Washington (CNN) - President Barack Obama is continuing to pursue the most "significant deficit reduction package possible," White House Press Secretary Jay Carney said Thursday, the latest indication officials are keeping a variety of options open while trying to hammer out an agreement to raise the nation's debt ceiling and avoid an unprecedented default.
Talks are now focusing on a deal to cut $3 trillion in federal deficits over the next 10 years that would be accompanied by a debt ceiling increase, according to congressional aides who spoke on condition of not being identified.FULL STORY
Washington (CNN) - President Barack Obama began holding separate meetings Wednesday with top congressional Democrats and Republicans as part of ongoing talks on a measure that would raise the nation's debt ceiling by August 2 to avoid a government default.
Top Democrats from both chambers began their meeting with the president just before 3 p.m., according to a White House official speaking on condition of not being identified. Later, the top two House Republicans - Speaker John Boehner and Majority Leader Eric Cantor - will meet with Obama at 5 p.m., White House Press Secretary Jay Carney confirmed.FULL STORY
WASHINGTON (CNN) - The U.S. House on Tuesday night passed the "cut, cap and balance" deficit reduction plan backed by tea party conservatives but dismissed by President Barack Obama, who offered strong praise for another proposal put together by a bipartisan group of senators.
The so-called Gang of Six plan - drafted by three Democratic and three Republican senators - presents a possible compromise to Obama and congressional leaders as they approach a deadline for a deal on cutting federal deficits in order to gain Republican support for raising the federal debt ceiling to avoid an unprecedented default.FULL STORY
Washington (CNN) - Top administration and congressional officials are expected to continue working this week on a measure to raise the federal debt ceiling by up to $2.5 trillion, embracing a version of a fallback plan designed by Senate Minority Leader Mitch McConnell to avoid a potentially catastrophic default.
At the same time, GOP leaders are planning a series of votes on a proposed balanced budget amendment to the Constitution and sharp caps on future spending. The bills have no chance of clearing Congress or winning the approval of President Barack Obama, but would allow Republicans to demonstrate their preference for steps favored by their party's conservative base.FULL STORY
Washington (CNN) - President Barack Obama is scheduled to hold a news conference at 11 a.m. ET Friday to provide an update on the status of marathon negotiations to raise the federal debt ceiling - a subject which has brought partisan tempers to a boil over the past week.
Obama told congressional leaders Thursday he expected them to consult with their respective caucuses and find agreement over the next 24 to 36 hours on how to proceed.FULL STORY
Washington (CNN) - President Barack Obama and top congressional leaders met for a fifth straight day Thursday as the White House said the negotiators will have to shift their focus to increasing the federal debt ceiling if they fail to make significant progress by Friday toward a comprehensive deficit reduction deal that would cut spending and raise taxes.
White House spokesman Jay Carney told reporters the same thing Obama said at the talks the day before - Friday is the deadline to decide whether a broad agreement on debt reduction is feasible at this time.FULL STORY
Washington (CNN) - A fourth straight day of talks intended to head off a possible government default ended on a tense note Wednesday, with House Majority Leader Eric Cantor saying President Barack Obama cut him off by saying "I'll see you tomorrow" before walking out.
The exchange concluded almost two hours of talks that failed to achieve a breakthrough. Another session - the fifth in five days - was set for Thursday, participants said.FULL STORY
Washington (CNN) - GOP leaders insisted Tuesday they will not yield to Democratic demands for tax increases on the wealthy as part of a deal to raise the debt ceiling, bringing new doubts about the ability of Washington to pay all of its bills next month.
President Barack Obama, in a CBS News interview scheduled to air Tuesday night, warned that, absent a deal, he can't guarantee older Americans will continue to receive their Social Security checks.FULL STORY
Washington (CNN) - A fourth White House meeting in 48 hours between President Barack Obama and congressional leaders failed to reach agreement Thursday night on a spending plan for the rest of the current fiscal year, increasing chances for a partial government shutdown to begin in a little more than 24 hours.
The talks involving Obama, House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nevada, as well as Vice President Joe Biden, ended less than an hour after starting.FULL STORY
Washington (CNN) - Spurred by a hastily arranged evening meeting between President Barack Obama and the top two congressional leaders, negotiators worked into Thursday to try to resolve remaining differences in a possible budget deal that would avert a government shutdown.
If there is no deal by midnight Friday, when the current spending authorization measure expires, parts of the government will close down.FULL STORY