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Rangel's charges and anticipated trial in the House of Representatives could deal a blow to Democrats at the polls this November, and Obama suggested in a Friday interview with CBS anchorwoman Katie Couric that Rangel should end his career sooner rather than later.

"I think Charlie Rangel served a very long time and served his constituents very well. But these allegations are very troubling," the president said. "And he's somebody who's at the end of his career, 80 years old. I'm sure that what he wants is to be able to end his career with dignity, and my hope is that it happens."

Several Democrats representatives openly called for Rangel's resignation on Friday, including Walter Minnick of Idaho, Betty Sutton of Ohio, John Yarmuth of Kentucky, Zack Space of Ohio, Ann Kirkpatrick of Arizona and Mary Jo Kilroy of Ohio.

Government watchdogs in Washington are keeping close tabs on the proceedings.

"There are questions about how seriously he seems to take the House rules, the gift rules, the disclosure rules and there needs to be an example made that every member be held accountable to abide by and comply by the rules," said Meredith McGehee of the Campaign Legal Center.

On Friday, the chairman of the committee that investigated Rangel, Texas Congressman Gene Green, said he and fellow committee members recommended that Rangel be punished with a simple reprimand. The final punishment, however, will be left to another bipartisan panel of lawmakers.

As of late Friday, Rangel had refused to admit any intentional wrongdoing, including when it came to his efforts to raise money for a center at City College that bears his name.

The investigative committee found Rangel solicited money from foundations and corporations with business before Congress, noting that at times, lobbyists for corporations were speaking with Rangel's staff about government issues and the donations to the Rangel Center.

The committee said it created an appearance of impropriety.

Rangel also came under fire for his acceptance of multiple rent-stabilized apartments.

The Reverend Michel Faulkner, Rangel's Republican opponent in the congressional race, is calling on State Attorney General Andrew Cuomo to investigate.

"That's clearly an abuse of power that needs to be dealt with," said Faulkner.

Rangel's lawyers are still trying to hammer out a deal that would allow the 80-year-old lawmaker to avoid an ethics trial. Yet with the House breaking for summer recess and with little support from the White House, it is unclear if that will ever happen.