Congress Has Blown By 6 Debt Limit Deadlines So Far

Boehner believes proposal must hit House today

(NEWSER) - We may very well be at zero hour: John Boehner has privately told Republicans that in order to get a debt ceiling measure signed by President Obama by the Aug. 2 deadline, it must be introduced in the House today. But despite the increasing likeliness of a US default, Politico reports that hope for a bipartisan deal has disintegrated. After meeting with the president and Nancy Pelosi last night, Harry Reid accused Boehner of taking a "my-way-or-the-highway approach," and reiterated the fact that his two-part plan —or any short-term plan—is "a non-starter in the Senate and with the president." Politico also notes that Obama, after three weeks of being highly visible, was on the sidelines during this weekend's developments, a potentially risky move this late in the game. 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»

In latest speech, president promises to work all weekend long

(NEWSER) - In his latest debt limit speech, President Obama today urged Democrats and Republicans to come up with "a plan that I can sign by Tuesday"—a plan that has support in both parties. "There are plenty of ways out of this mess," he said, but any solution must be bipartisan. He reminded his audience that the debt ceiling does not raise spending, but simply allows the US to pay the bills Congress has already authorized. More»

...about $500 billion shy of goal

(NEWSER) - Looks like the Republicans aren't the only ones whose debt ceiling plan falls a little short: The Congressional Budget Office says the Senate Democrats' plan would only cut the deficit by $2.2 trillion over the next decade, not the $2.7 trillion promised by Harry Reid, reports the Wall Street Journal . The CBO had similarly bad news for John Boehner's plan yesterday, which has added to the problems he's facing in gaining support for his plan . In need of some levity? Click for an amusing anecdote from yesterday's Republican talks. More»