President Barack Obama just finished making a brief statement on the debt ceiling and deficit reduction talks.
Obama said his meeting with congressional leaders today was “very constructive,” and that the group will reconvene on Sunday to continue negotiating.
“Both parties came together in a spirit of compromise, wanting to solve this issue for the American people,” he said.
Obama stressed that while the two parties are close on a number of issues, they remain apart on several as well.
“Nothing is agreed to until everything is agreed to,” he said.
White House Press Secretary Jay Carney said, “We’re in the end game here because of the absolute August 2 deadline… Everything is on the table.”
“There was not a specific breakthrough that happened today,” Carney added. “But there was a constructive atmosphere.”
Asked whether the White House had a specific dollar figure for deficit reduction in mind, Carney declined to provide specifics, but said “bigness is our target.”
Before Obama’s meeting with congressional leaders today, Speaker of the House John Boehner told GOP colleagues that he believes there is a 50-50 chance a deal would be reached in the next 48 hours.
Live blog below:
1:03: “Everyone acknowledged there would be pain involved — politically — on all sides.”
1:02: “Staffs as well as leadership will be working through the weekend. I will reconvene a meeting with the leaders on Sunday.”
“At that point the parties will at least know where their bottom lines are.”
“Nothing is agreed to until everything is agreed to.”
“the parties are still far apart on a wide range of issues.”
“Both parties came together in a spirit of compromise, wanting to solve this issue for the American people.”
“Everyone acknowledged we have to get this done before the hard deadline of August 2.”
1:01: Obama says it was a “very constructive meeting”
12:59: Two-minute warning for President Obama.
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