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 McConnell, one 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.