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Top Republicans confident of debt deal with Obama

WASHINGTON (Reuters) - Top congressional Republicans said on Saturday in serious talks They Were with President Barack Obama to break a deadlock and U.S. debt limit Were confident the risk of default by the World's Largest Economy Could Be Avoided.

Offering a flicker of hope After a week of acrimonious Political stalemate, Senate Republican leader Mitch McConnell and House Speaker John Boehner Expressed confidence THEY Would Be Able to work out a compromise deal to raise the government's $ 14.3 trillion borrowing limit Before a Tuesday deadline.

McConnell Said HE HAD spoken with Obama and Vice President Joe Biden in the past hour.

"We are now fully engaged, the speaker and I, with the one person in America (Obama) Among 307 Million People Who Can Sign A Bill Into Law.I'm confident and optimistic we're going to get That year agreement in the very near future and resolve this crisis in the Best Interest of the American people, "McConnell Told reporters.

"What He Needs to Indicate He Will sign and we are in discussions now Those, 'he added.

Nevertheless, political wrangling around details of a final compromise WAS Expected to Go Into the night.

Senate Majority Leader Harry Reid, a Democrat, WAS FOLLOWING Asked talks at the White House Whether an agreement WAS closer. "The answer is No," He Told reporters.

Appearing Earlier Along with McConnell, Boehner said: "Senator McConnell and I are confident Both That We're Going To Be Able to come to agreement with the Some White House and end this impasse."

UNLESS Congress Raise the debt ceiling by Tuesday's deadline, the government barred from further Top Would Be borrowing After then, the U.S. According ToTreasury, and Could Quickly run out of money to pay all bills icts.

The Optimism Expressed by the Republican leaders Contrasted with the sour mood prevailed That HAD Earlier on Capitol Hill, lawmakers have struggled to find a compromise measure to Avert a default.

"Our Country is not going to default for the First Time in Its History - that's not going to Happen," McConnell said.

He Offered no more immediate details.

A day after the Republican-controlled House of Representatives Passed a bill to cut the deficit and raise the debt limit, the saga Shifted to the Democratic-led Senate lawmakers scrambled for Where a deal.

Earlier, Reid McConnell Called on to move up a vote on Democratic deficit reduction plan history That HAD-been set for 1 pmEDT on Sunday so the Two Sides Could begin talks with the White House.

Senate Democrats' debt-limit Proposal, Which Would cut the budget deficit by $ 2.2 trillion over 10 years, WAS Reid to Incorporate revised by shares of a "backup plan" Proposed first by McConnell. Obama Would Be Given Authority to raise the debt ceiling in Three courses to cover borrowing Needs Through the 2012 elections When He is running for a second term credit reports free.

OUTLINE OF DEAL, WORLD WATCHING

Senate Democrats and Republicans on the AGREE main contours of the deal. The primary point of contention out of Mechanism Remains What Should Be in Place to Ensure That Will Congress Agree to Further Budget Savings After a special committee Makes recommendations.

Republicans want the enforcement Mechanism To Be Another debt limit vote late this year or early next, while Democrats Have Proposed automatic tax hikes and Spending cuts.

Obama Says That Any Plan Would require Another showdown over the debt limit in A Few months Would Be Unacceptable Because It Would Lead to Economic uncertainty, putting a damper on jobs and Economic Growth.

The world HAS Watched Growing with alarm as Political gridlock in Washington HAS Brought the United States close to a default, Threatening to plunge Financial markets and economies around the globe Into turmoil.

The drawn-out standoff HAS put the United States at risk of losing top-notch STI Triple A credit rating. A downgrade Could prompt global investor flight from U.S. bonds and the dollar, raising borrowing Costs for Americans When The economy IS Already frail.

The Economy Grew at a rate of 1.3 percent in second quarter, According To government data.

Earlier on Saturday, the House Quickly crushed the Democrats' Proposal Even Before the Senate ACTED on it, rejecting the measure 246 to 173.

Back-channel talks Held the best hope for a compromise.Obama Talks Held in the afternoon with Reid and the top House Democrat, Speaker Nancy Pelosi form.

Separately, Senate Republicans signed a 43 letter rejecting Reid's plan, said the measure Does not Have the support needed to clear a 60-vote hurdle in That PROCEDURAL chamber.

Reid Said Some Of Those Who signed the letter HAD HAD Reached out to Democrats to work on a deal. Democrats hope to Convince Some Of Those Republicans to allow the bill to clear the hurdle, at point THEY Which Could it change, a Democratic aid said.

Obama Used His weekly radio address to urge Internet and lawmakers to strike a deal and head off HE HAS Said What Would Be an "inexcusable" default.

Biden, Who has McConnell with a report from the Senate in years history, Could emerge as a key player in final negotiations.

UNLESS There Is Major Progress towards a debt deal, the U.S.Treasury Could Be Forced On Sunday Before Asian Markets Open to detail plans on Bills Which Would the government pay if missed Tuesday's deadline IS ..

Analysts Believe It Will Stop Other Government Spending to Ensure bondholders are Paid To Avert a wide-scale Financial Crisis.

(Additional reporting by Dave Clarke, Alister Bull, Lily Kuo and Laura MacInnis in Washington and Michael Erman and David Gaffen in New York, Caren Bohan and Writing by Pascal Fletcher)

Top Republicans confident of debt deal with Obama

Spain's embattled first calls early elections

MADRID - genetics Prime Minister Jose Luis Rodriguez Zapatero on Friday early general elections Announced in November, scheduling the race Earlier Than Anticipated Four Months to Give His Socialist Party had better chance to stay in power Amid Growing outrage over the Nation's Economic Woes.

Zapatero set the election date for Nov. 20 Even Though He Was not required to call elections Until March and HAD Repeated calls resisted by the conservative opposition for early polling.

The miserable state of the economy Is The Single Largest concern in Spain - Zapatero's announcement hours before, ratings agency Moody's Warned It Could soon downgrade the country's credit rating. Investors are Asking for Higher rates to lend money to Spain, Raising Fear That It Could Be Next in Europe to require a rescue package.

Analysts Said Could early elections help the Socialist Party candidate, Alfredo Perez Rubalcaba, Interior Minister Zapatero's form.While the Socialists Have trailed Popular Party candidate Mariano Rajoy, a poll released Wednesday Suggested They Are Closing The Gap.

Zapatero made no mention of Rubalcaba, ET aim Said It Was Believed To Have Spain best for a new administration over the troubled economy président for all of next year INSTEAD OF share of it. Earlier this year Announced He Would not seek ET A Third term.

"I want a new government to take control of the economy from January 1 next year," Said Zapatero."It Is convenient to hold elections this fall so a new government take charge of the Cdn economy in 2012, fresh from the balloting."

The Socialists hold a Minority in Parliament, intended just barely managed to Have rule-through alliances with A Handful of small parties.

Rajoy Claimed the announcement as a victory for Himself, After insisting Spaniards are fed up with the handling of the economy by Zapatero administration and history and deserve early elections.

"Early elections are What the Majority of the electorate wanted, so this is good news," Rajoy said.

Spain's Unemployment Rate IS 20.9 percent, the Highest in the eurozone, and anti-austerity protests mushroomed around the country Have.Rajoy's party trounced the Socialists in regional and nationwide municipal elections Held in May 100% free credit score.

New polls Showed That early elections are "the least bad" time for Zapatero's party to try to retain control, Said Ramon Cotarelo, a political science professor at Spain's Open University.

Adding to Spain's Economic woes, Moody's May Downgrade Warned Friday it Spain's credit rating Because of the country's weak prospects Economic Growth and high debt.

The move further Top Was a sign That last week's bailout of Greece ended HAS not fear of debt crisis contagion Elsewhere in Europe. Spain Has the eurozone's fourth Largest Economy, And Many economists say Europe can not Afford to bail out the country.

Zapatero presided over HAS A series of unpopular austerity Measures Aimed at Preventing the Need for a bailout.THEY include raising the retirement age to 67, tax hikes, wage cuts for Government Workers like teachers and police and mergers of troubled banks holding billions of euros in Unpaid mortgages.

Said Moody's Funding Pressures on Spain are Likely to Increase FOLLOWING last week's bailout package for Greece, HAS Which set the "precedent" of Asking the Private Sector to Take Some Losses on Their Investments in government bonds. Banks are Being Asked to rollover and swap Their Greek debt holdings in year effort to Relieve the burden on the country.

Moody's Said Greece's second bailout package "has signaled a clear shift in risk for bondholders of Countries with high debt or large budget deficits Burdens."

Spain IS Struggling with the aftermath of a real-estate boom collapsed, and experts are years of sluggish growth Predicting ahead.Though ITS IS NOT debt burden as high as Greece's, it HAS Fairly sizable budget deficit, Which Requires Funding in the Bond Market was constant BASIS.

The cost of borrowing for Funding That HAS INcreased sharply in recent weeks, and Continued to Rise After last week's Greek deal, Which WAS aussi Aimed at easing pressure on the larger economies of Spain and Italy.

___

Pan Pylas Contributed from London.

Spain's embattled first calls early elections

Hot News: Vote delayed on debt bill as default date looms

Boeing posts second-quarter profit, higher revenue

CHICAGO (Reuters) - Boeing Co on Wednesday quarterly profit Reported a larger was 6 percent Increase in revenue.

The World's Largest Aerospace and Defense company, Said second-quarter profit WAS $ 941 million, or $ 1.25 per share, Compared with $ 787 million, or $ 1.06 per share, a year Earlier.

The company revenue rose 6 percent Said to $ 16.5 billion. Boeing aussi Said It raised STI 2011 earnings-per-share forecast to a range of $ 3.90 to $ 4.10, Citing "strong core performance."

The results top Wall Street consensus forecast was for a profit of 97 cents per share, According To Thomson Reuters I / B / E / S paydayloans.

Boeing, EADS unit Which COMPETES with Airbus, Almost evenly split business icts Between commercial airplanes and defense products.Purpose icts tend to track stock commercial airplane orders and more Closely Deliveries.

(Reporting by Kyle Peterson, editing by Maureen Bavdek)

Boeing posts second-quarter profit, higher revenue

Hot News: Symantec Rises profit, beats Wall Street view

Kodak posts loss, revenue falls

NEW YORK (Reuters)-Eastman Kodak Co (EK.N) posted a bigger loss and lower revenue, as the once-iconic photography company struggled to shift focus from STIs and selling film cameras and digital Toward selling printers.

Kodak's second-quarter loss from Continuing Operations INcreased to $ 179 million, or 67 cents per share from a loss of $ 167 million, or 62 cents a year Earlier cash advance america.

Revenue Fell 5 percent to $ 1.49 billion. Analysts Were expecting revenue of $ 1.53 billion.

(Reporting by Liana B. Baker; Editing by Derek Caney)

Kodak posts loss, revenue falls

Moody's Warns Greek default Virtually 100 percent

ATHENS, Greece - Greece's Moody's Bond Rating Downgraded by a further Top Three notches and Monday Warned That It Is Almost inevitable the Country Will Be Considered to Be in default last week FOLLOWING's new bailout package.

The EU agency Said the new package of Measures Implies "substantial" loss for private Creditors.As a result, it cut ratings on Greece icts by Three notches to Ca - What It Above one considers a default rating.

Though Moody's Said Greek debt default is "Virtually certain" it Noted That The New Measures Will Increase the likelihood That Will Be Able to Greece Stabilization and STI Eventually Reduce Overall debt burden.

It Also Said the package aussi Benefits Other Countries eurozone by "Containing the near-term risk contagion That Would Likely Have Followed a payment default or disorderly wider haircut ON EXISTING Greek debt."

In recent weeks, Financial Markets Have Been Rocked by Fears That Much bigger economies like Spain and Italy May get dragged into Europe's debt crisis sight, Which Also Seen HAS bailed out Ireland and Portugal Greece ALONGSIDE.

Eurozone Countries and the International Monetary Fund last week Agreed to Give Greece a second bailout worth euro109 billion ($ 155 billion), on top of the euro110 Granted one billion in rescue loans a year ago.

If all goes to plan, banks and Other Private Investors Will Contribute Some euro50 billion ($ 71 billion) to the rescue package Until 2014 by Either rolling over Greek bonds That THEY hold, swapping 'em for new ones with lower interest rates or selling the bonds back to Greece at a low price business cards design.

"The support package Incorporates the participation of Private Sector Greek Holders of debt, are now Virtually Who Incur credit to some loss," Moody's Said in a statement."If and when to the Exchanges Occur debt, Moody's Would define this as a default by the Greek government on ITS public debt."

Despite Greece's new package, Which WAS Many more comprehensive Than Predicted HAD In the markets, Moody's Said it's going to take hard graft of Many Years for Greece to get complete control of STIs Debts.

"Will Greece still face medium-term solvency challenges - its stock of debt Will Be still well in excess of 100 percent of GDP for Many Years and It Will still face very significant implementation Risks to fiscal and Economic Reform," Moody's said.

On Friday, ratings agency Fitch aussi Said It Would default rule in Greece.Order a trade organization, the International Swaps and Derivatives Association, Said the new rescue deal crucially Would not trigger payment of bond insurance Private Sector Involvement Because IS voluntary.

Moody's Warns Greek default Virtually 100 percent

Volvo profit up, sales back to pre-Crisis Levels

STOCKHOLM - Truck maker AB Volvo's second-quarter profit surged 63 percent as sales Returned to Levels last Seen Before the Financial Crisis, the Swedish company Said Friday.

Net Income rose to 5.12 kronor one billion ($ 802 million), up from 3.15 one billion kronor in the Same Quarter Last Year.

Volvo's sales 15 percent to 79 INcreased one billion kronor, from 68.8 one billion kronor in the second quarter of 2010.

"Sales are now at the Same level as Before the Financial Crisis That Struck The World A Few years ago, with a Profitability That Is At Its Highest level now so far, Both in terms of operating margin and return on Shareholders' equity," CEO Leif Johansson said.

Volvo shares rose 4 percent to 106.40 kronor ($ 16.66) in Stockholm After the report.

The company, Which sold for ITS division in 1999, Is One of the world's biggest truck makers, with brands Including Volvo, Mack, Renault and UD trucks.The Company Also Makes nozzles, engines and construction equipment.

Sales in Volvo's truck unit alone rose 20 percent to 50 billion kronor, the company and it now controls 20 Said percent of the heavy-duty truck market in the U no teletrack payday loan.S. and 28 percent in Europe.

"In terms of market conditions, we maintain to our previous forecasts That Both the truck market in Europe and North America Will Amount to heavy-duty trucks from 230.000 to 240.000 in 2011," Volvo said.

Truck sales up 31 percent Were in Europe, Boosted by demand in France, Germany and Poland.

In North America, Volvo More than Doubled icts Deliveries to 10.290 trucks. Highway Customers are Leading the recovery there, while demand for vocational trucks Such as garbage trucks IS still "well below" normal Levels, Volvo said.

Truck Deliveries dipped by 9 percent in Asia, as a result of production Disturbances UD Trucks in Japan for the earthquake and tsunami FOLLOWING.The disruptions cost 400 million kronor in Volvo Operating Income, Mostly Affecting STI unit for construction equipment.

____

Karl Ritter Can Be Reached at http://www.twitter.com/Karl (underscore) Ritter

Volvo profit up, sales back to pre-Crisis Levels

NY Times Co. posts 2Q loss weighed by writedown

NEW YORK - The owner of The New York Times says it Had a net loss in the second quarter of Because a non-cash writedown of value for the Declining Some smaller newspapers of ITS.

The New York Times Co. That Said Thursday it lost $ 120 million, or 81 cents per share. That's down from earnings of $ 32 million, or 21 cents per share, a year Earlier. EXCLUDING special items, it Earned 14 cents per share, the Better Than That 10 cents Analysts polled by FactSet expected flat iron for hair.

Revenue Fell 2 percent to $ 577 million, close to analyst expectations of $ 581 million. Growth in digital revenue HAS yet to make up for Declines in print. The Times' website Began charging for this quarter and full access digital HAD 224.000 Subscribers as of June 26.

NY Times Co. posts 2Q loss weighed by writedown

European stocks extend gains despite eurozone tension

LONDON (AFP) - Europe's main stock rose further Top Markets on Wednesday, Boosted by gains in Asia and on Wall Street overnight, as investors Assessed total debt involved.

Stocks rose on Wednesday despite warnings Heightened from the European Commission president from France and of the importance of Reaching a deal on debt at a Greek eurozone summit on Thursday.

London's FTSE 100 index of top shares rose 0.85 percent to 5,839.90 points in late morning trading.Frankfurt's DAX 30 edged up 0.12 percent to 7,201.30 points and in Paris the CAC 40 index climbed 1.10 percent to 3,735.87.

The Stoxx 50 index of eurozone Leading companies firmed 1.10 percent to 2,686.26 points.

European equities HAD Already mounted a technical rebound on Tuesday, Supported by strong company results Sustained After Losses on Concerns That the eurozone and U.S. debt crisis Could Derail the Global Economy.

Further Markets rose on Wednesday "as (U.S. President Barack) Obama sheds light we can deal with Republicans to deal with the U.S. deficit," Said Simon Furlong Spreadex trader.

"Worries over Europe are unsurprisingly still a persistent burden on the Markets."

On Tuesday, Obama urged lawmakers to find polarised an "11th-hour" Deal to Avert a debt default calamitous August, Said aim ET ET saw progress as a new bipartisan plan Praised.

Washington icts hit $ 14.3-trillion debt ceiling on May 16 and HAS Used Spending and accounting adjustment, as well as higher-than-Expected tax receipts, to continue operating Normally, the goal can do so only Until August 2 solia hair dryer.

Finance and business leaders Have Warned That if the U.S. debt ceiling raised by IS NOT then, shock waves Could roll-through a world economy still reeling from the 2008 collapse.Obama HAS Warned of Economic "Armageddon."

Wall Street surged on Tuesday After Companies Including IBM, Coca-Cola and Wells Fargo Reported strong second-quarter profits and rays of a solution emerged from the debt-ceiling stalemate in Washington.

The Dow Jones Industrial Average Gained 1.63 percent to close at 12,587.42 points.

Asian stocks rose on Wednesday Mostly After Obama Threw His weight behind a plan to slash the country's deficit.

Markets Were Meanwhile Thursday's Awaiting key eurozone summit Aimed at Trying to Overcome divisions and complete a second rescue for Greece, And Also calm tension on Financial Markets Which is dragging Italy and Spain Towards the debt crisis.

Spain's troubled banking Sector To Be Continued hit on Wednesday, with shares in Bankia, the lender adverse Forged from the merger of seven savings banks, Fell 1.9 percent to 3.68 euros Began When trading for the first time.

The government HAS ITS Pushed Bankia to list shares to shore up capital After the collapse of a property boom left lenders Exposed to bad debt. The stock market flotation Is A key test of Madrid's strategy to Strengthen genetics banks.

European stocks extend gains despite eurozone tension

World Bank chief slams U.S. leadership on trade deal

GENEVA - The president of the World Bank criticized the United States on Thursday for ITS LACK of leadership in pushing-through a new global trade agreement He Said That Would Boost Economic Growth.

Robert Zoellick, U.S. trade negotiator to form Under President George W. Bush, Labeled as "excuses" Obama Administration Complaints That the So-Called Doha round of global trade talks are structurally flawed.

"I think the facts speak for Themselves on whether or excuses You Have leadership," He Told reporters at the World Trade Organization in Geneva.

U.S.Trade Officials Responded Monday That the administration has-been a chief proponent of An Ambitious Doha round, the goal That Way It Was framed early on - like putting Emerging Powers China trade was level with Some of the World's Poorest countries - does not match the new reality.

"Unfortunately, in share Because of the structure of the Negotiations, There has-been little appetite for lots of ambition by That Other major trading partners," Said Carol Guthrie, Spokeswoman for the U.S. Trade Representative's office in Washington.

Zoellick talks Need Said the American leadership if They Are to Produce a new free trade deal.When the Negotiations to slash worldwide Tariffs Were Launched in the Qatari capital in 2001, Many Predicted the result Would add billions of dollars to the global economy humidifier.

Trade diplomats now say the original targets set for the round are Beyond Reach Because Of unbridgeable differences Between the United States and Major Developing Countries Such as India, China and Brazil. Instead, Negotiators are looking to AGREE a "Doha lite" package Countries That Would allow to save face After 10 years of fruitless talks and Costly.

"The mini-deal Will Be Probably about as hard as the big deal," Zoellick warned.Aim for a Rather Than more Modest agreement, urged WTO members to ET "double down on Doha." If Countries are Ambitious goal fail, It Will Be Easier To apportion blame, He Said.

The World Bank chief Predicted That only a push by Political Leaders What Would ET Weekend interest rated a "death watch" on Doha.

"The world needs a global growth strategy and opening trade drives growth," Zoellick Said. "We've Seen it all with Proven Effectiveness Throughout The past 60 or 70 years."

The World Bank, WTO and Other institutions Launched a program Monday to collect and make available data on Freely international trade. The Aim is to help policy makers and Exporters See Clearly What Are The Cost of doing business overseas.

World Bank chief slams U.S. leadership on trade deal

Obama urge compromise, 'shared sacrifice' for debt deal

WASHINGTON (AFP) - Insisting He Is "willing to compromise," President Barack Obama Called on U.S. lawmakers Saturday to forge a deal Quickly That Would Avert year debt default early August by The World's Richest nation.

Obama HAS Warned of Economic "Armageddon" should Congress fail to raise the debt limit to allow more U.S. borrowing, with historical administration HIGHLIGHTING Disastrous Ripple Effect That Would churn Through the Global Financial System.

Purpose After Five straight days of crisis talks ended Thursday Without a clear solution by the weekend Obama WAS imploring His fellow Democrats and Republicans opposed to calls in "shared sacrifice" to help break a stalemate That led ratings HAS Agencies and top U.S. lender to China sound the alarm over U.S. credit worthiness.

"I'm Willing to compromise.I'm Willing To Do What It Takes to solve this problem, Even if it's not politically popular, "Obama Said in His weekly radio address.

"And I expect leaders in Congress to show willingness to compromise Sami That, 'he added.

"Simply put, it Will take a balanced approach, shared sacrifice and a willingness to make unpopular choices on all our parts."

On Friday He Said HE HAD top lawmakers Given 24 to 36 hours to talk to Their rank and file and return to HIM with a viable plan.That time window Essentially ends mid-day Saturday.

The U.S. government Reached icts debt limit of $ 14.29 trillion in May, and then the Treasury Department sincere HAS Special Measures Used to allow the government to keep icts Paying bills.

Purpose UNLESS IS the limit raised by August 2, the Treasury says, Growing Spending and Debt Service Commitment Will force a default.

On Friday, Obama Renewed call for a historical "grand bargain" which cut domestic entitlement Would Programs dear to Democrats.

"And It Means Taking on the tax code, and cutting out some deductions and tax breaks for the wealthiest Americans," Said Obama, although Republicans flatly Have Rejected His call for Higher taxes on the rich.

The president, sure to Be judged in the 2012 elections based on His handling of the jobs-poor U.S. economy, signaled ET aussi Would not reject a last-minute compromise key lawmakers Were drafting behind closed doors portable air conditioners.

Economists and business leaders and finance Have Warned That failure to raise the U.S. debt ceiling by August 2 Could Send Shock Waves Through a world economy still reeling from the collapse in 2008.

Ratings agencies Moody's and Standard & Poor's have Warned THEY May downgrade Washington's sterling Triple-A debt rating, and Leading U.S. creditor China, Wall Street titan JPMorgan Chase and the Federal Reserve Have aussi SoundEdit the alarm.

With the United States "running out of time," as Obama put it, His Foes top Republican in Congress Called for next week votes on Their Spending plan for severe cuts on the way to Amending the U.S. Constitution to require cash-strapped Washington to balance ITS budget.

"Our jobs require national debt crisis and real action.So now the Debate Will move from a room in the White House to the House and Senate floors, "Senate Minority Leader Said Republican Mitch McConnell.

"It's time for the Democrats to get serious as well. We Asked the President to lead. We Asked to put forward a HIM plan - not a speech, a real plan - and He Has not. We Will," Said Republican House Speaker John Boehner.

The long-shot Republican plan, all intended to fail in some the Democratic-led Senate, conservative lawmakers Pleased close to the "Tea Party" That movement fiercely OPPOSED raising the debt limit and Seek Spending cuts deep.

In His remarks Friday, the president left open the door to a "fall-back position" being crafted by McConnell and Democratic Senate Majority Leader Harry Reid Spending Cuts That Would pair with a debt limit Increase, purpose Called it the "least attractive option" apart from default.

That measure, Described by aid Who It Was Warned still in flux, Would include some $ 1.5 trillion in Spending Cuts Would purpose Essentially let Obama raise the debt ceiling with only Democratic support in Congress.

That Republicans Have Arguedas Obama wants tax hikes Would smother That Feeds investment job growth at a time When the U.S. economy faces stubbornly high 9.2 percent of Unemployment.

Obama urge compromise, 'shared sacrifice' for debt deal