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Obama calls for more talks on debt limit

07-23-2011 13:42 BJT

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Talks between US President Barack Obama and Republicans to raise the country's debt limit have collapsed. The top Republican in Congress walked out of negotiations on Friday. O

ptions to avert default are narrowing, with just 11 days before the August 2nd deadline. Obama has asked bipartisan congressional leaders to continue negotiations at the White House on Saturday.

US President Barack Obama says he is calling congressional leaders back to the White House after the Republican Speaker of the House John Boehner walked out on debt talks.

Barack Obama, US President, said, "It is hard to understand speaker Boehner walk away from this kind of deal."

So far, Republicans have refused to accept a deal for raising the debt limit if it includes revenue increases.

Speaker of the House John Boehner explained his move.

John Boehner, Speaker of the House, said, "I can tell you it is not in the best interest of our country to raise taxes at a difficult time in our economy or to ignore the difficult spending challenges that we face."

In a dramatic turn of events with the deadline to raise the U.S. debt ceiling just 11 days away, a stern-faced Obama told the White House press corp that he was calling Congressional leaders back to the White House Saturday to hammer out a deal.

Barack Obama, US President, said, "We have run out of time I have told Speaker Boehner, Nancy Pelosi and Harry Reid, and Mitch McConnell -- I have told them I want them here at 11 tomorrow and they are going to have to explain to me how they are going to do this deal."

Obama did offer his assurances to Wall Street.

Barack Obama, US President, said, "I am confident simply because I can not believe that Congress would be that irresponsible."

Without an increase in the debt ceiling the US will run out of money August 2nd. Rating agencies have threatened to downgrade U.S. debt if lawmakers do not come up with a comprehensive deficit-cutting deal.



Editor:Zhang Pengfei |Source: CNTV.CN

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