Obama Moves to Resolve Debt Deadlock

After Republicans bailed on Vice President Joe Biden’s deficit talks Thursday, the government once again hit an impasse in resolving the burgeoning debt crisis, but by Friday, President Obama signaled his readiness to enter the fray. Republicans, meanwhile, signaled their ongoing displeasure over talk of tax hikes.  —KA

Politico:

Obama will meet separately with Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) on Monday. The meetings follow the collapse Thursday of talks between Vice President Joe Biden and congressional leaders.

The sticking point, as expected, is taxes. Democrats argue that any deal to reduce the deficit and raise the country’s borrowing limit must include new revenues. Republicans say they won’t go there.

“The president is willing to make tough choices, but he cannot ask the middle class and seniors to bear all the burden for deficit reduction and to sacrifice while millionaires and billionaires and special interests get off the hook,” White House press secretary Jay Carney said Friday. That’s not “a fair and balanced approach.”

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White House / Pete Souza

Vice President Biden and President Obama hold an economic meeting with senior advisers in the Roosevelt Room of the White House on Thursday.