President Barack Obama is challenging Republican lawmakers to present a plan for a smaller-scale deficit reduction program as he attempts to steer them toward his $4 trillion goal, a Democratic aide said.

Obama plans to hold a press conference at 11 a.m. in Washington today, his fifth public remarks on the debt in a week, as he presses lawmakers to reach an agreement to raise the $14.3 trillion U.S. borrowing ceiling before an Aug. 2 deadline. The president and bipartisan congressional negotiators agreed to meet every day until they reach a deal, said one legislative aide on condition of anonymity.

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