US 'almost out time' on debt deal: Obama

WASHINGTON - President Barack Obama on Friday warned the United States was "almost out of time" to make a deal to raise the nation's debt ceiling, insisting that a compromise was within reach.

"This is not a situation where the two parties are miles apart," Obama said in a White House statement, calling for a bipartisan deal and urging Americans to keep up the pressure on Republicans and Democrats to compromise.

"What's clear now is that any solution to avoid default must be bipartisan. It must have the support of both parties that were sent here to represent the American people. Not just one faction," Obama said.