US President Obama has openly challenged the Republican law makers to raise taxes on the wealthy as part of a deal to cut the deficit. He warned the impact on the economy would be significant and unpredictable if the US defaults on its debt. In a news conference at the White House on Wednesday, Mr. Obama urged Members of Congress to quickly reach a deal to reduce the deficit, raise the country's 14.3 trillion dollar debt payment and avert a possible financial crisis. He insisted that the Republicans agree to taxes on the wealthy to reduce the nation's 1.4 trillion dollar budget deficit. Republicans have insisted any deficit reduction must include deep spending cuts.