President Obama convened an unusual Saturday meeting with Congressional leaders on the looming government default. The session lasted less than an hour, and the atmospherics appeared grim.
President Obama wants Congress to come to an agreement by Aug. 2 about raising the $14.3 trillion national debt ceiling so that the US does not default on its debt and other obligations. The president wanted new tax revenues to be part of a 'grand bargain' to shrink the budget deficit; House Republicans did not.
The proposal by the 'Gang of Six' senators Tuesday draws on ideas from the deficit commission. The middle-of-the-road plan will have to overcome partisan concerns and a lack of time.
With the deadline approaching, the House and Senate are going down two different paths in search of a deal to raise the debt ceiling. Here is a rundown of what they are considering.
How many ways are there to resolve the debt ceiling crisis? Negotiators meeting at the White House seem to hit one impasse after another, and frustration on both sides is mounting as an Aug. 2 deadline looms to avoid default on America’s debt obligations. Still, at least five options for handling the matter have been discussed in recent days and months. Other possible solutions may well emerge, but here’s the state of play on the options to date.
Senate Republican leader Mitch McConnell proposes a 'last choice option' that would allow President Obama to raise the national debt ceiling without GOP support.
Debt ceiling talks could result in a $4 trillion 'grand bargain,' or a smaller $2 trillion deal. Most economist say the bigger deal would be more helpful – and send a positive message to markets.
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?