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Obama: 'We are almost out of time'

Making yet another statement in the ongoing -- and constantly evolving -- debt debate, President Obama today once again called for compromise, noting that Democrats and Republicans aren't that far apart in their negotiations.

"There are plenty of ways out of this mess, but we are almost out of time."

Speaking from the White House, Obama said any final solution must be bipartisan, and have support from both parties -- "not just one faction." He listed two approaches that achieve this: Senate Majority Leader Harry Reid's debt plan (which would cut more than $2 trillion in spending and raise the debt limit, and Senate Minority Leader Mitch McConnell's plan (which would essentially give Obama the power of raising the debt ceiling).

"There are a lot of crises in the world that we can't always predict or avoid," he said, referring to natural disasters like hurricanes and tornadoes. "This isn't one of those crises."

Obama also said that he'd support some "enforcement mechanism" that triggers a second round of cuts and deficit reduction through entitlement and tax reform. What this trigger would be is currently one of the final sticking points between Democrats and Republicans.

But he repeated that House Speaker John Boehner's legislation -- which is being revised to get the GOP votes to pass it through the House -- "has no chance of becoming law," given the Senate opposition to it.