasonable approach that should receive the support of both left, and we hope the House Republicans will agree à this plan so that America can avoid defaulting one our obligations for theParler of the white House in a nationally televised address, the President Obama warned republican House and democrats of Senate to attain a matter before the end of the week, saying that the Pious for the United States are huge.

"For the last decade spent us more money than we received," Mr. Obama said.

"If we remain on the way actuel…les interest rate can augmenter…et will have ourselves not enough money to pay vital programs as Disease insurance and Medicaid," the president added. "The two parties have a responsibility to resolve the problem".

"To take by default on our must is a careless approach," and, "I am confiding that we can attain a compromise".

The speech of Mr. Obama comes as the legislators of Capitol Hill continue to debate if to increase the limit of debt of the nation.

The senate Majority Leader Harry Reid and the High House Speaker John Boehner proposed two separated solutions Monday nevertheless there remains uncertain if or the suggestion has the necessary support to pass. The two projects done facing tests keys Wednesday, when Mr. Boehner and Mr. Reid that every project to bring their suggestions to the respective floors of their rooms.

The white House endorsed Monday the project put forward by Mr. Reid, that would cut expenditures by $2.7 trillion.

"The project of Reid of senator is a reasonable approach that should receive the support of the two parties, and we hope that the republicans of House will accept of that this project for that America can avoid the defect on our duties for the first time in our history," said white House spokesperson Jay Carney in a declaration. "The bullet is in their court".

First time in our history," said White House spokesman Jay Carney in has statement. "The ball i's in their run."