U.S. News: President's Focus: $4 Trillion --- But No Progress in Bipartisan Talks on Obama's Goal of Budget Cuts, Tax Increases
The White House and congressional leaders made no progress Monday toward reaching a deficit-reduction deal that would clear the way for raising the federal borrowing limit in less than three weeks.</br></br>President Barack Obama pressed congressional leaders Monday to forge a $4 trillion, 10-year deal. But after another contentious meeting at the White House, the odds that Democrats and Republicans can bridge their differences over taxes and social programs to reach such a sweeping plan ahead of an Aug. 2 debt-limit deadline appeared to diminish.</br></br>Republican leaders in the negotiations presented Mr. Obama with a list of spending cuts that had won tentative support from members of both parties in talks last month led by Vice President Joe Biden. But Mr. Obama said the proposal fell short of reaching the smaller deficit reduction agreement GOP leaders are advocating -- one closer to $2 trillion over 10 years.</br></br>Mr. Obama urged Republicans, as he did in a morning news conference, to think big. "If not now, when?" he said.</br></br>Democratic officials familiar with the meetings said there was "no movement" toward a deal in the 90-minute session. Democrats continued to demand Republicans include tax increases in a final package, and Republicans continued to resist, according to sources familiar with the discussions. "Today you saw more real disagreement coming out," a Democratic official said.