US President Barack Obama says, there is need to avoid the economic consequences of not meeting the country's commitments. This was one agreement reached in his meetings with Congressional members this week about the political stalemate on government funding and borrowing. The President said in his weekly address today that damage to the country's sterling credit rating would make it more expensive for everyone in America to borrow money, creating what would amount to, what he called, a Republican default tax on every family and business in America. He said a default would also have a detrimental effect on global markets. However, White House officials said yesterday there is still no agreement with Republicans on how to end the stalemate. Both sides have agreed to keep talking.