As Congress weighs competing debt plans, President Obama said today that "the wealthiest Americans and big corporations" should pay their "fair share" to reduce the nation's red ink if valuable programs are to be cut.

"Are we a nation that asks only the middle class and the poor to bear the burden after they've seen their jobs disappear and their incomes decline over a decade?," Obama asked a supportive crowd at a National Council of La Raza conference.

Obama again promoted what he called a "balanced" plan as he and aides wait to see what House and Senate members do about debt negotiations that are currently stalled.

The parties are trying to raise the nation's $14.3 trillion debt ceiling -- while reducing debt in the years ahead -- by Aug. 2, the day the Treasury Department says it may have to default on some of the nation's bills.

Reducing the debt requires more revenues, said Obama, who wants to eliminate loopholes and other tax breaks for wealthy people like oil company operators, private airplane owners, and hedge fund managers.

"Before we ask seniors to pay more for Medicare, we should ask people like me to give up tax breaks that we don't need and weren't even asking for," Obama said.

Obama told the mostly Hispanic crowd that the U.S. must address its debt problems, because repayment is crowding out necessary government investments, such as in education.

House Speaker John Boehner -- who cut off direct negotiations with Obama last week -- met with GOP colleagues today to discuss what aides call a "two-step" plan.

It is designed to raise the debt ceiling and cut spending by up to $1 trillion right away. Another $2 trillion or so of debt reduction would be obtained by a special commission that looks at more spending cuts -- including entitlement programs -- and tax reform that could bring in more revenues.

"The bipartisan, bicameral leaders worked all weekend on a two-step plan that will raise the debt limit and ensure accountability by requiring spending cuts before the President gets an increase in borrowing authority," said Boehner spokesman Brendan Buck.

Obama and the Democrats said a short-term plan would simply set up a rerun of this budget battle next year, when the heat of elections will make deal-making even more difficult.

After meeting with Obama last night, Senate Majority Leader Harry Reid, D-Nevada, said he is putting together a proposal for $2.7 trillion in cuts, along with a similar increase in the debt ceiling.

"We hope Speaker Boehner will abandon his 'my way or the highway' approach, and join us in forging a bipartisan compromise along these lines," Reid said.

In his speech to La Raza, Obama said "neither party is blameless for the decisions that led to our debt, but both parties have a responsibility to come together and solve the problem."

Obama said he's willing to cut spending -- even to programs he supports -- but "we can't just close our deficits by cutting spending."