Obama Pushes for Debt Ceiling Compromise

(NECN) - President Barack Obama called for compromise in a Monday evening speech regarding the debt crisis.

Obama criticized the new Republican plan, that would avoid taxing the wealthy. The President is pushing for a balanced plan in which everyone would "give a little."

He called on the public to contact lawmakers and push for a balanced compromise as well.

"The American people may have voted for divided government, but they didn't vote for a dysfunctional government."

The President wants a plan that would tax the wealthy and raise the debt limit high enough to avoid another struggle during the 2012 elections.

Both sides have been looking for a new agreement on the debt ceiling in time for an August 2 deadline.

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