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

U.S. President Obama discusses the continuing government shutdown during White House news conference in Washington
U.S. President Barack Obama discusses the continuing government shutdown during a news conference from the White House Briefing Room in Washington, October 8, 2013. REUTERS/Kevin Lamarque

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 skeptical 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."

(Reporting by Roberta Rampton, Jeff Mason, Mark Felsenthal and Matt Spetalnick,; Editing by Vicki Allen)