Obama, lawmakers to meet again as debt clock ticks

July 11, 2011 - 3:29 AM
Obama Debt Showdown

House Speaker John Boehner of Ohio, left, and President Barack Obama meet with congressional leaders in the Cabinet Room of the White House,Sunday, July 10, 2011, in Washington, to discuss the debt. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — Pressure continues to build but no breakthroughs are in sight as budget bargaining between President Barack Obama and top lawmakers resumes Monday at the White House. Both sides hope to slash the deficit as the price for permitting the government to borrow more than $2 trillion to pay its bills.

Obama continues to push for a "grand bargain" in the range of $4 trillion worth of deficit cuts over the coming decade, but momentum is clearly on the side of a smaller measure of perhaps half that size. Obama continues to press for revenue increases as part of any agreement, but Republicans remain stoutly opposed.

Obama holds a news conference Monday morning. The third White House meeting since Thursday is slated for the afternoon.