Debt meeting ends with little progress

Associated Press

WASHINGTON

The rare Sunday- evening White House meeting between President Barack Obama and congressional leaders ended with many plans but little progress on a debt and deficit-reduction deal.

The participants made clear that they’re not giving up on getting an agreement before an Aug. 2 deadline.

Obama plans a news conference today, and the group of eight lawmakers plans to meet at the White House every day until a deal is struck, officials said.

During the 90-minute session Sunday, Obama pressed for the $4 trillion deal that congressional Republicans have rejected, arguing that a more modest approach would be equally hard to negotiate.

It was less than 24 hours after House Speaker John Boehner abandoned plans to negotiate a massive $4 trillion deal for reducing the debt.

As the meeting opened, Obama and the leaders sat around the table in Sunday casual dress.

Asked whether the White House and Congress could “work it out in 10 days,” Obama replied, “We need to.”

Republicans insist that any deal include no tax increases. Democrats oppose Obama’s plans to cut government aid to seniors and poor Americans.

“We’re going to try to get the biggest deal possible,” said Treasury Secretary Timothy Geithner.