Obama presses Republicans on debt deal

President Barack Obama, aiming to break an impasse in crisis talks on US debt, declared himself ready on Monday to pay the political price of a painful compromise and pressed his Republican foes to do the same. As the country barrels toward an August 2 deadline to either raise the debt ceiling or begin defaulting, Republicans continue to balk at raising taxes on wealthy earners and corporations, while Democrats are seeking to defend social programs like Medicare health insurance for the elderly and disabled, and Social Security retirement payments.Duration: 00:53