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Obama calls for talks after debt deal breaks down

Saturday, July 23, 2011 - 02:19

July 22 - U.S. President Obama called Congressional leaders back to White House after a top Republican leader walked away from debt talks. Deborah Lutterbeck reports.

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U.S. 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. SOUNDBITE: U.S. President Barack Obama, saying (English): "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. SOUNDBITE: Speaker of the House John Boehner, saying (English): "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. SOUNDBITE: U.S. President Barack Obama, saying (English): "We have run out of time...I have told Speaker Boehner, Nancy Peloisi 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. SOUNDBITE: U.S. President Barack Obama, saying (English): "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. Deborah Lutterbeck, Reuters

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Obama calls for talks after debt deal breaks down

Saturday, July 23, 2011 - 02:19