Still ‘Far Apart’ on Debt, 2 Sides Will Seek Broader Cuts
By MARK LANDLER and CARL HULSE
NYT
WASHINGTON — President Obama, convening budget talks at the White House on Thursday, said Republicans and Democrats were still “far apart” but expressed confidence they could agree on an ambitious deal to prevent the government from defaulting on its debt.
Though the president and Congressional leaders did not close wide gaps on the issues of spending cuts or new tax revenues, officials briefed on the talks said, they emerged with a consensus to aim for the biggest possible deal — one resulting in up to $4 trillion in savings — and a recognition of the dire consequences of not acting before Aug. 2, when the government will lose its authority to borrow.
Treasury Secretary Timothy F. Geithner gave a stark description of the upheaval he said would reverberate through financial markets and the broader American economy if the government were to go into default, these officials said. The eight lawmakers from both parties listened somberly, officials said, and pledged to avoid such an outcome.
“Everyone acknowledged that we have to get this done before the hard deadline of Aug. 2 to make sure America does not default for the first time on its obligations,” Mr. Obama said to reporters after the meeting. “And everybody acknowledged that there’s going to be pain involved politically on all sides.”
(More here.)
NYT
WASHINGTON — President Obama, convening budget talks at the White House on Thursday, said Republicans and Democrats were still “far apart” but expressed confidence they could agree on an ambitious deal to prevent the government from defaulting on its debt.
Though the president and Congressional leaders did not close wide gaps on the issues of spending cuts or new tax revenues, officials briefed on the talks said, they emerged with a consensus to aim for the biggest possible deal — one resulting in up to $4 trillion in savings — and a recognition of the dire consequences of not acting before Aug. 2, when the government will lose its authority to borrow.
Treasury Secretary Timothy F. Geithner gave a stark description of the upheaval he said would reverberate through financial markets and the broader American economy if the government were to go into default, these officials said. The eight lawmakers from both parties listened somberly, officials said, and pledged to avoid such an outcome.
“Everyone acknowledged that we have to get this done before the hard deadline of Aug. 2 to make sure America does not default for the first time on its obligations,” Mr. Obama said to reporters after the meeting. “And everybody acknowledged that there’s going to be pain involved politically on all sides.”
(More here.)
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