PRESIDENT OBAMA CALLED Monday for a compromise to the budget standoff as the Democratic-led Senate and Republican-led House barreled toward a showdown on competing plans to cut spending and raise the debt limit as a resolution to the intensifying crisis remained out of sight just one week before a possible federal default.
In an address to the nation Monday night, President Obama urged “a balanced approach” to deficit reduction that included higher tax revenues in addition to cuts.
He invoked Ronald Reagan in making his appeal.
Read More: http://www.nytimes.com/2011/07/26/us/politics/26fiscal.html?hp&emc=na
