ABC News' Tahman Bradley Reports:
President Obama met with the Democratic leaders of Congress at the White House this afternoon to receive an update on the battle in Congress over raising the debt ceiling.
The House of Representatives voted Saturday to defeat the substance contained in Senate Majority Leader Harry Reid' s plan to raise the debt ceiling and reduce the deficit. Before the vote, the Obama administration said it hoped the Reid plan would pass. In a statement, the Obama administration said, "If the bill were presented to the President, his senior advisors would recommend that he sign it."
The Reid plan contains about $2.4 trillion in cuts and would raise the debt ceiling until 2013. Republicans have said one of their main issues with the legislation is that Reid is counting on saving $1 trillion by winding down the Iraq and Afghanistan wars. Republicans describe Reid's math as an "accounting gimmick."