Top Talker: Lawmakers plan another day of deficit reduction talks

Updated
By Liz Grodd
From left , House Minority Whip Steny Hoyer of Md., House Majority Leader Eric Cantor of Va., House Democratic Leader Nancy Pelosi of Calif., House Speaker John Boehner of Ohio, President Barack Obama, Senate Majority Leader Harry Reid of Nev. and Senate Minority Leader Mitch McConnell of Ky., meet in the Cabinet Room of the White House, Sunday, July 10, 2011, in Washington, to discuss the debt. Sitting across the table at the lower left are Treasury Secretary Timothy Geithner and Budget Birector Jack Lew.
From left , House Minority Whip Steny Hoyer of Md., House Majority Leader Eric Cantor of Va., House Democratic Leader Nancy Pelosi of Calif., House Speaker John Boehner of Ohio, President Barack Obama, Senate Majority Leader Harry Reid of Nev. and Senate Minority Leader Mitch McConnell of Ky., meet in the Cabinet Room of the White House, Sunday, July 10, 2011, in Washington, to discuss the debt. Sitting across the table at the lower left are Treasury Secretary Timothy Geithner and Budget Birector Jack Lew.
AP

 

With just weeks to go before the August 2nd deadline, congressional leaders are heading back to the White House today for another meeting to try to reach a deal on raising the country’s debt ceiling. After a 75-minute session with lawmakers last night, President Obama is expected to hold a news conference this morning to discuss their deficit reduction efforts.” Last night, President Obama urged leaders to strive for the largest package possible: over $4 trillion in spending cuts over ten years. But Saturday night, House Speaker John Boehner said that he will seek a smaller deal and that a larger agreement will not work because of differences on tax revenue.    

White House Chief of Staff Bill Daley says the  President remains committed to a larger plan. But Daley questions whether the country’s leaders have the guts to do the tough things necessary to improve the economy.  The  President may be confident about a larger plan but Senate Minority Leader Mitch McConnellone of the key lawmakers involved in negotiations says that he thinks a four-trillion dollar deal is off the table. After last night’s White House meeting, House Minority Leader Nancy Pelosi said that  Democrats are still hopeful for a large bi-partisan agreement as long as it does do harm to the middle-class. And aids to John Boehner say the speaker now believes a deal based on the cuts outlined by Vice President Biden’s bi-partisan group is the most viable option. 

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Top Talker: Lawmakers plan another day of deficit reduction talks

Updated