President: We Shouldn’t be Cutting it This Close

President Obama says it is encouraging that lawmakers from both sides agree that they need to prevent the U.S. from defaulting on August 2. Speaking today from The White House the President they shouldn't be cutting it this close to the deadline, he also said he still wants to make a deal that would raise the debt limit, cut spending and raise revenues. Lawmakers have met with the President for 5 straight days, Obama said that talks are not scheduled for today. He asked leaders to take three different options for deficit reduction to party members to see which one would win a vote in the House and Senate. If the debt ceiling isn't raised by August 2 the United States will default on its financial obligations.