President Barack Obama says he is prepared to make ''tough decisions'' if Republicans show him a plan to prevent the United States from defaulting on its debts.
The president said on Friday that continued Republican opposition to any tax increases was impractical.
On Thursday, a fifth consecutive day of cross-party talks at the White House between Mr Obama and congressional leaders failed to make a breakthrough.
The BBC reports that the United States must raise its federal debt ceiling of US$14.3 trillion to borrow beyond 2 August.
Mr Obama said he was prepared to enact cuts to benefits and welfare schemes, but would need Republicans to consider some revenue increases in return.
He warned the country is ''obviously running out of time''.
Mr Obama said he has told members of Congress ''they need over the next 24 to 36 hours to give me some sense of what your plan is to get the debt ceiling raised''.
On Thursday, Standard & Poor's became the second of the major credit rating agencies to place US debt under review, citing an increasing risk of a payment default.
The BBC reports that Moody's warned on Wednesday that it might cut Washington's triple-A debt rating.
