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Obama Open to Short-Term Debt Increase (Bloomberg) [View All]

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chill_wind Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-20-11 10:18 PM
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Obama Open to Short-Term Debt Increase (Bloomberg)
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Kate Andersen Brower and Julie Hirschfeld Davis -
Jul 20, 2011 7:52 PM ET

The Obama administration signaled it may accept a short-term increase in the U.S. debt limit only if lawmakers need a few days to finish work on a broader agreement to cut the deficit.

President Barack Obama must have a firm commitment to something big on cutting the deficit before he would sign a short-term rise in the debt ceiling, White House spokesman Jay Carney told reporters at a briefing. He released a written statement later saying Obama does not support a short-term extension unless a few days are needed for a bill to work its way through the legislative process.

The president called congressional leaders to the White House today as the Aug. 2 deadline for raising the $14.3 trillion debt limit nears.

Obama met today for just under an hour with Senate Majority Leader Harry Reid, second-ranking Senate Democrat Dick Durbin, House Minority Leader Nancy Pelosi and second-ranking House Democrat Steny Hoyer. That meeting followed by a session of about 90 minutes with Speaker John Boehner and Majority Leader Eric Cantor, the top two House Republicans. Obama spoke by telephone with congressional leaders from both parties yesterday, Carney said.


The Hill:

Sides edging toward a short-term deal to increase the debt limit
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