ABC News' Mary Bruce (@marykbruce) Reports:
Just one day after President Obama warned Congress against “toying” with the debt ceiling, the deficit talks will continue today when Congressional leaders meet with the President and Vice President at the White House.
House Speaker John Boehner, Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, House Minority Leader Nancy Pelosi, House Majority Leader Eric Cantor, Senate Majority Whip Dick Durbin and Senate Minority Whip Jon Kyl and House Minority Whip Steny Hoyer are all expected attend this morning's meeting.
With just weeks to go until the August 2 deadline to raise the country’s $14.3 trillion debt limit, Obama is expected to push congressional leaders to think big and embrace both spending cuts as well as new taxes and sources of revenue that exceed the $2 trillion in deficit reduction over the next ten years that both sides have been negotiating.
The White House has made clear it’s not willing to “kick the can down the road” when it comes to solving the nation’s deficit and Obama will likely press the leaders to put together a larger package addressing new taxes, entitlement spending, defense spending, and discretionary spending.
On Wednesday, the president issued a stern warning that the debt ceiling should not be “used as a gun against the heads of the American people to extract tax breaks” for the wealthy and said that any agreement should include "what works," a modest tax increase on the wealthy.
“You're entitled to your own opinions, but not your own facts. And the facts are that a modest increase for wealthy individuals is not shown to have an adverse impact on job growth,” Obama said at the White House Twitter town hall.
The president said this week that in order to make a deal both sides are going to have to abandon their "sacred cows" and give a little. As Obama explained, “everybody's going to leave their ultimatums at the door” and do what’s best for the country.