Obama Open to ‘Enforcement Mechanism’ in Future Fiscal Negotiations

By Fred Lucas | July 29, 2011 | 11:29 AM EDT

(CNSNews.com) – As the clock ticks, President Barack Obama made another address from the White House calling for both parties on Capitol Hill to reach an agreement on increasing the debt ceiling.

Though Obama has consistently said he opposed a balanced budget amendment, he did suggest his willingness to support an “enforcement mechanism” to ensure future negotiations involve fiscally responsible measures.

“We agree on a process where the next step is the debate in the coming months on tax reform and entitlement reform. And I’m ready and willing to have that debate. If we need to put in place some kind of enforcement mechanism to hold us all accountable for making these reforms, I’ll support that too if its done in a smart and balanced way.

This comes as House Speaker John Boehner (R-Ohio) is trying to secure enough votes from to get a debt ceiling bill through the House.

The president again warned that the nation’s credit rating is in danger if a deal is not reached by Tuesday.

President Barack Obama (AP Photo)

“If we don’t come to an agreement, we could lose our country’s AAA credit rating,” Obama said. “Not because we didn’t have the capacity to pay our bills. We do. But because we didn’t have a AAA political system to match.”

Obama said it was up to the Senate.

“Today I urge Democrats and Republicans in the Senate to find common ground on a plan that can get support from both parties in the House, a plan that I can sign by Tuesday,” Obama said.

In a speech on the Senate floor Friday, Senate Minority Leader Mitch McConnell (R-Ky.) said it was the Democrats who were blocking every proposal.

“Speaker Boehner’s been doing the hard work of governing, working day and night to put together a bill that can actually pass the House of Representatives and end this crisis now. And he should be commended for his efforts,” McConnell said. “And what about here in the Senate? Well the contrast couldn’t be starker. Rather than working these last few days towards a solution to this crisis the way the Republican Majority in the House has, the Democratic Majority here in the Senate has been wasting precious time rounding up ‘no’ votes to keep this crisis alive.”