President Obama Says Congress is 'Almost Out of Time' in Reaching Debt Deal

This morning, President Obama warned the nation that Congress is running out of time to pass a debt ceiling plan. In addition to highlighting dangers surrounding the nation's credit rating, the president issued calls for a bi-partisan plan. The USA Today has more:

President Obama said today it is urgent that Congress pass a debt ceiling plan and essential that it have bipartisan support if it is to become law and stave off a possible government default.

"There are plenty of ways out of this mess, but we're almost out of time," Obama said at the White House.

Obama also warned that the nation is in danger of having its credit rating lowered, leading to higher interest interest rates that amount to tax hikes on most Americans.

The administration says that the government will run out of borrowing capacity on Tuesday. The president has asked for a $2.4 trillion increase over the $14.3 trillion debt ceiling to help cover government obligations into 2013.

Obama urged Democrats and Republicans in the Senate Friday to come together on a plan that can pass the House and that he can sign. He spoke at the White House as a bill by Republican House Speaker John Boehner to lift the debt ceiling and slash spending remained unexpectedly stalled after Boehner failed to muster the necessary votes.

Republicans were set to try again Friday and Senate Majority Leader Harry Reid announced plans to move forward on a rival measure ahead of the Tuesday deadline to act or face unprecedented default.

The Associated Press contributed to this report.