New debt-limit talks: No sign of a breakthrough

(AP) - President Barack Obama met for less than an hour Saturday with congressional leaders in crisis talks aimed at averting a potentially catastrophic national

WASHINGTON - (AP) - President Barack Obama met for less than an hour Saturday with congressional leaders in crisis talks aimed at averting a potentially catastrophic national financial default injust 10 days.

Neither the president nor the lawmakers spoke to reportersallowed briefly into the Cabinet Room before the meeting at theWhite House.

The president was flanked at the bargaining table byRepublican House Speaker John Boehner and Democratic SenateMajority Leader Harry Reid. Also at the table were Vice PresidentJoe Biden, House Minority Leader Nancy Pelosi, and Senate MinorityLeader Mitch McConnell.

On Friday evening, a visibly irritated Obama had summonedcongressional leaders from both parties to find a way to raise thedebt limit before an Aug. 2 deadline cuts off the government'sborrowing authority. Boehner announced Friday he was abandoning thetalks he had had for weeks with Obama, but he agreed to attend withthe others on Saturday.

The political theater played out even as the deadline neared.Barring action by then, the Treasury will be unable to pay all ofits bills. That could cause interest rates to rise, threaten theU.S. economic recovery and send shock waves around the globe.

The deadline pressure hasn't seemed to bring the parties closer,even though they all insist they do not want a default.

To watch President Obama and House Speaker Boehner discuss the debt-limit talks, go to Channel 612 on your iO digital cable box and select the 'iO Extra' tab.Obama, Boehner trade blame on debt-talks collapse

advertisement | advertise on News 12

Top 5 Must See

Nassau Police say they arrested a 23-year-old man 1 Police: Uber driver beaten unconscious by passenger
According to police, a neighbor spotted Pedro Serrano 2 2 men arrested, accused in Merrick home burglary
If approved, concession stands on the boardwalk 3 Plan to allow alcohol sales on Long Beach boardwalk up for vote
The plan could delay the opening of new 4 Mangano eyes housing at site of new Coliseum
Jupiter Hammon was the first African-American poet to 5 Black History Month: Jupiter Hammon

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE