Obama: Time Running Out On Big Debt Deal

 　　President Barack Obama says U.S. lawmakers have a unique opportunity to stabilize¹ the nation’s economy for a decade or more.  But, the president said Friday time is running out for a deal to raise the government’s legal debt limit and cut deficits³.

　　At his second news conference of the week, President Obama said failing to raise the debt ceiling by August 2 would cause a U.S. government default.  He said that would lead to higher interest rates for all Americans, and likely a global financial crisis.

　　“We are obviously running out of time," said President Obama.

　　The president spoke⁴ after five days of White House meetings with the top Republicans and Democrats⁵ in Congress did not appear to produce any compromise.

　　Financial firms in the United States and China have warned of the risks of a U.S. default on its obligations.

　　Republicans say they will not raise the debt ceiling unless Democrats agree to big spending cuts to reduce the nation’s deficit².

　　Democrats say tax increases must accompany spending cuts, and Republicans oppose higher taxes.

　　President Obama pressed again Friday for an agreement to raise the debt ceiling while cutting as much as $4 trillion from the deficit.

　　“We have a unique opportunity to do something big," said Obama. "We have a chance to stabilize America’s finances for a decade or 15 years or 20 years, if we are willing to seize the moment.”

　　But Mr. Obama said he would accept a smaller deficit reduction plan, if necessary.

　　“I am still pushing for us to achieve a big deal," he said. "But what I also said to the group is, if we cannot do the biggest deal possible, then let’s still be ambitious.  Let’s still try to at least get a down payment on deficit reduction.”

　　The president said he told lawmakers he wants them to show him their plan for raising the debt ceiling and shrinking the deficit.

　　“If they show me a serious plan, I am ready to move, even if it requires some tough decisions on my part," said the president.

　　Mr. Obama said Republican opposition⁶ to any new tax revenue was hindering efforts to reach an agreement.

　　Earlier Friday, the Speaker of the House of Representatives, Republican John Boehner, said it is the president who is not advancing a serious plan.

　　"We asked the president to lead," said  Boehner. "We asked him to put forward a plan, not a speech, a real plan and he hasn't.  But we will."

　　The top Senate Republican, Minority Leader Mitch McConnell, has proposed giving Mr. Obama greater authority to raise the debt ceiling while starting procedures which could lead to spending cuts.

　　The president said the plan would not address long-term budget problems.

　　Mr. Obama rejected Republican plans for a proposed balanced-budget amendment⁷ to the U.S. Constitution.  He said such an amendment is not needed if officials in Washington do their jobs.

1 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

2 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

3 deficits   

n.不足额( deficit的名词复数 )；赤字；亏空；亏损

参考例句：

• The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
• Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句

4 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

5 democrats   

n.民主主义者，民主人士( democrat的名词复数 )

参考例句：

• The Democrats held a pep rally on Capitol Hill yesterday. 民主党昨天在国会山召开了竞选誓师大会。
• The democrats organize a filibuster in the senate. 民主党党员组织了阻挠议事。 来自《简明英汉词典》

6 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

7 amendment   

n.改正，修正，改善，修正案

参考例句：

• The amendment was rejected by 207 voters to 143.这项修正案以207票对143票被否决。
• The Opposition has tabled an amendment to the bill.反对党已经就该议案提交了一项修正条款。