If the president gives in on extending tax cuts for the rich, he could still hold Republicans to their claim that they're willing to broaden the tax base
Details of the US debt and deficit talks have been mostly secret, fueling concerns on both sides of the aisle that their leaders will compromise party values or give away too much.
Congressional leaders meet with President Obama at the White House Sunday evening. The $4 trillion deficit-reduction package is off the table, so how much will they be able to accomplish?
Failure to reach at least a modest debt deal could signal to investors that the US government is in a state of chaos and uncertainty. That could make the nation's jobs problem still worse.
With the White House preparing for negotiations Sunday over a deal on raising the debt ceiling, House Democrats say they will not support cuts in Social Security or Medicare benefits.
The unemployment numbers also energize a sparring match between the Obama administration and Republicans over who has policies that deserve voter support in 2012.
President Obama is pushing for a comprehensive deal to raise the debt ceiling and trim long-term deficits. But any big deal will require arm-twisting in Congress, and time is running out.
President Obama has invited congressional leaders to the White House Thursday to try to resolve the stalemate over raising the debt limit. The deadline for a deal is Aug. 2.
Speaker of the House John Boehner said President Obama has been AWOL on the debt talks, but Obama noted that Congress will be out of town for a good chunk of the summer on vacation.
Obama acknowledged Wednesday that entitlement programs are on the table in deficit and debt talks. He said he hopes Republicans, who oppose new tax revenues, will see a need to 'move off their maximalist position.'