The Presidential Planner: After Tense Deficit Meeting, It’s Time To Make A Deal

Jul 14, 2011 8:25am

ABC News' Mary Bruce (@marykbruce) Reports:

After President Obama abruptly walked out of Wednesday’s deficit meeting, negotiators will come back to the table today to decide if they are going to compromise on a package to reduce the deficit or come up with some other way to raise the debt ceiling.

Tensions ran high at Wednesday meeting and the President, who continues to argue for a long-term debt extension, ended the session suddenly after House Majority Leader Eric Cantor floated a stop-gap measure. 

"This may bring my presidency down, but I will not yield on this,” Obama said

The President, who believes Republicans need to compromise on revenues since Democrats are willing to do so on spending, warned yesterday that he’s not afraid to veto and gave negotiators until Friday to figure out what they are going to do.

Today Obama will continue his deficit reduction push in three regional television interviews with Cox Television, WRC in Washington, D.C., and KYW in Philadelphia.

With the August 2 deadline to raise the debt ceiling looming, Obama and the Vice President will also meet privately with Treasury Secretary Tim Geithner. Likely topics of discussion: the ongoing deficit negotiations and the decision by credit ranking agency Moody’s to put the U.S. on review for downgrade.

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