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    July 12, 2011

Obama, Congressional Leaders Meet Again on US Debt Limit

   VOA News
   President Barack Obama during a press conference on the debt ceiling
   discussions at the White House, July 11, 2011
   Photo: White House - P. Souza
   President Barack Obama during a press conference on the debt ceiling
   discussions at the White House, July 11, 2011

   U.S. congressional leaders are scheduled to meet again with President
   Barack Obama Tuesday, with no signs of progress on a deal to reduce the
   deficit and raise the government's borrowing limit.
   Tuesday's talks come three weeks before the August 2 deadline, when the
   U.S. Treasury Department says the country will run up against the $14.3
   trillion legal limit on debt and be forced to default on some payments.
   The president wants to work out a deal before the deadline to give
   Congress time to debate and pass the measure. He has promised daily
   meetings until a deal is made, but Obama's Democratic Party and
   opposition Republicans still appear to be far from an agreement. The
   president proposes a $4 trillion package of spending cuts and revenue
   increases, while the Republicans say they will not allow tax hikes and
   want to focus only on slashing government spending.
   Obama said at a [1]televised news conference Monday it is time to stop
   playing politics and make a deal. He said he will refuse to sign any
   temporary measures to resolve the debt crisis.
   Democrats vs Republicans
   Democrats strongly oppose cuts in popular social programs for the poor
   and elderly. They say increasing taxes on the wealthy and big
   corporations is essential because the government badly needs more
   revenue to close the budget gap.
   House Speaker John Boehner of Ohio speaks with reporters on Capitol
   Hill in Washington, DC, June 23, 2011

AP

   House Speaker John Boehner of Ohio speaks with reporters on Capitol
   Hill in Washington, DC, June 23, 2011

   Republicans say it makes no sense to raise taxes on the wealthy because
   they are the ones who can invest in the economy and create jobs. The
   speaker of the House of Representatives, Republican John Boehner, has
   said no deal can pass the House unless it rules out tax increases and
   cuts spending.
   Treasury Secretary Timothy Geithner said Tuesday the two sides
   understand what it will take to make a deal and will come to an
   agreement. He has warned previously that failing to raise the $14.3
   trillion legal limit on what the government can borrow to pay its debts
   would be "catastrophic."

   

References

   1. http://www.voanews.com/english/news/usa/President-Obama-Congressional-Leaders-To-Resume-Debt-Reduction-Talks-125350878.html

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