26 July 2011 Last updated at 01:52 GMT
President Obama says a significant number of Republicans in Congress are insisting on a "cuts-only approach"
US President Barack Obama has blamed conservative Republicans in the House of Representatives for the lack of a deal to avoid a US national default.
At the White House, Mr Obama said the Republicans were insisting on steep budget cuts as the price of an increase in the debt limit.
He called for an approach that would also raise taxes on wealthy Americans.
The US risks default on its $14.3tn (£8.7tn) debt without a deal to raise the borrowing limit by 2 August.
"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 in a nationally-televised address.
The US government runs an annual budget deficit that topped $1.5tr (£920bn) this year, and has amassed a national debt of $1.5tn.
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