Barack Obama will meet with U.S. congressional leaders on Tuesday, three weeks before the August 2 deadline when, according to the U.S. Treasury Department, the country will surpass its $14.3 trillion legal debt limit and forfeit on certain payments. The president is trying to prevent this by engaging in talks with leaders and proposing a $4 trillion spending cuts and revenue increase package. The Republicans, however, will not agree to tax increases in any form, favouring only a decrease in government spending. In a televised news conference on Monday, Obama made it clear that he will refuse to sign temporary measures to solve the debt crisis. He expressed that he wants to make a deal and compromise with the Republicans, though not at the expense of cutting programs for the poor and elderly.
General
Obama to meet with U.S. Congressional leaders on debt crisis
Democrats and Republicans continue ongoing struggle to make a deal as deadline looms
FILED UNDER: U.S. economy