President Barack Obama talks about the ongoing budget ceiling negotiations, Friday, July 29, 2011, in the Diplomatic Reception Room of the White House. (AP Photo/Pablo Martinez Monsivais)

(CNSNews.com) – A Republican bill that would raise the nation’s debt limit in two stages “has no chance of becoming law,” President Obama said Friday, as he stepped up to the White House podium to urge a “bipartisan” solution.

Obama said there are “multiple ways” to resolve the debt limit problem.

He singled out the Reid plan and the McConnell plan, neither of which were set down in ink as of Friday morning:

“There are plenty of modifications we can make to either of these plans in order to get them passed through both the House and Senate and would allow me to sign them into law,” Obama said. But he did not say what “modifications” he has in mind.

With the House Republican bill stalled on Friday as Republicans leaders looked for enough votes to pass it, Obama said he’s urged Democrats and Republicans in the Senate to “find common ground” on a plan that he can sign by Tuesday, the Treasury Department’s deadline for raising the nation’s debt limit.

Obama said the two parties are not that far apart: “We’re in rough agreement about how much spending can be cut responsibly as a first step toward reducing our deficit. We agree on a process where the next step is a debate in the coming months on tax reform and entitlement reform, and I’m ready and willing to have that debate.”

The president said he would support an “enforcement mechanism” to make sure the "reforms" happen – “if it’s done in a smart and balanced way.”

“So there are plenty of ways out of this mess,” he said – but time is running out.

"If we don’t come to an agreement, we could lose our country’s triple A credit rating -- not because we didn’t have the capacity to pay our bills – we do. But because we didn’t have a Triple-A political system to match our triple-A credit rating.”

Obama said a lower credit rating would have the same effect as a tax hike on everyone because it would raise interest rates.

“The power to solve this is in our hands,” Obama said. “This is one burden we can lift ourselves.”

He ended with another call for the American people to “keep the pressure on Washington” by calling their elected representatives.

“If you want to see a bipartisan compromise, a bill that can pass both houses of congress, and that I can sign, let your members of congress know.”
 
Obama said for his own part, “our administration” would continue to work with Democrats and Republicans “all weekend long until we find a solution.”

He said he’s “confident” that the problem will be solved “despite the Intrigue and drama that’s taking place on Capitol Hill right now.”

Earlier, Sen. Mitch McConnell (R-Ky.) blamed Obama for some of the drama:

"If the president hadn't decided to blow up the bipartisan solution that members of Congress worked so hard to produce last weekend, we'd be voting to end this crisis today," McConnell said.