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'Enough is enough,' Obama says, calling for deal

'Enough is enough,' Obama says, calling for deal

July 14th, 2011 by JIM KUHNHENN, Associated Press in News

WASHINGTON (AP) - President Barack Obama has declared "enough is enough," and is demanding that budget negotiators find common ground by week's end to resolve the nation's debt limit. Meanwhile, the Senate's top Republican gained followers for his own last-ditch scheme to avoid a government default.

The continuing impasse was unsettling Wall Street, and a looming Aug. 2 deadline for action was creating new tensions between the president and Republican leaders.

Moody's Investors Service says it will review the government's credit rating and a Chinese rating agency issued its own warning. Fed Chairman Ben Bernanke warned that failing to increase the nation's debt ceiling would send "shock waves through the entire financial system."

In the latest bargaining session, Obama grew frustrated with a Republican leader and brought the meeting to an abrupt end.