Obama Asks Lawmakers to Gauge Debt Deal Support

Thursday, 14 Jul 2011 09:32 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
WASHINGTON - President Barack Obama concluded a round of debt talks on Thursday by sending lawmakers back to Congress to gauge support for a deal, saying a package to cut the deficit by $2 trillion was within reach.

Republicans, who are seeking $2.4 trillion in cuts in return for supporting a rise in the debt ceiling, pressed Obama to reduce spending in a "meaningful way" in the fifth round of White House talks in as many days.

The Treasury has warned that it will run out of money to pay the country's bills after August 2 if the $14.3 trillion borrowing limit is not raised. Failure to seal a deal by then could cause turmoil in global financial markets and plunge the United States into another recession.

Democratic and Republican officials said the tone of Thursday's meeting was cordial and polite and that taxes and healthcare spending were discussed.

"The president told the leaders that they had now walked through all the components of a potential big deal, in detail, and that it was now a good time for the leaders to go back to their caucuses, to consult with each other over the next 24 to 36 hours and figure out what can get done," said a Democratic official.

"He said that if he hasn't heard back from them with a plan of action in that time frame, he may call another meeting for the weekend."

Obama said a roughly $2 trillion deal "would be possible if all sides were willing to give a little," the official said.

House of Representatives Speaker John Boehner, the top Republican in Congress, said the Obama administration had not offered enough to address the debt problem after Treasury Secretary Timothy Geithner said financial markets wanted the ceiling to be raised and a deficit-cutting deal to be agreed.

"The speaker used that warning to reiterate his concern that nothing the administration is offering to this point will resolve our debt problem," a Republican aide said. "He continued to press the White House to get serious about reducing spending in a meaningful way."

China, the United States' biggest foreign creditor with more than $1 trillion in Treasury debt, added to the pressure, urging Washington to adopt responsible policies to protect investor interests.

Markets reacted skittishly as an agreement remained elusive, and divisions within the Republican Party seemed to increase the difficulty of striking a deal.

The two sides are not scheduled to meet on Friday. Obama will hold a press conference at 11:00 a.m. EDT.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Russia Warns US against Further Sanctions as Ukraine Deal Stalls

Friday, 18 Apr 2014 20:23 PM

Russia said its military is massed on Ukraine's doorstep and warned against further US sanctions as a deal struck with W . . .

Sen. Corker: Time to Consider Sending Weapons to Ukraine

Friday, 18 Apr 2014 19:31 PM

It is time for the United States to provide lethal weapons for Ukraine's military, Sen. Bob Corker said Friday, and make . . .

Pope's Good Friday Message: 'Remember All the Abandoned People'

Friday, 18 Apr 2014 18:05 PM

The plight of immigrants, the poor, the sick, the elderly, unemployed and prisoners dominated Pope Francis' Good Friday  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved