Barack Obama will meet with U.S. congressional leaders on Tuesday, three weeks before the August 2 deadline when, according to the U.S. Treasury Department, the country will surpass its $14.3 trillion legal debt limit and forfeit on certain payments. The president is trying to prevent this by engaging in talks with leaders and proposing a $4 trillion spending cuts and revenue increase package. The Republicans, however, will not agree to tax increases in any form, favouring only a decrease in government spending. In a televised news conference on Monday, Obama made it clear that he will refuse to sign temporary measures to solve the debt crisis. He expressed that he wants to make a deal and compromise with the Republicans, though not at the expense of cutting programs for the poor and elderly.
Categories: Need to know
Obama to meet with U.S. Congressional leaders on debt crisis
Democrats and Republicans continue ongoing struggle to make a deal as deadline looms