In his meeting with congressional leaders today, President Obama said he would veto any deficit reduction bill that doesn't raise the debt ceiling until after the November 2012 election, sources tell ABC News.
The president argued that this was a time to think big, sources said, and House Speaker John Boehner, R-Ohio, agreed. Though how to get there is another matter.
One is a smaller, short term deficit reduction measure, a second would reduce the deficit by the same amount that the Congress would vote to increase the debt ceiling, roughly $2 trillion, as negotiated in the talks led by Vice President Biden.
The president argued for a third option, to seize this moment and go beyond that and try a third option, addressing new revenues and taxes, entitlement spending, defense spending, and discretionary spending, putting together a larger package that seriously addresses the deficit and steers the nation towards a more fiscally sustainable path.
All three scenarios he spelled out need to extend the debt ceiling until after the election, he said.