Obama warns debt deal ‘almost out of time’

US PRESIDENT Barack Obama warned yesterday that polarised lawmakers were “almost out of time” to forge a deal averting a disastrous debt default that could send shockwaves though the world economy.

Casting himself as above the angry fray in Congress, Obama urged a compromise blending rival approaches in the Democratic-held Senate and Republican-led House of Representatives for raising the $14.3 trillion (€9.9trn) debt ceiling.

“There are plenty of ways out of this mess. But we are almost out of time. We need to reach a compromise by Tuesday so that our country will have the ability to pay its bills on time, as we always have,” he said.