President Barack Obama warned Monday that the Republicans' unyielding approach to the US debt crisis was a "dangerous game" and urged Americans to press for compromise.
Obama delivered the warning in a rare primetime speech as Republicans and Democrats remained deadlocked over a deal to raise the US debt ceiling and agree on how to bring ballooning US deficits under control.
The president rejected a Republican proposal to temporarily lift the debt limit, arguing it would leave the underlying problem unresolved and lead to a repeat of the current crisis in six months.
"That is no way to run the greatest country on Earth. It is a dangerous game we've never played before, and we can't afford to play it now. Not when the jobs and livelihoods of so many families are at stake," he said.
But with a potential US default looming in eight days time, Obama appealed to Americans to "make your voice heard."
"If you want a balanced approach to reducing
the deficit, let your member of Congress know. If you believe we can solve this
problem through compromise, send that message," he said. 
Speaking moments after the speech by the president, top Republican in the US House of Representatives John Boehner said that the United States "cannot default on its debt obligations".
Boehner warned, "The American people will not accept an increase in the debt without significant spending cuts and reform."
Obama, he said, "has often said we need a 'balanced' approach -- which in Washington means: we spend more, you pay more... those tax increases will destroy jobs."
Obama has called for a compromise package that would see deep cuts in entitlement programs to slash spending, which Republicans urge, and an increase in revenues through tax hikes on higher income earners -- a move that Republicans passionately reject.
Democrats who control the Senate and Republicans who lead the House of Representatives remain at odds over rival plans for raising the US$14.3 trillion US debt limit, allowing cash-strapped Washington to stay open.
The prospect of the world's richest country running out of cash to pay its bills come August 2 has sent stocks sliding, as the IMF warned of a "severe shock" to the world economy absent an elusive breakthrough.
AFP/cc
