President Barack Obama said on Monday a temporary six-month extension of debt ceiling does not solve the problem and might not be enough to avoid credit downgrade.
Obama said he has told leaders of both parties they must come with a fair compromise in the news few days that can pass Congress.
Speaking from the White House, the president lambasted Republicans for what he cast as a refusal to compromise, arguing that the nation faces a possible "deep economic crisis- one caused almost entirely by Washington."
"Republican House members have essentially said that the only way they'll vote to prevent America's first-ever default is if the rest of us agree to their deep, spending cuts-only approach," Mr. Obama said. "If that happens, and we default, we would not have enough money to pay all of our bills - bills that include monthly Social Security checks, veterans' benefits, and the government contracts we've signed with thousands of businesses."
"It is a dangerous game we've never played before, and we can't afford to play it now," he warned. "People are fed up with a town where compromise has become a dirty word."
Mr. Obama continued to ask Republicans to accept revenue increases for the wealthiest Americans, saying they and large corporations should "give up some of their tax breaks and special deductions."
Arguing that Republican leaders were acting outside of the interests of their constituents, Mr. Obama called on voters to "make your voice heard."
"The American people may have voted for divided government, but they didn't vote for a dysfunctional government," he said. "So I'm asking you all 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."