Any debt ceiling compromise plan to avert an unprecedented debt default crisis should be bipartisan in order to win support from both Democrats and Republicans, U.S. President Barack Obama said Friday.

The debt talk deadlock might risk the losing of top-notch credit rating for the United States, Obama warned during a hastily arranged White House press conference.

A lower credit rating would result potentially in a tax increase on Americans in the form of higher interest rates on their mortgages, their car loans and their credit card, Obama warned.

Obama noted that the nation was running out of time to cut a debt limit deal, adding that Americans should keep up pressure on their lawmakers to seal a deal in the stalemated negotiations.

The federal government's borrowing limit, currently at 14.29 trillion dollars, was reached on May 16. The Treasury Department said the nation would begin to default on its debts unless the Congress agreed to lift the limit by Aug. 2.

"The House of Representatives is still trying to pass a bill that a majority of Republicans and Democrats in the Senate have already said they won't vote for," Obama said, adding that it does not solve the problem and has no chance of becoming law.

"Senator Reid, a Democrat, has introduced a plan in the Senate that contains cuts agreed upon by both parties. Senator McConnell, a Republican, offered a solution that could get us through this," he added.

Obama said that there were multiple ways out of the current mess, adding that a responsible plan must have the support of both parties and represent the American people, not just one faction.

As the two parties feud over how to bring down the nation's debt, experts say further tough negotiation is still needed to find a compromise in the coming days.

Xinhua