Debt talks continue in U.S.
Posted Jul 12, 2011 02:51:58 AM.
This article is more than 5 years old.
President Barack Obama and congressional leaders will sit down again Tuesday to try to reach an agreement on raising the debt ceiling.
A 90-minute meeting yesterday showed no sign of progress.
Before it began, Obama said in a news conference that he won’t sign any short-term extension, insisting instead on a long-term deal.
Obama says the sessions will be held daily until there’s an agreement.
He refused to even entertain the idea of a back-up plan should they fail and the government defaults on August 2nd.
Meanwhile, Republicans renewed their opposition to tax increases that Obama sees as crucial along with spending cuts for reducing huge federal deficits and restraining the soaring national debt.
The leader of the U-S House of Representatives, Speaker John Boehner, says he agrees that the U-S borrowing limit must be raised, but says tax hikes were never on the table.
