Negotiations Continue, Obama Meets with Fellow Democrats

Jul 24, 2011 7:08pm

ABC News' Tahman Bradley Reports:

The White House remained silent throughout the day on Sunday even after House Speaker John Boehner's 4 pm soft deadline to reach a debt reduction plan came and went.

President Obama along with Vice President Biden met with Democratic congressional leaders, Sen. Harry Reid and Rep. Nancy Pelosi, in the Oval Office.

Treasury Secretary Tim Geithner made the Sunday show rounds, trying to stress the importance of getting a deal done to raise the nation's debt limit before the government defaults on its loans August 2.

"Both (Republican and Democratic) leaders recognize they’re running out of time and they need to get this process moving in the House by Monday night," said Geithner in an appearance on ABC’s "This Week".

"This is a critical test for Congress and this is a critical test for the Republican leadership in Congress because the eyes of the world are on us and are looking to see whether the United States of America, as it has always done in the past, will not just meet our obligation, pay our bills, but start to make some progress and start to make some progress on these long term fiscal problems," he added.

As talks between the president and Speaker Boehner for a large deficit reduction deal resumed, Congress worked to hammer out a separate "fallback" plan that would cut a $1 trillion from the budget, but Democrats and Republicans differ on how long to increase in the debt ceiling under such a plan.

The White House still wants something big.

"There may still be time" for a bigger deal, said White House Chief of Staff Bill Daley on NBC’s "Meet the Press". But, the clock is ticking, "We're getting into difficult days," he added.

You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus