July 29 (Bloomberg) -- President Barack Obama said that any plan to cut the deficit and raise the federal debt ceiling must get support from both parties and that the proposal from House Republicans won’t meet that test.

Obama said at the White House that both parties are in “rough agreement” and lawmakers must act to deal with the “increasingly urgent” need to raise government borrowing authority.

To contact the reporter on this story: Roger Runningen in Washington at rrunningen@bloomberg.net

To contact the editor responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net