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Old 07-10-2011, 08:33 PM   #1
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Default Sunday evening debt talks concluded

CNN - Found 52 minutes ago
NEW: Talks will resume Monday, and President Obama will address the press The politicians meet for about 75 minutes Sunday inside the White House The U.S. must raise its $14.3 trillion debt ceiling by August 2 or risk a default The new IMF director says such a U.S. default would harm the global ...
Political leaders plan another day of deficit-reduction talks - CNN
Negotiations on Deficit Resume at White House - New York Times
No Grand Bargain: Boehner Walks Away From Deficit Deal - Time
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Sunday evening debt talks concluded
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Old 07-11-2011, 04:06 AM   #2
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Gettin' down to the wire...

Obama: Need a debt deal in next 10 days
Jul 10, 2011 - President Obama said tonight that lawmakers have to strike a deficit-cutting deal to raise the nation's $14.3 trillion debt ceiling within the next week and a half, lest the government risk a damaging default on its financial obligations.
When a reporter asked Obama if negotiators could work it all out in the next 10 days, the president said: "We need to." Obama spoke before a White House meeting with Republican and Democratic congressional leaders that ended only with an agreement to hold another session on Monday afternoon -- preceded by an Obama news conference at 11 a.m. After the meeting, Don Stewart, a spokesman for Senate Republican leader Mitch McConnell, R-Ky., said it's "baffling" that Obama and Democratic lawmakers "continue to insist on massive tax hikes in the middle of a jobs crisis, while refusing to take significant action on spending reductions at a time of record deficits."

House Democratic leader Nancy Pelosi, D-Cal., said she remains hopeful for an agreement, but it "must do no harm to the middle class or to economic growth. It must also protect Medicare and Social Security beneficiaries, and we continue to have serious concerns about shifting billions in Medicaid costs to the states." Congressional leaders have said they need an agreement well in advance of Aug. 2 -- the Treasury Department's deadline for when borrowing authority runs out -- so that the House and Senate can debate and vote on a final package. Before tonight's meeting, aides said Obama will continue pushing for a $4 trillion debt reduction deal, despite House Speaker John Boehner's decision to give up on the plan because of Republican opposition to tax increases.

Obama "didn't come to this town to do little things," said White House chief of staff William Daley on ABC's This Week With Christiane Amanpour, hours before the White House negotiating session. "He came to do big things." Congressional Republicans said Obama's plan includes higher taxes, which they will oppose at a time of 9.2% unemployment. "We think it's a terrible idea," said Senate Minority Leader Mitch McConnell, R-Ky., on Fox News Sunday. "It's a job-killer." Treasury Secretary Timothy Geithner, on NBC's Meet The Press, said, "we're going to try to get the biggest deal possible."

See also:

Debt ceiling: Slow grind
July 10, 2011: Still no deal: President Obama met with Democrat Nancy Pelosi and Republican John Boehner on Sunday.
Bye-bye big debt ceiling deal. Hello, 11th hour brinksmanship. That's looking a lot more likely since House Speaker John Boehner said this weekend he can't sign on to a $4 trillion debt-reduction package because the White House continues to insist the package include some tax increases. Even though the White House said it will continue to push for the biggest deal possible, a meeting Sunday evening between President Obama and congressional leaders lasted 75 minutes without any signs of progress toward a so-called "grand bargain." Instead, the White House announced talks would continue on Monday.

Nobody said it would be easy. After all, it took policymakers decades to put the United States at risk of a debt crisis. So it shouldn't be surprising if getting agreement on substantive debt reduction takes more than a couple of weeks. The problem, of course, is that many Republicans have said they won't support an increase in the debt ceiling unless it's pared with a deal to cut spending.

And both Democrats and Republicans have since laid down ultimatums for what they need to support any deal, putting in jeopardy the chances that the debt ceiling gets raised in time. If the ceiling isn't raised by Aug. 2, that would put the country's sterling credit at risk, potentially causing shock waves through the world economy.

The ratings agency Moody's, meanwhile, has said that if progress in talks "is not evident by the middle of July," it would likely place the U.S. government's credit rating on review for a downgrade. For those keeping score, Friday is July 15. For now, a gaping divide remains between the parties on three issues that could derail any debt ceiling deal, large or small.

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