President to Lawmakers: Do Not Delay and Settle For a Short-term Debt Solution
President Obama says that talks between congressional leaders over the weekend have made some progress in the debt reduction debate. The President agrees with House Speaker John Boehner that negotiators need to not delay and settle for a makeshift, short-term solution to the problem. Without an agreement from both sides the United States would for the first-time ever default on financial obligations next month. The government needs to raise the debt limit to avoid a default. Republican leaders want to eliminate at least $2.4 trillion dollars over the next 10 years, from government borrowing in order to avoid another possible default situation in 2013. The President met with Speaker Boehner on Sunday, which was the first time they've met since Republicans abandoned negotiations last month.