Congress Has Less Than 24 Hours to Reach Debt Ceiling Deal

Congress Has Less Than 24 Hours to Reach Debt Ceiling Deal

We are now in the final day before the country will run out of money to pay its bills. The president will meet with his treasury secretary Wednesday as talks of a deal stalls in the house.
WASHINGTON - We are now in the final day before the country will run out of money to pay its bills. The president will meet with his treasury secretary Wednesday as talks of a deal stalls in the house.

Negotiations continue between Republicans and Democrats in the Senate, but there's still no deal.

"We don't have a lot of time, and so what I'm suggesting to the Congressional leaders is let's not do any posturing, let's not try to save face," President Obama said.

President Barack Obama hosts a closed-door meeting in the oval office Wednesday, not with congressional leaders, but with Vice President Joe Biden and Treasury Secretary Jack Lew.

The U.S. Treasury has said it would run out of money to pay the nation's bills on Thursday, essentially hitting it's credit limit, the debt ceiling set by Congress.

Senate leaders signaled they were close to an agreement to raise the debt ceiling and end the government shutdown, but they haven't reached one yet.

Earlier Tuesday a counter proposal from house republicans was scrapped , as House Speaker John Boehner struggled to come up with enough votes. Instead, some Republicans expect Boehner to expedite the Senate's plan.

"He will have to essentially pass the bill that is negotiated between Senators McConnell and Reid, and I believe that the House would first pass it then send it to the Senate," Rep. Charlie Dent (R-Pennsylvania) said.

Some Republicans argue raising the debt ceiling without budget cuts simply kicks the can down the road.

In an interview with WABC, the president said the compromise will likely have bigger budget cuts than Democrats would prefer.

"Because it makes it very difficult for us to invest in things like early childhood education. It makes it difficult for us to invest in rebuilding our roads and bridges -- all the things that are necessary to actually build the economy and put people back to work," Obama said.

Congress has until midnight to reach a deal.
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