Debt meetings to continue in U.S.
Posted Jul 11, 2011 04:51:15 AM.
This article is more than 5 years old.
Grasping for a deal on America’s giant debt, President Barack Obama and congressional leaders held a rare Sunday meeting at the White House.
They left the meeting still divided over a plan to reduce long term deficits, but agreed to meet again Monday.
Deficit reduction talks are linked to the government’s need to increase its borrowing limit, now capped at $14.3 trillion, and time is becoming an issue.
The Obama administration says if the debt ceiling isn’t raised by August 2nd, America will default on its obligations, with potentially calamitous financial consequences worldwide.
Obama has been pushing for a massive $4 trillion deal for reducing the debt, while Republican House Speaker John Boehner wants a package about half that size.
