President Barack Obama pushed back against Republican efforts to focus on a scaled-down deficit deal, arguing for a broader package of spending cuts and tax increases to put the U.S. on a sounder long-term fiscal footing.
“Now is the time to deal with these issues,” Obama said at a White House news conference yesterday before resuming talks with congressional leaders on reducing deficits and raising the $14.3 trillion U.S. debt ceiling before the government exhausts its borrowing authority on Aug. 2. “If not now, when?”
In the negotiating session, Obama rejected a Republican presentation on spending cuts discussed in earlier talks led by Vice President Joe Biden, a Democratic official said. Obama said the total — which a Democratic official put at $1.7 trillion — fell short of his $4 trillion goal and the threshold Republicans set for a debt-limit increase large enough to carry the nation through the 2012 elections, another Democrat said.
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