Obama appeals for debt compromise

US president Barak Obama last night urged Americans to pressure their elected representatives to work out a compromise to raise the federal debt ceiling.



According to President Obama, this would avoid a potentially devastating default on US debt payment.



In a televised address, president Obama sought to appeal to congressional leaders to reach a deal that would allow the government to continue borrowing money to pay its debts after August 2.



In a quick response, House Speaker John Boehner said the president's proposals fail to deal with the fundamental problem that America is spending more than it’s earning.