Boehner: We Will Cut Social Security, Medicare

Reports cite $3T deal with tax reform, entitlement changes

(NEWSER) - President Obama and John Boehner are reportedly back at the bargaining table, and they could be near a deal to cut the deficit and raise the debt ceiling. The rumored $3 trillion agreement between the administration and top Republicans could include entitlement changes and set plans for tax reform, reports Politico . Stories are conflicting, however. John Boehner has labeled “false” a New York Times piece suggesting a “major budget deal” is approaching—but other insiders say the administration told them as much late yesterday. More»

...even though 'this may bring my presidency down'

(NEWSER) - We already knew last night's debt talks did not go well —but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present. "Would Ronald Reagan be sitting here? I've reached my limit. This may bring my presidency down, but I will not yield on this." More of the latest developments:

• Obama reportedly gave both sides a deadline to determine whether they will seek long-term spending cuts or a short-term solution: tomorrow. His reason for leaving last night, at least according to one Democrat? Eric Cantor interrupted his closing remarks to push, for the third time, a short-term extension of the Aug. 2 deadline. Obama's response? "See you guys tomorrow."

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»

Shutdown would be 'inexcusable,' Obama says after talks with Reid, Boehner

(NEWSER) - President Obama emerged from a late-night meeting with John Boehner and Harry Reid Wednesday with no deal to avert a government shutdown. The president told reporters, however, that the 90-minute talk had helped to "narrow the issues" and he's still confident that a deal can be forged before the deadline, the New York Times reports. "But it’s going to require a sufficient sense of urgency from all parties involved," he said. More»

Military wouldn't get paychecks; Obama, Boehner, and Reid meet tonight

(NEWSER) - Lots more bluster today, but no apparent progress on averting a government shutdown that would begin at midnight Friday. As crunch time nears, President Obama is scheduled to meet tonight with John Boehner and Harry Reid, reports Reuters . The White House, meanwhile, warned that 800,000 federal workers would be furloughed if no deal is reached, reports the Hill . More»