Obama joins debt talks, Republican negotiator leaves
VIDEO - Next week President Obama will hold talks with house and Senate leaders to hammer out a deal to raise the debt ceiling...
A new showdown is shaping up on Capitol Hill.
Next week President Obama will hold talks with house and Senate leaders to hammer out a deal to raise the debt ceiling.
Republicans are calling for $2 trillion in spending cuts over the next decade before agreeing to raising the nation’s borrowing limit, now capped at $14.3 trillion.
This comes after talks led by Vice-President Joe Biden came to an abrupt end with House Majority Leader Eric Cantor walking away.
Analysts say it now comes down to the president and House Speaker John Boenher.
Along with spending cuts Democrats want to close tax breaks and raise taxes on the wealthy.
Boehner has already called that a non-starter
President Obama was in Pittsburgh Friday viewing the latest robotic technology and launching a new manufacturing partnership aimed at creating jobs.
Job growth is key to reinvigorating a fragile economy full of mixed signals.
Orders for durable goods rose nearly two percent in May, bouncing back from April’s drop,
but oil prices continue to be the wild card.
The White House announced plans to release 30 million barrels of oil from the nation’s emergency petroleum reserves.
The aim is to drive down prices at the pump and put more cash in consumer pockets just as the summer season heats up.
