Debt Talks to Resume Monday


President Obama called congressional leaders back to the White House for a 75-minute meeting (slash locker-room halftime talk) about the budget Sunday night, reportedly telling them that they’ll gather daily until a deal is reached. “America is not a banana republic,” Obama said, refusing to labor through several months-long debt increases that raise fears of a default. He argued that negotiators should work toward a $4 trillion package for reducing the deficit rather than the smaller one preferred by Republicans, saying both parties would suffer politically, but they really need to do something here. “If not now, when?” he asked. The meeting, “which featured several sharp and frustrated exchanges,” broke with plans for the next meeting. The setback in talks comes three weeks before the August 2 debt-ceiling deadline. In any case, the president will hold a press conference about the issue Monday morning.

Debt talks to resume Monday after testy 75-minute session [Politico]
Political leaders plan another day of deficit-reduction talks [CNN]