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Obama calls for more debt limit talks on Saturday

07-23-2011 08:26 BJT

WASHINGTON, July 22 (Xinhua) -- U.S. President Barack Obama said Friday that he has asked bipartisan congressional leaders to continue the negotiation on debt limit talks at the White House on Saturday after House Speaker John Boehner cut off his discussion with him.

Boehner said on Friday he broke off negotiations with Obama on a debt limit increase and will start talks with Senate leaders.

Obama said at a White House press conference that he will meet with House Speaker John Boehner, Senate Republican leader Mitch McConnell, House Democratic leader Nancy Pelosi and Senate Democratic leader Harry Reid. Obama says that time is running out to reach a deal by Aug. 2 to avert a default.

Obama said that American people are "fed up" with political posturing. But he reaffirmed that he is confident the U.S. will not default on its debt.

The U.S. borrowing limit, currently at 14.29 trillion dollars, was reached on May 16 this year. U.S. Treasury Department said the country would default without an agreement to lift the limit by Aug. 2.

Under the pressure of Republicans, the debt limit issue is bundled with U.S. deficit reduction plan.

Republicans have refused to discuss any debt-reduction deal that includes higher taxes, while Democrats have rejected any deal based solely on spending cuts.

Obama said that the country needs to address its debt challenge, but should do it on a "balanced" approach.

Currently, the two parties are still in the process of bargaining.



Editor:Zhang Pengfei |Source: Xinhua

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