Obama: No debt deal reached, next meeting scheduled for Sunday

(Kevin Lamarque/Reuters)
 

After meeting this morning with congressional leaders from both parties and both chambers, President Obama gave a short statement describing the session as "a very constructive meeting" but saying that no final deal had been reached. "The parties are still far apart on a wide range of issues," he said, but added that everybody agrees the debt limit must be raised and long-term deficit issues must be addressed.

President Obama didn't focus on any specific proposals, but said the leaders had agreed to work throughout the weekend in advance of another White House meeting on Sunday for the principals.

President Obama described the Sunday meeting as the point at which he expects the negotiators to share their "bottom lines" so that they can begin the "hard bargaining" needed to hammer out a final deal. President Obama set a "hard deadline of August 2" to reach a deal to "make sure that America does not default for the first time on its obligations."

10:57 AM PT: Transcript of remarks added below fold.

Source: http://feeds.dailykos.com/~r/dailykos/index/~3/WymLMbdRvcI/-Obama:-No-debt-deal-reached,-next-meeting-scheduled-for-Sunday

John Mccain Barrack Obama