WASHINGTON (Reuters) - President Barack Obama said on Saturday Will Be Political sacrifices needed by Democrats and Republicans Both to break a budget impasse and looming debt default has AVOID.

Under pressure to Reduce America&&9;s 9.2 percent jobless rate, Obama Used His weekly radio and web address to vow to seek common ground with His Republican Opponents and try to Overcome serious disagreement on taxes and Spending Cuts That ET says Will Improve the atmosphere for job creation.

He Is to Meet with top lawmakers from Both sides on Sunday evening in ET says Will Be What a session to begin the hard bargaining Perhaps That Will Be Necessary for a deal. Negotiators are working through the weekend.

"Both sides are going to step outside To Have Their comfort zones and Make Some Political sacrifices," Obama said."And We Agree That Simply Can not Afford to we default on our national obligations for the first time in our history."

Obama and House of Representatives Speaker John Boehner are Trying to craft a sweeping deal Budget That Would Ensure the national debt at a sustainable level Remains by cutting $ 4 trillion from budget deficits over 10 years.

That Would Give lawmakers to raise the Political cover government&&9;s debt ceiling of $ 14.3 trillion Before August 2, When the Country is due to run out of borrowing capacity. Failure to act soon, Some warn, Could Push Back Into the United States and send shock waves recession Through the global economy.

Democrats and Republicans Remain at Odds over elements What Should Be Part of the deal.Democrats are pushing for Roughly $ 1 trillion in new tax revenue, while Republicans want to restructure popular Benefit Program payday advance lenders.

The uptick in the jobless rate in June to 9.2 percent over the Debate Complicated the debt deal and Was a harsh reminder of the fragility of the U.S. economy.

Republicans Who would like to deny Obama a second term for re-election When He runs in November 2012 are Keeping Up The Pressure on the president over jobs.

&&9;We&&9;ve Learned If anything, it&&9;s that we cannot Spend, tax, or borrow our way to prosperity, "Representative Cathy McMorris Rodgers of Washington state in the Republican Said weekly address. "To create jobs and set our country on a sound fiscal course, we must stop Spending money we do not have."

Obama, Boehner and Other congressional leaders are due to Meet at the White House on Sunday at 6 pmEDT, with staffers working through the weekend to lay out options.

There Could Be Some hard bargaining session in the end It Is not Likely to Produce a final deal, White House Spokesman Jay Carney said.

Boehner tamped down expectations aussi That Could Democrats and Republicans reach agreement over the weekend. He said on Friday That the Two Sides Must Overcome serious disagreement on taxes and Spending cuts.

"It&&9;s not like There&&9;s some imminent deal about to Happen," Boehner Told a news conference. "This is a Rubik&&9;s Cube That Have not we quite WORKED out yet."

(Editing by Bill Trott)

Obama: political sacrifices needed for debt deal