Obama says sees no need for new committee to settle budget drama

WASHINGTON (Reuters) - President Barack Obama on Tuesday rejected the idea floated by Republicans to form a bipartisan panel as a way to resolve an impasse over the budget and avoid a possible debt default because he is sceptical it would create any new momentum.

"There is already a process in place called the budget committees that could come together right now," the president said at a press conference. "That's a process that's worked reasonably well for the last 50 years. I don't know that we need to set up a new committee for a process like that to move forward."